Mango
“The purpose of business is to create and keep a customer,” according to the business guru Peter Drucker. A lot of accountants know this instinctively, but are you taking it to heart?
In this competitive industry, and in the era of the “loyalty economy,” securing new clients is necessary, but nurturing your existing client relationships can be an even more effective path to growing your business.
That’s partly because, as economists have long known, it costs more to win a new client than to keep one.
To ensure continued success during this tax season and beyond, accounting firms need a clear strategy for client retention. Here are some tips and tricks to keep your clients happy and your firm moving in the right direction.
Tip 1: Stay in touch
We all want to know what’s happening with the things that matter to us, and your clients are no exception. Their finances are hugely important to their personal and professional lives.
That’s why effective communication is at the heart of a successful client retention strategy.
Share relevant updates, changes in tax laws, and financial tips, or just check in from time to time to see how things are going and make sure they’re satisfied with your services.
Maintain this communication throughout the year instead of waiting to talk until tax season. This will help your clients feel confident that you’re in their corner 24/7, not just once a year.
Tip 2: Keep it personal
In any business, customers appreciate a personal touch, and the same is true for accounting firms. When your clients feel that you understand their needs and goals, they’re much more likely to stick with you for the long run.
Take the time to personalize your services to meet client needs. Regularly review their financial goals and adapt your strategies accordingly. By demonstrating your commitment to enabling their success, you’ll build stronger relationships.
Tip 3: Offer value beyond tax season
While some of your clients might only require tax services, it’s essential that you let them know you’re more than just a one-hit-wonder.
Provide ongoing value for clients by offering financial planning services, investment advice, or retirement planning. You can offer informative resources, host webinars, or conduct workshops to help them understand their financial situation better. These days, it can be done online through Zoom, articles on LinkedIn, or your accounting firm’s website.
By positioning yourself as a trusted advisor in various financial aspects of their lives, you’ll deepen your client relationships and be more likely to keep clients onboard.
Tip 4: Be responsive and transparent
Nobody likes to be kept waiting, especially when dealing with financial matters—that’s why it’s crucial that your responses to client inquiries and concerns are unfailingly prompt.
Invest in efficient communication channels that allow quick and effective responses to any client questions or requests. This can be through a client portal on your website, a secure messaging system like Liscio, or secure email exchanges.
Of course, your accounting clients want to know they’re working with someone they can trust—that’s why it’s crucial to be transparent and upfront about everything you do.
Giving your clients a clear understanding of pricing, fees, and what to expect in terms of deliverables will go a long way to avoiding unpleasant understandings and keeping them happy at your firm for years to come.
Tip 5: Review client performance and encourage feedback
Going on a road trip without a navigator is a pretty easy way to get lost and lose valuable time trying to get back on the right track.
This is equally true for an effective financial strategy—if you’re not looking at past performance it’s tough to know whether you’re heading in the right direction financially.
Conduct periodic performance reviews with your clients to assess their financial health and come up with strategies for improvement.
This proactive approach not only prepares your clients for a sound financial future, it demonstrates your commitment to their success, and can also help uncover opportunities to provide them with additional services.
Also, encourage clients to provide feedback on your services. Their insights can help you identify areas for improvement and fine-tune your approach to better meet their needs. Acting on constructive criticism can lead to more satisfied clients.
Tip 6: Embrace technology that makes it easy to work with you
Using the right technology tools makes your job easier and can also significantly increase your client retention.
In particular, investing in all-in-one practice management software designed for accountants is a smart way to boost your efficiency, manage your team, and keep your clients happy.
Look for a tech solution that provides you with:
- Client collaboration tools that make it easy to send and receive documents and keep your clients up to speed on any developments concerning their finances.
- Project management solutions that help you to avoid bottlenecks in your workflows and ensure timely delivery to clients.
- Time and billing software that makes it easy to effectively track time and bill your clients accurately.
- Robust reporting and analytics that allow you to track performance and make data-driven decisions that support your growth strategy.
- Document management tools that allow you to effortlessly send, save, and store documents securely with the click of a button.
- File sharing and eSignature capabilities to cut down on the time you’d normally spend chasing down clients for signatures and important documents.
Prepare for your best tax season yet
If you’re ready to enhance your client retention, increase efficiency, and save time and money, it’s time to see what Mango Practice Management can do for your firm.
From time tracking and invoicing tools to get you paid on time to project management and document management solutions to ensure you deliver your services on time, Mango has the tools you need to make this tax season your best one yet. Schedule your demo today!
You’ll see the difference when your clients keep coming back year after year.