One of the challenges facing the ‘traditional’ firm is that tax season with all its extensions winds up lasting at least half the year, with the result that good clients get neglected. You toggle from deadline, trying to get caught up to the next deadline. The staffing situation is dire. Time passes VERY quickly. Last time you looked, the economy was ticking along nicely, stocks were at all-time highs and inflation was not an issue. Now, it’s a very different story.
It’s relatively easy to do well in business during boom times. Less so as world economies teeter on the brink of recession. But accountants can do exceptionally well during tough times. The right clients need you more than ever right now.
As everyone else takes a step back, you should be taking a step forward and sending a message to your clients that you’re here to help. You have a perfect window of opportunity to move away from clients who do not value your help and moan about your prices, and to embrace a monthly reoccurring revenue (MRR) model where you structure regular check-ins with your clients throughout the year so that you’re across their tax strategy, you’re ahead of the game with tax planning, you’re helping them better understand the numbers that drive their business’s revenue and profitability and you’re taking care of their tax filing and compliance in a timely manner.
That’s why we created ReNew Your MRR. The how-to’s are all including in this new module, with video training for you and your team and templated content (Proposals, Service Timelines, Master Service Agreements, Statements of Work, Change Orders and more) so that you don’t need to reinvent the wheel.
If you’d like to talk about the steps to take in your firm to get ready for next tax season, feel free to schedule a call: https://www.renewgroup.com/inner-pages/contact
How is Big Thinking characterized and what are some examples for the accounting profession?
We have been in a lot of conversations about pricing, pruning and business model. Here are several key take aways.
An abundance of clients seemingly signifies a popular and accomplished firm. However, when these clients contribute little in the way of profit yet demand a lot of time, they prove only detrimental to the health of both you and the firm.