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. “
