The #1 challenge of CPAs is having poor relationships with their clients.
Tom hears this ALL the time from clients, entrepreneurs, and investors he speaks with.
Time to fix this.
Our accounting profession as a whole is not great with communicating. Our personalities lead us more to be solely involved in numbers and we lack the relationship-building skills needed to connect with our clients. When you progress to building your CPA firm or becoming a manager or partner you need to learn new skills. You must transition from just being accurate and technically skilled to developing relationships with your clients. It’s often not natural for CPAs to be in casual conversations. Your clients who are business owners and investors don’t care about your goal of always being right. They care most about having a relationship with their accountant. They look to engage and have dialogue about their taxes, financial statements, and wealth building strategies.
What can you do?
Start calling your clients! Your clients and entrepreneurs always want to know what’s going on. They don’t like being surprised and told they owe money in April. Instead, they would rather be informed by at least December so that they are not surprised and so that they have time to plan. Calling your clients will increase your revenue, increase your client satisfaction, and make your life easier. Schedule regular client meetings monthly or quarterly if it’s hard for you to pick up the phone and call. A great time to learn more about what is going on in your clients’ lives is after tax season. Call your clients in May-July and see how they are doing and if there’s anything new going on. You may suggest exploring your plan for helping reduce next year’s taxes after discussing their tax return. You may learn they are involved in starting a new business or will be moving. This opens the doors for you to expand your services and relationships with your clients. 80% of the time you will gain more business when you call your clients. Your clients will be shocked and excited that you called them. Remember, NEVER charge for this phone call as this is client relationship development time.
You want your clients to be happy and satisfied. This should never be a cringe call. If it is, then it’s time to release your client. Any services or suggestions you make for your client should always have expectations communicated upfront. Remember, your clients hate surprises. Asking permission upfront to do any work you suggest and making your clients aware of the associated fees before you begin doing the work is critical. They don’t want to be surprised by an increased fee. When you take the time to communicate with your clients regularly, your clients will know you care, which will result in happier clients and increased business.
Communicate with your clients, look forward, and be proactive.
This is why it is imperative to start changing your practice to a tax advisory practice where you are forming relationships with your clients and providing them with what they value. AI and automation will continue to progress in our profession, and you must be ready to transform your practice to providing consulting. By providing your clients with tax and business consulting, you will set yourself apart from other accountants and establish yourself as their trusted advisor. Don’t be afraid to communicate with your clients on a regular basis either monthly or quarterly. When you establish more personal interactions with your clients, you will have better clients, a better practice, and a better life.
Want to learn how joining TFW Advisors® can lead to better clients, a better practice, and a better life? Book a call with us today!