Here are 3 things owners of CPA firms can do to increase their cash flow.
First, build your goodwill bank account. Call your clients! Stop hesitating and sitting back waiting for your clients to call you. Call your clients and ask questions. Find out how they are doing and if there’s anything new with their business. This is a golden opportunity to build business. Remember, when we are generous with our clients, they will have a natural tendency to want to give back to us. This will result in helping build your cash flow. Your clients come first. Every time Tom calls a client, he gets new business. You will find that your clients will be excited you called them and will likely have questions. Through doing this, you will build your goodwill bank account. Never charge them for your phone call either.
Second, add new services. Evaluate your business and see what new services you can offer. Consider offering services that provide your clients more value. Decide if you will charge hourly or a flat fee for these new services. Be transparent with your billing and tell your clients up from how much this service will cost. You need to be transparent and tell your clients exactly what it will cost and that you will not provide the service until your client agrees. This is how the dental and car repair industry changed their way of doing business and billing.
Ok, so you have decided your new service and the cost. Now, call your clients! Once again, do NOT bill them for this call. Ask your client how they are doing, how their business is doing, and what you can do to serve them. You will answer their questions (building your goodwill bank account) and possibly learn about a business deal they are engaged in or educate them on a new service you are offering. When a client agrees to pay for a new service you offer, you need to immediately send them an email detailing your discussion on the project, the cost, and for your client to confirm they are ok with proceeding. Once you receive your client’s confirmation email, then you can start working. NEVER start a project without confirmation and NEVER surprise your client with a bill.
Third, add clients. You will gain new clients by offering services that provide more value. As your current clients get more and more value from your services, they will be more and more likely to recommend your services to people they know. Also, as you add to the value you provide, your service offerings will become more attractive to more people.
Want to learn more about how to get better clients, a better practice, and a better life? Book a call with us today and see if joining TFW Advisors® is right for you!