A key Renew mindset principle is dictating the terms of the client relationship. A patient doesn’t tell the doctor how to treat them. As the most trusted advisor, accounting firms need to take a strong position in how they work with their clients.
Renew firms know to create the most value for the right clients they must dictate the terms of the client relationship.
Examples:
- Pricing (start with high prices that reflect your value, and don’t negotiate).
- Productizing your service offering.
- Managing scope. No gray areas. Define what’s included, and what’s not.
- How you receive the information (We see too many firms making exceptions. Paper, portal, email…there should be one way).
- When you receive the information. Critical to set deadlines for when you receive tax information and sticking to it.
- When you are available. Do not make exceptions. Set your meeting schedule and stick to it.
- How you communicate. An emerging issue is texting with clients. We encourage you to NOT text with clients. If you have a client text, simply send them an email that your firm policy is to not text with clients. Simple.
- When the work is done. A client’s failure to plan does not create an emergency on your behalf.
Further, dictating the terms of the client relationship in an accounting firm involves establishing clear expectations, responsibilities, and guidelines to ensure a mutually beneficial and productive trusted advisor relationship. To help establish the relationship Renew firms have their clients sign a mutual commitment statement.
Here is an example:
Our Commitment to You
- We will act with honesty and integrity in everything we do for you and with you
- We will respect the confidentiality of our working relationship.
- We will return your communications by the close of the next business day, even when we are out of the office. When your primary contact is on vacation, we will advise you in advance and arrange for another member of our team to look after your inquiries.
- We will meet the deadlines we set with you, or we will advise you in advance of our inability to do so for reasons absolutely outside of our control.
- We will give you an upfront price for every piece of work we agree to take on and will discuss any variation that may occur as a result of changes to scope before doing any additional work.
Your Commitment to Us
- You will be open and frank with us at all times, and you will advise us of any concerns you have with any aspect of the work we do for you.
- You will respond to all of our communications by close of the next business day.
- You will provide us with all the information we require and give us access to your team within the time frames we agree.
- You will make time available to attend to any aspect of the assignment that you agree to work on, and you will meet the associated deadlines subject to problems outside of your control. You understand that the success of this engagement depends on your commitment to making it work, and that we will work together to achieve the outcomes and goals that we plan for.
- You will listen to any advice we offer, but we absolutely acknowledge your right to reject it.
- You will attend to our account on the terms we agree upon, which will generally be by monthly ACH payment.
- You will give consideration to referring us to at least two other businesspeople who would benefit from the work that we do.
When the document is signed it will become the basis of the relationship. Far too many firms waste precious time and resources chasing clients for information etc. This chasing erodes the positioning of the firm. You cannot care more about the client’s situation than they do.
Every time you let the client dictate the terms of the relationship, you teach them that your time is less valuable than theirs. Set the rules, stick to them, and work with clients who respect your boundaries. That way, you are in control, and you can establish a strong foundation for a successful trusted advisor relationship in your firm creating less stress for you and your team.
