Making the Firm the #1 Client
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Hello and Happy Tax Season!
I was in a meeting with a firm yesterday and a business consultant. The topic of A/R came up and the business consultant was talking about “benchmarking” receivables (what percentage it should be 0-30, 60-90 etc.) I thought to myself for a moment, “What an old way of thinking!”. Benchmarking receivables would be like benchmarking write-offs. No good!
What systems do you have in place to make sure you are getting paid before the returns/financials are filed, sent or picked up?
As a reminder, a service that is in demand has a lot higher value than a service delivered!
If we set proper expectations, price upfront and have good systems we can eradicate A/R entirely from our firms.
Now is the time!
Happy New Year!
The holidays are over and the calm before the storm of tax season is upon us. There is no better time to set your intentions for 2014 and review your goals, both for your personal and business lives.
As we have moved thru the discussion of pricing, we have talked about the need to know your WHY and what you want as you define/refine your business model.
As it relates to pricing and client selection, there is another key question you need to consider:
Is it incremental change or business model change you want? If business model, when will you do this by?
It is important to consider both the short and long term in the areas of:
*Impact to you (health)
*Impact to your family
*Capital requirements (if any)
*What will the team look like
*What will the client base look like
As the saying goes.. “Rome wasn’t built in a day.” Your plan may be one year, two year or three-whether it is price change or business model change. The key is to have a plan that you puts you where YOU want to be and take action.
Aim at something and hit it!
Hello. I presented a webinar to a group of firms last week which included a polling question asking them to respond to the question about which Profit Driver they need to focus on the most.
Interestingly, 60% (Wow!)of the firms responded we need to work on Making our Firm the #1 Client, which leads me to a question for you and your firm as you think about and prepare for next tax season:
- What practices are you employing that are Making the Firm the #1 Client?
- What practices are you employing that are NOT Making the Firm the #1 Client?
As a reminder, the best people to ask are your team members!Related article: Stop the madness! How NOT to repeat last tax season!