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How to Conduct a Client Situation Review

six people in a business meeting

The benefits are high, but only if the right people are involved.

By Domenick J. Esposito
8 Steps to Great

The Client Situation Review (“CSR”) is an effective tool for delivering client value.

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The CSR process is one of the most powerful and effective techniques for strengthening a client relationship and improving the quality and level of your service. In the spirit of building a mid-market sustainable brand, you can use the CSR to demonstrate your ability to add value by providing creative ideas, asking the right questions, identifying challenges and providing solutions.
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SPECIAL

Focus on Working Capital

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Show clients issues and opportunities in the current process.

By Domenick J. Esposito
8 Steps to Great

Presented below is an example of an effective tool for distinguishing your firm from the rest – the EBITDA/working capital improvements memorandum. This tool can be used when your client is owned by a large private equity group or other investment vehicle.

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The EBITDA/working capital improvements memorandum is designed as a unique byproduct of your attest services. At the conclusion of your attest services, you share preliminary thoughts and observations on how to improve EBITDA/working capital with senior management of the portfolio company as well as with an outside investor such as a private equity group.
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CLIENT SERVICE OPPORTUNITIES

Make Distinctive Service a Process

Businesswoman in a meeting with a male colleague smiling at him as they sit at a table discussing paperwork over coffee

What a client service plan can add.

By Domenick J. Esposito
8 Steps to Great

Derived from the understanding that each client has a different set of needs, your firm needs to develop a client service plan that tailors your services to match client needs.

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The client service plan ensures the highest level of quality service by focusing your engagement team on exceeding a client’s expectations.
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Yes, Midsize Accounting Firms Can Provide Cybersecurity

Keys against background of data

Seven services you can offer.

By Domenick J. Esposito
 8 Steps to Great

Technology has become crucial to business success, as it allows businesses to

  • feverishly collect vast quantities of data,
  • qualify the value of that data and
  • employ that information to benefit their customers.

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Businesses are forming relationships with their customers and, in turn, are being entrusted with even more information that translates into fine-tuned marketing approaches with greater returns.
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Are You Overlooking These 36 Consulting Services?

business meeting of a woman and two men

Watch for the 38 events that trigger those needs.

By Domenick J. Esposito
8 Steps to Great

In today’s business world, the greatest growth and margin opportunities for a CPA firm are in the consulting area, as clients outsource specialized skills to deal with business challenges that they cannot handle internally.

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Presented below is a summary of the most typical CPA firm service offerings, together with opportunity triggers and market trends.
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Use Industry Practice Groups to Create Value

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Employ best practices and benchmarking.

By Domenick J. Esposito
8 Steps to Great

You know you need marquee clients, but how do you attract, develop and retain them? You do it by attracting, developing and retaining partners with industry, consulting and technical skills.

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My basic belief is that accounting and auditing partners are the principal relationship partners in a CPA firm. They are the key to your business and the key to becoming a mid-market sustainable brand.
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Accounting Firms Need Marquee Clients

businesswoman shakes client's hand across desk, both seated

Look at your client base like a bell curve.

By Domenick J. Esposito
8 Steps to Great

Every CEO I have interacted with over the years looks at the partner complement as those with basic accounting, auditing and tax skills and for brand extension and diversification into higher margin lines of business with advisory and consulting skills.

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The best way for a firm to obtain maximum advantage of their relationships with clients and with attorneys, investment banks, private equity groups and industry peer groups is to have access to all of the firm’s capabilities.
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How to Distribute Net Profits

man's hand drawing upward arrow labeled "profit"Chart listing example profits of business units

Five steps to implementing a plan.

By Domenick J. Esposito
8 Steps to Great

Let’s say your firm has five offices that handle audit/tax compliance services and two advisory and consulting lines of business (tax consulting and management consulting). Let’s refer to them as business units and let’s also say that net profits were generated as in the chart at right:

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Let’s keep the example simple. Let’s assume that each of the seven business units is self-sustaining, and that certain high-performing business units do not have to “give” profits to others and that lower-performing business units do not have to “take” profit from others.
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Measure Your Clients, Your People, Your Firm

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Different activities require different metrics.

By Domenick J. Esposito
8 Steps to Great

There are a variety of ways to measure differing activities or capabilities for partners and team.

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But some are better than others.

In some cases, performance measurement is easy to determine, as activities are based on individual performance. In other cases, performance measurement is the result of firm or shared activities. Finally, some measurements are one-off with limited application.

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Three Categories Measure Partner Performance

yellow retractable steel tape measure

Break out the balanced scorecard.

By Domenick J. Esposito
8 Steps to Great

Once the basic compensation pools have been established, your partners need to understand how they can “win” and get rewarded.

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Each individual’s balanced scorecard will be the basis of performance measurement. I recommend six areas for evaluation:
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PAY & COMPENSATION

Use Smart Compensation to Drive Partner Performance

$100 bill being built of blocks

Five management objectives to address.

By Domenick J. Esposito
8 Steps to Great

“Show me your compensation plan and I’ll show you your strategy.” – Dom Esposito

As you strive to become a mid-market sustainable brand, your firm needs to become a performance-driven organization if you want to take advantage of future opportunities and drive growth and profitability. An effective performance management and compensation plan (PMCP) is critical to making your firm’s strategic plan a reality.

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The basic premise is that compensation rewards first look to:

  1. how successful the entire firm is,

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