When we make a big purchase, we expect a more memorable experience than when we make a mundane transaction.
Take wedding dresses as an example; you book an appointment, bring your bridal party, have one to one assistance throughout and the champagne is flowing. You wouldn't expect such fanfare popping down the high street to get a new work shirt.
What does this have to do with your accounting practice?
If someone is buying your accounting services, they are making a big investment over time. Just like committing to a marriage, you have to 'woo' them before you can expect them to sign on the dotted line.
So, to get their buy-in, you need to wow them from the point of proposal and show them why you're the best on the market for them.
With so much importance on engaging clients, what could go wrong?
But there are four common mistakes accounting and bookkeeping practices are making, stopping their dream clients from saying 'I do.' Here's how to avoid them...
1 – Don't give them chance to get cold feet
From getting a proposal and engagement letter signed to retrieving the correct ID checks, onboarding consists of a lot of back and forth between you and the client.
Any part of this process being manual is an extra barrier for your clients, eg, if they are still required to come to your office to provide a physical copy of their ID.
If your competitor down the road has this process digitised, they might come in and sweep your client off their feet.
The solution: Implementing software that automates manual tasks will keep you ahead of the curve. There is a plethora of solutions out there, but few solutions that put your proposals, AML checks and Engagement Letters all in one place.
GoProposal's suite of onboarding solutions does that, guiding you through every step required to onboard your client while they're ready and raring to go, with auto-updates that ensure you're compliant every step of the way.
2 – Ensure you have capacity to onboard clients
Onboarding often isn't considered in day-to-day tasks, especially at busier times of the year. If pricing is only in the hands of senior staff, a bottleneck quickly slows down the engagement process, making your client feel forgotten about and ending the honeymoon period before it’s begun.
The solution: Whatever software you use, create an internal checklist, and train your team on that process. Removing yourself as a bottleneck is crucial for the growth of your business and subsequently your profits.
3 – Account for the costs of engaging clients
Human resource and software costs usually aren't accounted for in client fees. When you consider how important this part of the relationship is, and how much attention to detail is required, it's like paying for the engagement ring but expecting the wedding.
The solution: Some firms include an onboarding fee to cover the costs associated with it. Though some consider this controversial, it can be easier to implement than you think.
Start with a small fee with your next client who might be complicated to onboard. It's ok to test and tweak until you find a price that fits.
4 – Inspect and improve processes regularly
If you aren't reviewing and improving your process, you can guarantee that it's getting worse. There will be members of staff who cut corners here and there, meaning this process will deteriorate. Like a marriage, it needs constant inspection.
The solution: Start by reviewing your current process. Get feedback from clients. Then, create an experience map to envision how you want your process to be.
Need to overhaul your client engagement process, but don't know where to start? This FREE, downloadable scoresheet assesses where you are and breaks down the steps you need to take to turn onboarding into a scalable asset. GoProposal members completed this as part of an exclusive workshop.