How can you improve your offering to increase revenue share and benefit from greater product efficiencies?
Guest blog author: Martin Bissett, Founder, The Upward Spiral Partnership
Upsell, cross sell, referral scheme, Extra work orders etc.
Accounting firms have spent over 20 years trying to work out how to increase the average client fee without having to rely on ‘selling’ their services to new potential clients.
Often a firm has been sold a theoretical ‘silver bullet’ marketing system, which has served little purpose other than to shoot them in the foot.
Theoretical systems, processes and checklists do not work when the issue is whether or not a client is going to give you more money than they already do.
In reality, there are many ways to increase fees from existing and new clients alike, but there hasn’t been a NEW way to do it for many years…until now.
Recently I observed a firm being set up on Satago’s platform and was astonished to observe that the accounting firm’s own bookkeeping was massively inaccurate. The accounting firm truly had no idea how much they were owed, how much was tied up in WIP or when overdue invoices were going to hit their bank account.
The Satago boffin was able to start the process of clearing up the firm’s debtors ledger (that’s right, not all of us have all our clients on Direct Debit, Go Cardless or even standing order) and as they did so, they put this firm in control of their money again. Then it struck me….
So many times, in my 21 years of serving the accounting profession, I have been advised that a firm has failed to sign up a new client because there was ‘no budget’ for the increase in fees being proposed by the accounting firm. This increase was due to the new accounting firm proposing that services beyond compliance be delivered in order to assist the business to achieve their various professional and personal aspirations. This has proved to be the knockout blow in trying to win the client and the process has ended there.
What if that same accounting firm was able to clear up a potential or existing client’s ledger thereby freeing up cash, which then made it more immediately viable and palatable for the client to invest in additional services from the accountant?
Sound too simple? Now ask yourself how often you’ve lost out on winning a client because you were ‘Too expensive’.
5 minutes on Satago’s platform makes that possible and can be done right here right now.
Then, once you’ve completed that step and shown your potential or existing client how they can afford your additional services much more comfortably than they thought, you can use 25 further ways to increase fees by requesting the free to receive checklist here.