If you are committed to making progress the title of this post will not inspire confidence, and yet in terms of business growth, there is no such state of being as standing still.
In fact, we would suggest that if you stand still, you will go backwards; rather like walking down the up-escalator, you have to walk to stand still, and if you stop walking…
We would further suggest that this process can be applied to marketing your practice. Natural attrition – retirement, mergers, insolvencies – will reduce your client base and relying on referrals to make up these losses is rather like depositing your remaining housekeeping money in a slot machine, the winnings intended to cover next month’s expenditures.
Referrals are a valid source of new business, but it places the power for your fee planning with your clients and other referral sources, instead of where it belongs, with you.
Truthfully, this may be a perfectly sound judgement on your part although, realistically, it is a choice you have made. Accountants are trained to advise, not to sell the services they offer.
Respectfully, we would suggest you revisit this conclusion, if this is what you believe, and consider the options that are available to outsource your marketing needs.
With support, maybe you could start to make progress.
We would suggest heading for the low-hanging fruit – cross-selling to clients. Aside from increasing fees, this process will support client loyalty and a number of other benefits.
If you are short of ideas, we have collaborated with Landmark to produce a marketing solution based on their Fee Builder program. Take a look…
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