In 2022, the number of accountants working in the US reached a record high.
With increased competition, retaining your existing clients has become more crucial.
To help you navigate this competitive landscape, we share five essential steps accountants can take to foster long-term relationships and keep their customers happy and engaged.
Step 1: Knowledge is Power
The more you know about your clients, the better service you can provide.
You can establish a strong rapport and build lasting relationships by gaining a deeper understanding of their needs and expectations.
Accountants should invest time in the initial meeting – whether it is with a new or existing customer – to invest time in the initial appointment to actively listen and discover their requirements and find out what they expect from you.
Regular check-ins and customer surveys further strengthen these relationships, providing valuable insights into your performance and areas for improvement. By leveraging this information to enhance your services, you gain a competitive edge that leads to customer retention and satisfaction.
Step 2: Communication is key
Maintaining regular communication with clients is crucial for boosting retention.
By staying in touch, whether that’s through emails, newsletters, or social media, you can provide customers with company updates, share industry news, and offer valuable advice.
Technology, such as client portals or apps, can also work as key touchpoints, keeping clients informed on current projects and enhancing efficiency.
Effective communication keeps clients engaged and reinforces that you are a trustworthy outfit.
Step 3: Establish Trust
If you consistently miss deadlines, are rude or have professional standards that aren’t met, you are less likely to get repeat custom.
All long-term relationships are built on trust. Clients need to feel confident in your ability to handle their financial and business matters with competence and integrity, which involves demonstrating your reliability.
Step 4: Outsource
Working with another business can be a game changer as it can significantly enhance an accountant’s service offering.
Outsourcing tasks, such as bookkeeping, M&A advisory, or IT support, allows accountants to focus on their core work and deliver results while granting clients access to a broader array of services.
By leveraging the expertise of outsourced firms, accountants can differentiate themselves in a busy market and strengthen client retention by providing a more comprehensive and valuable service.
Step 5: Embrace Technology
Adopting new technologies, such as cloud accounting software, automation tools, or data analytics software, can help provide a better client experience.
Not only does tech streamline processes and boost efficiency, but it also reduces the possibility of human error and enables real-time collaboration and communication with clients.
Moreover, technology facilitates innovation by providing opportunities to explore new service offerings and help accountants stay ahead of industry trends and their competition.
