Client Retention Program

  1. It appears most of the clients that disengaged have issues with recording timely transactions.
  2. Their books and records normally are disorganized. 
  3. They also either have a wife or a bookkeeper who cannot keep the books and records up-to-date and lack the knowledge to record transactions correctly. 
  4. Typically, they're disorganized and have no respect for understanding financial performance. 
  5. They do not plan or stay organized and typically do not have a roadmap for either the quarter, the year, or three-year period.
  6. The owner does not understand his/her tax returns or financial data and how to use it to make business decisions.  

Each of these deficiencies could be improved through timely consulting, planning, and proper record keeping.  I believe we need to learn to be honest with our clients and tell them exactly what needs to happen to improve operational performance, understanding their numbers, and actually reduce their accounting costs.  I have the following recommendations that we need to communicate with our clients:

Tighten up timely communications. 

  • We need to communicate with our clients promptly and timely on issues that will affect the cost of preparing tax returns and financial statements.

We need to obtain information timely and assist them with keeping their books organized.

  • This will happen through client communication and convincing the client that their costs will actually be reduced instead of increased by having good financial records.

Assist with real financial growth by discussing business operations, planning and reducing the risk of misusing excess cash and assisting the client with making sound financial decisions.

  • We need to become a part of our client's strategic plan and tactical processes and procedures.
  • This will be a way for us and our services to become sticky where disengagement would never be a question.
  • It will also produce a good client that has respect for the financial information and would like to stay current.

Assist with projecting the future.

  • We need to convince our client that creating a target and having projections to compare with is sound financial policy.
  • It will also allow them to understand where they are spending their money to potentially stay focused on their core business.
  • They would not attempt to expand in other areas unless it contributes to the core and increases financial wealth.
  • Entrepreneurs have a tendency to take risks in areas that can damage their core business.

Timely and cost-effective financial services.

If we can convince the client to execute on the aforementioned areas, we should be able to reduce the actual cost of financial services. They would have an awareness of their operations and result of their spending.

Tyler Gillespie