Increasing Revenue While Building Client Value

Aug 18, 2021 | Business, Newsletter

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.

Tax Season Is Long Over, but Tax Scams Are Thriving

Tax Season Is Long Over, but Tax Scams Are Thriving

The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft. Many current schemes involve the third Economic Impact Payment (originally made in 2021). Messages may also reference the Employee...

An “Innocent Spouse” May Be Able to Escape Tax Liability

An “Innocent Spouse” May Be Able to Escape Tax Liability

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. That means the IRS can pursue either spouse to collect the entire tax, not just the part that’s attributed to one...

Tax Implications to Be Aware of After a Job Loss

Tax Implications to Be Aware of After a Job Loss

Despite the generally robust job market, some people are still losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, you may face tax implications due to your changed personal and professional...

Buy-Sell agreements Require Careful Planning

Buy-Sell agreements Require Careful Planning

Does your business have multiple owners? If so, you need a buy-sell agreement. This type of binding contract determines how (and at what price) ownership shares of a privately held business will change hands should an owner depart. There are also potential tax...