Landing your first large company account as a small accounting business is certainly cause for celebration. You should be filled with pride in your achievement, but if this is your first time dealing with a larger client, perhaps those positive feelings are replaced with mounting stress. Don’t panic, landing your first huge client as a smaller accounting firm is a well-worn path taken by just about every established accounting company in the business.
If you want to keep your new customer happy, while also continuing to give your existing clients the great service your company is known for, we’ve made this handy guide to help see you through this all-important time in your new partnership.
Your New Client
Don’t be intimidated by this new account, remember there is certainly a reason why your client wants to partner with your accountancy firm. There are great benefits to working with smaller accounting firms, from the personable nature of a smaller team to great company experience in a particular industry niche. There are a huge number of benefits for your company too, including an unbeatable experience for everyone on your team, and the chance to grow your business and provide work for more large clients. In fact, Nina Tross, executive director of the National Society of Tax Professionals says, “referrals from your current clients are your best resources for those who are looking to build their practice.” This is your time to show why you’re the best choice.
Seek Out Key Players
The sooner you can set up an introductory meeting with some key individuals working for your new client, the better. You’ve likely already had contact with the company’s controller, but your work will be impacting a great many people within the business. Meeting with some key players is a must to make sure those lines of communication stay open should anyone need to get hold of you or vice versa. In addition, an introductory meeting will allow you to get a grasp on what it is that will make your forecasts and reports easier to digest for those who must act upon them.
Don’t Overpromise
When it comes to satisfying larger clients, you may be tempted to do more than you can as a small accounting firm. This is certainly nothing to be ashamed of, but taking it slow at first can be greatly beneficial when learning the ropes. Don’t sell yourself short, however, simply be direct about your deadlines and truthful about what your company has experience in. Your new client will appreciate your candor when it comes to the breadth of service that you can offer them.
Be Flexible
It’s almost certain that there will be some changes on the horizon as you begin to complete work for your new client. Willingness to alter the practices that your company is already working with will be a huge help at this stage, as you’ll likely have to adopt many of your client’s systems when completing work for them. This can include writing and formatting reports in compliance with their style guide, retrieving information from, and inputting it into, new software programs, and filing invoices in a certain way. You should also be prepared to be scrutinized and have your work critiqued. Just remember to take it in stride and apply any changes your larger client may request.
Trust Your Existing Method
In other situations when trying something new it’s usually beneficial to remind people that there is no harm in making a mistake, in fact, mistakes might be helpful to learning something you wouldn’t have otherwise. When it comes to accounting this philosophy doesn’t apply quite so much, and this can place you under immense pressure when attempting to wow a new, larger client. But you’ve done this all before for your smaller clients hundreds of times, so don’t fret. Focus on your strengths and trust in the method that has brought you to this point. Simply deliver to your large client the same standard of service that your small clients love you for.
Your Smaller Clients
Just because you’ve landed a particularly big client, doesn’t mean that you have to sacrifice any of the relationships with smaller clients that you’ve worked so hard on. A keen focus on your existing customers is especially beneficial if you usually prefer to take on new clients at a slower pace. Did you know that acquiring a new client as an accountant is five to six times more expensive than maintaining an existing one? Keeping your long-term and smaller clients satisfied is a tried and tested way to save money while you navigate through new waters, so here are some tips for how to do just that.
Communicate Regularly
This one’s a given right? Well, it’s inevitable you’ll dedicate more time to a bigger client to make sure everything is ship-shape, leading to your smaller clients potentially feeling neglected. Effective accounting companies don't just take customer satisfaction at face value; they keep tabs on it at every stage of the process to ensure that the client is happy. Check-in with your clients regularly and make sure they know that they can reach out to you to discuss any areas of business at any time.
Review Your Contracts
You can count on repeat business from customers who are happy with your service; they are 10% less likely to shop elsewhere if your firm has already served them well. If you’ve been completing work for a smaller client regularly then suggesting a retainer contract is a great idea to maintain your existing partnership. Being able to rely on repeat business or retainer contracts can greatly serve your peace of mind as you are working toward a long-term partnership with a larger client. Not to mention, your smaller clients will also benefit from your accountancy firm’s new experiences…
Integrate New Services
Perhaps your new client has requested a service that you’ve never provided before, well once you’ve got to grips with it you can certainly offer this deliverable to your long-term, smaller clients too. As your firm becomes more proficient in using automated systems, these can be implemented across all accounts to streamline your process for every client. Again, this can help you solidify partnerships with long-term customers because they can take advantage of your growth to perfect their own financials.
Taking Care of Your Team
When interacting with your new, big client your employees should have the chance to gain the new skills that this experience can afford them. It’s worth considering bringing one or two of your trusted team members along with you to meetings to make sure everyone is on the same page, and so they’ll know exactly what to do when your big client recommends you to other companies. Or if you’d like to dedicate most of your own time to your new client, don’t be afraid to let your team pick up the slack with the smaller clients as you tread new ground.
You should also encourage your staff to take regular breaks during the workday. Many studies show that the most productive individuals operate in cycles, with 90-minute work periods followed by 15-minute breaks. This aligns with the body's natural energy patterns, helping people to work smarter not harder, and providing a high standard of work.
There are also several best-practice routines that top accounting companies use to motivate their employees, and maintain good productivity:
- Provide clear instructions on priorities to aid staff in focusing on and completing the most critical activities first.
- Distribute jobs and obligations equitably and consistently.
- Provide employees with any resources and assistance necessary to succeed. This can help your team feel more in control of their workload.
- Avoid workflow delays by affording your team your trust and the authority to make judgments about how their duties should be done.
- Host regular meetings to help you keep track of your workloads and redistribute them, if necessary, as well as keep everybody updated on the business.
Running an accountancy firm when you’ve just landed your first big client is no small feat, maintaining two sets of systems, quickly mastering new duties and projects, and fitting into a whole new way of working can certainly take it out of you. Don’t forget to take some time to pat yourself and your team on the back and celebrate this incredible new step for your business. Before you know it, you’ll have many more large clients at your door.
Sources:
https://www.efilecabinet.com/5-secrets-of-successful-accounting-firms/
https://tax.thomsonreuters.com/blog/starting-your-own-cpa-firm-tips-from-2-success-stories/
https://www.nstp.org/node/15240
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