Every small practice can start leaking revenue in 3 common areas.
Plugging these holes is the most impactful way to protect your margins.
What You Want
Every firm owner can benefit from increased revenue (if that increase doesn’t lead to more work).
What’s blocking you
You can’t grow your top line if you’re constantly leaking dollars at the same time. Every week we see firms leaking revenue in 3 core areas. If you’re doing good work in this industry, you deserve to grow and you can grow if you fix your leaks.
Leak Area 1 | Giving away your strategic help.
Your clients need help paying less tax and reaching their personal & business goals.
You know the only way to do that is through planning throughout the year.
Right now, most firms:
- Give away strategic help with engagements that aren’t set up to compensate you for your planning work.
- Planning is offered as an “add-on” instead of being baked right into the engagement.
Fix this by offering client packages that “bake” planning directly into the engagement.
If you want a shortcut, use SmartPath pricing packages that are already setup to get you paid for your planning work, not just compliance.
- Your packages should be simple for you to explain and easy for clients to understand.
- If you can explain how your packages will help the client achieve the goals they care about, clients will be happy to pay for your help.
Leak Area 2 | Not monetizing your help when a client starts a business.
Between 750,000 to 1,000,000 new businesses are being started each year.
You’re helping clients when they start new businesses, but you may not be capturing your value as part of that event.
You need a new business focused “package”. Your package should include:
- Help with basic business planning from a financial perspective.
- Help with entity needs analysis & filing (if necessary).
- Payroll/HR Setup.
- Financial Reports optimization & recommendations through accurate accounting.
- On-going compliance (tax prep & entity maintenance).
If you want a shortcut, use the SmartPath New Business Incubator that’s already setup and optimized to get you paid for this type of package.
Leak Area 3 | Not actively managing your work scope.
If you’re not actively managing your scope of work – you’re just reacting to client needs instead of proactively managing your time with each person.
You need a simple, documented, Scope Management System (SMS).
A Scope Management System needs to answer these questions for both you and the client:
- What specific results does the client expect to achieve by the end of the engagement?
- How many results will be included for this engagement period?
- What will indicate when a priority is complete?
- Which priorities will you begin executing on 1st , 2nd, 3rd?
- When will everyone know when a priority is complete and if/when others can be started?
If you want a shortcut, use the SmartPath Action Planning process as a simple Scope Management System that documents work priorities for both yourself and the client.
Right now is one of the greatest revenue growth opportunities this industry has ever experienced:
- Retiring firm owners are exiting the industry at the fastest rate ever leaving a wake of “orphaned” clients.
- Clients need strategic help and are looking for firms that are willing to deliver tangible results and not just focus on historical compliance.
- There are proven ways to set up your practice to work for your life, instead of only leading to burn out like generations before.
Plug the revenue holes in your firm so you can grow your revenue this year. You deserve it, and you can do it with the right approach.
PS: If you want to build your revenue faster, a SmartPath membership gives you immediate access to:
– Powerful client pricing & proposal tools
– Proven marketing & workflow templates
– Expert step-by-step training for how to onboard clients with less struggle
Click “Become a Member” for the shortcut you’ve been looking for.