CPA Trendlines

In this tough economy, many firms are going back to basics to find success again.

Here’s a list of 25 ideas for growing your practice from management consultant August Aquila. How many are you currently doing?

1. Start with current clients. Look at clients that are only using one of your services. For example, a high income individual tax return client who is not using your wealth management services, an audit client that is using any of your consulting services. A client relationship services call is certainly due.
2. Compile a list of clients by SIC codes and niches (e.g. not-for-profits, construction, manufacturing, professional services firms, etc.)
3. Encourage your partners and managers to be aware of the above two lists.
4. Hold partners and managers more accountable for cross serving clients.
5. Meet with key clients quarterly about their needs and goals.
6. Maintain a pipeline report by partner and manager on cross serving opportunities.
7. Focus on the pipeline reports at your monthly partner and manager meetings.
8. Emphasize teamwork between your compliance and consulting professionals.
9. Provide incentives for clients to use more of your services.
10. Provide ongoing service/product training and updates to all partner and manager level personnel.
11. Quiz your partners and managers about your services and products to be sure they are knowledgeable about them.
12. Institutionalize an on-boarding process for all new and existing employees.
13. Invest in a professional sales training program.
14. Make sure your employees know how to sell benefits to clients.
15. Encourage your partners and managers to get a copy of the client’s current strategic plan/
16. Provide coaching on deposit-only calls emphasizing how cash moves through the business.
17. Have niche or industry teams develop prospect lists.
18. Target new companies moving to the area.
19. The managing partners and other leaders in the firm must constantly highlight the importance of new business development.
20. Involve sales and marketing assistants in reviewing client accounts, following up on opportunities, etc.
21. Get out of the office, you can develop new business unless you meet people.
22. Go on joint sales calls whenever possible.
23. Circulate industry best practices to your team.
24. Focus on understanding your clients’ real needs. Then figure out how to satisfy them.
25. Keep adding to this list.

Born in Chicago, IL, Dr. August Aquila holds an MBA from DePaul University (Chicago, IL) and a doctorate from the Indiana University (Bloomington, IL). He began his teaching career at Williams College (Williamstown, MA), and then joined the DePaul University Graduate School of Business, where he served as an adjunct professor from 1980 until 1994.

Posted March 11, 2009
Related Topics: business development, management, Management consulting, marketing, partner