How to manage the free initial consultation
Part of the ICAEW Business Advice Service offering to new clients is a free initial consultation with no obligation attached. The initial consultation is the gateway to winning new work and developing sustainable client relationships. Here are some key pointers and considerations to help you manage these through.
Respond immediately
Show your willingness to engage with new clients by responding to contact from a potential new client as soon as it comes in. This reassures the client that you are professional, responsive and care about their business.
Set up a meeting rather than engaging in protracted correspondence
A face to face or virtual meeting is infinitely better for building rapport with a potential new client and gaining a fuller understanding of the service level they require from your firm. It also demonstrates a willingness on the part of the business owner to invest time in looking after their business.
Accept that some initial consultations may be free advice seekers
Start up and cash poor businesses may be looking for free advice and not to retain a long -term trusted adviser to get them over a particular issue or bump in the road. This is to be expected in the normal course of business and should be mitigated by not veering into the territory of delivering bespoke advice during the session.
Scope out the initial consultation
When setting up your initial consultation with a prospective client be clear the meeting is to ascertain how your firm can assist, the services it has to offer and to understand the client’s business needs.
Get verification procedures out of the way at the meeting
Ask your client to bring along or send in advance any documents and information you require for client identification and background checks in line with your firm’s anti-money laundering procedures.
Have a conversation that helps the business owner
Successful initial consultations often run as a two-way conversation between the ICAEW Chartered Accountant and the prospective client.
In order to understand how you can help the business, talk to the business owner about how the business currently operates and offer general advice on aspects discussed. These discussions could include but are not limited to:
- HMRC filing requirements across all taxes such as income tax, corporation tax, PAYE, & CIS and penalties for being late
- How keeping good records for the business can drive the business forward; software packages available to do this including book-keeping, receipt capture and payment processing
- Owner managed business aspects such as future borrowing requirements both business and personal
- Leasing contracts on premises or vehicles and current benefits available eg on low emissions cars
- Staff and subcontractors, expenses, benefits, auto-enrolment, RTI filing requirements and deadlines
- A review of the prior year’s financial statements discussing the concerns of the owner
Following up the consultation
Follow up the consultation with an e-mail or letter setting out your proposal for services, an indication of costs and an engagement letter if appropriate.
Chargeable services
Bespoke advice is likely to be a chargeable service and this will constitute entering into a business relationship that goes beyond the free initial consultation. ICAEW member firms are required to complete client verification procedures before entering into a business relationship; in addition, they are also required to set out their charging structure and the firm’s complaints procedure before charging for advice.
