Client Retention at the Top of CPA Firms’ Minds
This week, the AICPA’s Private Companies Practice Section (PCPS) announced the results of the 2009 CPA Firm Top Issues Survey. This survey asks firms of all sizes to rank their top practice management issues. The results are provided by firm size and provide the AICPA’s PCPS section with critical information to focus future deliverables.
For the first time in several years, recruiting and retaining talent did not top the list for firms with 2 or more professionals. Nor did tax complexity top the list for sole practitioners. Instead, client retention was the number one issue facing all firms. There’s little doubt the economy has something to do with this and it comes as no surprise to me.
I’ve confirmed this issue with many practitioners from around the country and there seems to be a few reasons for this concern. Some have said clients are looking at their fees to try and reduce costs and are leaving for a small decrease in fees. Companies of all shapes and sizes (including CPA firms) are looking for ways to reduce costs.
As firms grow increasingly concerned over losing clients, the firms who are surviving, maybe even thriving during this economy have found that client retention really comes back to client service. During the last few years, when firms were extremely busy, focusing on getting the work done became a greater priority than client service.
During these difficult times, companies can’t do enough to improve customer service and make sure they are serving, not only customer needs, but customer wants as well. The firms that are currently winning the race are doing just that. The successful firms are also meeting with current clients more frequently and staying in tune with client wants. The successful firms understand that in order to prevent the price shopping of accounting services, they need to be their clients’ trusted business advisor, not just another vendor.
PCPS has created a Client Service Resource Center to help its member firms refocus on client service. The Center has articles, tools and learning documents to help firms improve client service and teach everyone within the firm better client service strategies.
What is your organization doing to focus on customer retention? Post a comment.
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