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Attracting Clients


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Attracting Clients


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Attracting Clients


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Attracting Clients


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Attracting Clients


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Managing Clients


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Managing Clients


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Managing Clients


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Managing Clients


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Managing Clients


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Product Portfolio


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Product Portfolio


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Product Portfolio


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Product Portfolio


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Product Portfolio


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Team Engagement


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Team Engagement


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Team Engagement


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Team Engagement


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Business Processes


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Business Processes


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Business Processes


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Business Processes


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Business Processes


YOUR RESULTS

Attracting Clients
%
Weak:
Most accountants struggle with sales and marketing. These things don't come naturally to most and it takes practice. You can start by identifying your ideal client or niche audience.  Segmenting the market makes marketing to the masses a lot more manageable. Once you've selected your ideal client, start putting together a plan for the next 3, 6, 12 months with targets on how many new clients you will secure.

Check out this infographic on a step by step approach to attracting new clients: 

Moderate:
There is always room for improvement when it comes to marketing and sales.  Start by taking a look at your target audience; does your website appeal to your ideal client or niche? If not, that's a great place to start. Prospective clients will seek out information about your firm using the web. Make sure you are doing everything you can to best represent your firm to prospective new clients.

For more helpful tips, check out this article on "Top 8 Marketing Strategies for Accounting Firms"

Strong:
Way to go, your marketing and sales plans are paying off! It doesn't end here though. Sales and marketing are two areas of business that are constantly changing and will need improvements along the way. Be diligent with your plans and follow through. With a consistent and up-to-date plan, you will continue to attract the qualified, A class clients that you might need to grow your business.

At PANALITIX, we find that firms that are already high performing in certain business areas can achieve EVEN MORE than they thought possible by focussing by driving their strengths, while being cognisant of their weaknesses. We'd love to discuss how we might work with you to help you attract even more clients.
Managing Clients
%
Weak:
Weak: It's time to create, fix or improve your managing existing clients plan. Start by categorizing your clients. Create and categorize levels of communication that correspond with each class. i.e. A class, B class, C class.

Get started by sending some emails to your A and B class clients to see if they'd like to come in for a face-to-face meeting. Use this as an opportunity to gauge their satisfaction with your services and potentially sell them additional services outside of compliance.

Then, take a look at your client retention rate. Most often, high retention rates are achieved by establishing some sort of financial intimacy with your clients. It all starts with communication!

Our guide to maintaining clients can help you Download the Compelling Conversations whitepaper and build strong client relationships with a powerful communication program.


Moderate:
"Moderate: While your firm may have some contact with and plan to manage existing clients, there are improvements that need to be made. By categorizing clients, creating a schedule of communications and offering additional services where they are appropriate to your clients, you will foster trust and familiarity.

When you have a strong relationship with your clients, you will have positive feedback, referrals and opportunities for new work. Get to managing and planning!

Our guide to maintaining clients can help you Download the Compelling Conversations whitepaper and build strong client relationships with a powerful communication program.


Strong:
Strong: Congratulations, your firm appears to have a strong plan in place for managing clients. Be consistent with this plan, communicate until it hurts and always keep up with ways to improve for your clients. You have to be disciplined with this, but the payoff is happy clients, lots of new projects, referrals and an increase in client lifetime value.

You're doing great, but don't let up! 
Product Portfolio
%
Weak:
Don't worry, most firms haven't updated or even established their menu of services. Acknowledging that you need to reevaluate your service offerings is a great first step. 

Check out this article on "Eight Questions You Need to Ask Before Creating Your Product Portfolio."

Moderate:
Not bad! There is always room for improvement and reevaluation when it comes to your product portfolio and/or menu of services. 

Check out this checklist on "What to Offer Clients Next? The Six-Step Checklist to Product Progression"

Strong:
Give yourself a pat on the back! This is an area that most firms struggle with, and often haven't thought about in years. Congratulations on staying on top of client demands and expand your services menu to be not only competitive but comprehensive - but ask yourself, how confident are you that all of your clients are buying every service they need to achieve their goals?
Team Engagement
%
Weak:
Don't be discouraged by your score; be encouraged to create a better environment for your team. The concept of 'team engagement' can be a challenging task to master. Start by getting clarity on your organizational chart, creating job descriptions and then managing your team's performance to drive team growth and accountability.

Create a workspace that invites collaboration, creativity and productivity. Develop a rewards or incentives program that will drive team motivation and progress toward achieving goals. Throughout this process, be sure to gain feedback from your team members to gauge the effectiveness of the process as well as areas to continue improving.

Check out this article, "Eight Effective ways to Improve Your Team Engagement" for some areas worth improving. 

Moderate:
While you may already have some incentives and team building activities in place, you'd be amazed at the ROI that can be yielded from investing in your team. Countless studies have shown that a happy employee is a productive one. Here are some basic ideas on how to reward or incentivize your team: 

  • Public recognition is a powerful motivator and it costs you nothing!
  • Work from home flexibility - ask team members when they would like to work from home and assign designated days.
  • Office party - lunch with team members is fun, breaks up the routine and allows for team bonding.
  • Dress code policy - incentivize team with a dress down Friday or business-casual attire instead of business-professional attire.
  • Extra PTO - it will amaze you how quickly your team will reach a target or finish a project when extra time off is the reward!

Check out this article, "Essential Elements of Team Engagement."

Strong:
Keep it up! Your team must enjoy working for your business. An engaged team is an efficient, productive and creative team.

Team engagement plays an influential role in the direction of your business growth and success. With strong team engagement you should be seeing an increase in your team retention as well as your business capacity, productivity and efficiency.

Don't let up on team engagement though. As you land new projects, attract new clients or implement changes within your business processes, it is important to keep your team abreast of the changes and how they are impacted. Whenever something changes in your business, your team are thinking, how does this affect me? Strong, ongoing communication can alleviate any concerns that can sneak in as your business evolves.
Business Process 
%
Weak:
Don't worry, this is the area of business where most firms need the most help due to the complexities of your firm and its operations. 

Don't be overwhelmed, the first step is to start somewhere, gather information about where your firm currently stands and start making small improvements little by little. It's a process. List some goals for your business (e.g. quicker turnaround time, lower days in receivables, hiring a Client Service Coordinator, etc.). If you'd like more details on any of these strategies, we would be delighted to explain how our coaching, content and technology solutions can help to optimize your business processes. 

For more help on creating an efficient workflow process, take a look at this step-by-step process on “Your Accounting Firm's Ultimate 18-Step Workflow Process."



Moderate:
While your firm may have a handle on parts of the workflow processes, you could still be noticing bottlenecks. It might be time to reevaluate your workflow process. 

Are your fee earners still chasing down missing information from the client? If so, have you examined how a Client Service Coordinator might help with that process? Fee earners should be working on billable tasks. That's what they are there to do. Associated administrative tasks can be done much more effectively by a strong administrator following solid systems.

For more help on creating an efficient workflow process, take a look at this article on “The Four Major Elements You Need To Build An Efficient Workflow Process.”




Strong:
Congratulations, ranking strong in your business processes is a huge accomplishment! With so many factors influencing firm operations, it's extremely important to maintain these processes and continually improve them when need be. Keep up the efficiency and be diligent. Your business processes play a major role in underpinning the other key business areas.