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Article: CCH Survey Reveals 5 Ways to Keep Clients

Link: http://newsletters.cchgroup.com/node/678

According to the CCH Accounting Firm Client Survey: Improving Retention Through Better Client Connections, more than a third of clients surveyed are considering switching CPA firms and more than half of business clients surveyed report being actively prospected by other CPA firms.

The need to retain clients and increased competition  highlights the need for New Firm thinking-now.

CCH recommends doing the following in order to improve retention (excerpt). This is EXACTLY what the New Firm is doing:

“1. Keep lines of communication open and active. The top reason clients say they would leave a firm is that it failed to check in with them and keep up with their changing needs. Formal surveys, client advisory groups and site visits are among the techniques to consider. In addition, optimize your website, email, newsletters and social media as “touch points” to connect with clients.

2. Extend services to cement relationships. Many clients say they are unaware of the full range of services their CPA firm offers. Put a plan in place to periodically evaluate client needs and communicate about firm capabilities.

3. Re-evaluate service channels. Make sure every touch point delivers value. Clients place a premium on speed, responsiveness, convenience and easy access. While face time with partners is still highly valued, consider using a client portal to achieve new levels of client service efficiency.

4. Close any performance gaps. For example, both business and individual clients surveyed say their firms don’t perform as well as they’d like when it comes to guidance on new regulations or tax-saving opportunities. This may require investing in staffing, training, technology or process improvements.

5. Leverage technology wherever possible. Business clients say a firm’s use of technology is a key factor when selecting a firm to serve their needs. Firms need to have technology in place that enables anytime, anywhere service delivery, streamlines workflow and enhances staff productivity. Look for ways to increase connectivity and collaboration with clients. “

 

WebCPA Article on Gen Y

Link: http://www.accountingtoday.com/news/Gen-Y-Anatomy-Lesson-56918-1.html

Just checked out this article on WebCPA entitled “Gen Y Anatomy Lesson”. While the article was geared at how to manage a Gen Y workforce, there were several interesting excerpts.

Do these sound like future New Firm leaders to you? They sure do to me.

“Technology is ubiquitous to Gen Y. It connects them to the world and to one another. Gen Y is the first generation to be constantly connected and in continual communication with friends and family. In the past few years, texting has replaced voice as the primary way of communicating for Gen Y, and e-mail is “old” technology. Gen Y, because of the Internet, see information as always accessible — no need for a physical reference library — and they participate in content creation via blogs, Web pages and social networks.”

“Gen Y places high importance on autonomy and work-life balance, while Boomers are thought to focus on a more traditional model of dedication to work. This does not mean that Gen Y will not work hard and spend the time necessary to complete a task, but they want flexibility and may not understand the idea of “face time” or the need for a fixed schedule. The publication Catalyst interviewed young CPAs to see what they expected from their employers and the profession. One CPA commented, “Our generation wants to get in, get our stuff done, and get out. We even like to work from home some days. Face time isn’t as important to us as getting the job done.”

“Gen Y appreciates authenticity, especially in leaders. Authentic leaders are aware of their own and others’ values and demonstrate high moral character. Gen Y has high expectations, and if those expectations are not met, they leave. Generally, loyalty to a company or firm ranks below loyalty to self. Gen Y has a much higher loyalty to their work and the people they work with than to the firm.”

“Kathryn Yeaton, in the CPA Journal, describes Gen Y as having a strong sense of morality. They are goal- and achievement-oriented, digital natives who value intelligence, innovation, and work-family balance. They are multitaskers, and enjoy group work and collaboration.”