Increasing revenue while building client value
Somewhere along the journey, many firms lost sight of the mission. The mission is not to address compliance. Compliance is a task to accomplish that is part of the mission. The goal is to help the client build value. It is to provide their leadership with ideas and insight to increase margins, make progress toward their goals, evaluate opportunities, and help them overcome obstacles.
Monetizing should be the outcome of building client value. Every firm has significant value-building opportunities, but they get derailed trying to move the pile of tax returns or audits to the completed stage. Then they add more compliance to the pile and try to figure out ways to be more efficient with their piles, but somewhere the building client value part gets overlooked. Time gets away from all of us, but when we lose track of the core point, which is building client value, we start to fail in the mission.
The irony is every CPA firm has the data they need to build client value. They just do not use it. Every business owner needs a trusted advisor to discuss their vision, risks, and concerns. This is why we ask the questions necessary to understand your desired position.
Preliminary questions we ask to enhance the value of our clients are;
- Are the owners over 60 years of age?
- Are there adult children working in the company?
- Can you list their top three goals and obstacles?
- Which service or product segment is most profitable?
If you are not consulting, you are a commodity. Our clients love the support our team provides in the various aspects of their business. We take the time to dig deeper and understand their goals and how to increase the value of the business they have built.
