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How to use Communication to unlock Client Value: An Accountant's Guide to Client Retention through Communication

Expede
Jun 27, 2019 3:10:23 PM

It’s no secret, communication between accountants and clients has had its challenges before, with the average professional receiving 121 emails a day, it’s no surprise.

The unfortunate thing is we’ve now entered an era where it can cost you new business and potentially even prompt clients to look outside your expertise.

Clients now expect more from their professional services providers, and most quite simply aren’t equipped to deliver on these rising expectations.

 

But what actually happens when there’s a communication gap?

It’s not as though there’s a capability gap, it’s more a data gap. More executive decisions are being driven by data and the results are nothing short of astounding.

Checkout this stat from McKinsey on Data Driven firms:

23x-updated

With this in mind it’s worth considering changing up your offering

You see, clients are no longer the recipient of a service… They’re looking to pay for a solution.

23%-updated

By reviewing communication practices and identifying the best ways and reasons to reach out to clients can prevent your business being seen as a “money vacuum”

This can be the difference between being part of the stagnant growth trend happening around you and being the “go-to guys” in your industry.

 

So what’s changed?

Well, simply put accountants have traditionally been in roles focused on a specific output as opposed to a strategic partner of a business: a tax return, annual financial statements , a specific forensic project.

With the rise of the Deep Value Economy it’s resulted in the long overdue death of the “Bean Counter” stereotype and brought in a time where accountants can offer clients a unique perspective to help them navigate the future and steer away from business sinking “icebergs” they could otherwise be on a collision course with.

With data driven organisations being at the core of growth in this new economy accounting data has the potential to be one of the anchors for “future proofed” business and a strategic decision making process.

If you’re on the front foot, you have an opportunity to adapt your delivery and become an integrated finance business partner of your clients, one vital to the overall health of their business as opposed to a single component which is historically where a lot of your peers have sat.

The cost of inaction can be high with an increased client turnover leading to the potential of unhappy staff and the possibility of losing talented future partners of your firm.

Tweaking your communication practices gives you the ability to greatly increase your Top Line Performance and move towards being a Deep Value Provider and reaping the benefits that go with this.

By now you’re probably thinking, “well this is great.. But where do I start?” Expede have built an in depth Client Collaboration template to unearth the insights you need to deliver sustainable value and further embed yourself in your clients business.

Get a head start by clicking the download button below:

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