How many of us really know what our clients think about us? We might assume that clients like us although often when we say that we’re probably focussing more on our favourite clients and assuming that an absence of complaints evidences that clients like us and value the work we are doing. But is that enough? Indeed is it even a reasonable assumption?
In most professional firms success is based to one degree or another on the level of fees that you can generate. This is one of the reasons why a key part of my mentoring programme focuses on the skills required to be an effective ‘finder’ of work. But finding new clients is not the only way to generate more profits. It is also important to look after the relationship with existing clients – to be an effective ‘minder’. In the context of this article I would just highlight two of the four key elements of ‘minding’ clients:
- Becoming a trusted adviser – understanding how to manage clients so as to encourage the right sort of referrals; and
- Developing clients – identifying opportunities to encourage clients to instruct the firm re additional profitable services.
Here are some of the tell-tale signs you might be looking for. What proportion of your clients:
- Know that they benefit from regular tax saving advice from you?
- Receive any form of newsletter or emails from you or your firm that evidences your desire to help them pay less tax or to otherwise simplify their tax affairs?
- Pay their fees promptly and without complaint about the quality of the service?
- Accept that the level of your fees is fair – or even great value given the advice and service you provide?
- Ask you for timely advice on related matters (beyond the recurring compliance work)?
- Willingly pay a fair fee for that additional advice?
- Praise you in their emails and letters?
- Genuinely thank you when you speak to them?
- Say positive things about you, your service and your fees when talking to their friends and associates?
- Regularly refer you to their friends and associates?
I created this list quickly for an article I have just written. Can you think of anything else that should be there? Please add a comment to this blog or email me your thoughts: Mark*BookMarkLee.co.uk [replace * with @ – it’s my attempt to prevent automated spam]