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Dance Through Danger – Four Tips

As we all watch for those glimmers of hope to become a light at the end of the tunnel, here are a few survival tactics.

Hold the line on fees.  I’m hearing that many firms are being asked to reduce their fees.  With our clients hurting as much as everyone else, it’s not unexpected.  But is it reasonable?  A great deal of our work helps our clients save money.  To me, it doesn’t make sense for us to keep doing that—but earn less for it. That said, being understanding and accommodating is at the heart of a solid relationship—and pays retention dividends like nothing else.  How about payment terms instead?  That helps ease your client’s current pain without a revenue hit for you.  It’s also a mutual vote of confidence—you and your client agree that you’ll still be standing when better days come. 

Get new clients.  When everyone’s trying to hang on to current clients, the idea of prospecting for new ones might seem over-optimistic.  Far from it: historically, the hardest times have delivered the greatest changes in fortune for those who play them right. Think about it: unfortunate as it is, when your competitors reduce staff or services, their clients become vulnerable—legitimate targets of opportunity. So get your sales machine cranked up. As always, the worst outcome is a “no.” You’ll survive that. Be proactive. 

Network more. In particular, be very extra proactive in your networking. Keep your contacts closer than ever, because there’s more activity than ever. Stay particularly close to colleagues and friends at other firms (especially if they’ve recently been let go from other firms, or think they might be) who might share news of vulnerable clients.

Get referrals. I read recently that very few high-level CPAs ask their clients for referrals—seems ‘beneath them’ for some reason.  Well…now is the season, and “because it works” is the reason. Again, this only makes sense: your clients will know of vulnerable clients in their own networks; If they can help their colleagues by steering them to your firm—it’s a win for everyone.

As always, let me know your thoughts. Are you facing fee pressure?  Finding new opportunities?  Share the stories.

Posted by David Flax, CPA on April 13, 2009 • Email to a Friend

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