This year I am going to channel all my practice development ideas through one service: Fee Builder. You may have seen a few email promoting this service?
Each month, commencing February 2020, I will be sending subscribers the outline of a strategy to re-engineer an existing service or create a new income stream for their practice.
What you don’t know that you don’t know
When I was in full-time practice the major limiting factor to expanding my firm was time. The day was taken up with service delivery: calls from clients, HMRC and dealing with staff queries. Add to this ever growing call lists and an expanding Inbox and there was very little time to sit back and ask a very simple question – what am I missing…
Fee Builder is designed to bridge this gap. It may open new doors: ideas that will improve the service you offer clients and counter the downward pressure on fees as basic compliance work is taken on by less qualified individuals and ever-invasive accounts software.
But I don’t have time to implement new ideas
When accountants offer this as an explanation for not getting involved in trying out new ideas, I always point out that trying out new ideas does not need to be a complicated and time consuming affair. All you need to do is read the Fee Builder idea of the month and make a list of five clients who are most likely to benefit from the presented service. Contact those five, using the copy in your Fee Builder pack, should take you no more than ten minutes. Make time for a follow up call and see if you can meet with the client to explore the benefits.
My guess is you should get at least one take-up from this process for very little time input on your part.
If the service is well received by your client, ask for a testimonial, and only then, consider rolling out the idea to a wider audience.
Fee Builder is only costing you £55 a month and so this “sampling” process should reveal those service improvement that may have traction with your clients, and more than recover your monthly investment in Fee Builder.
Stand out from the crowd
In future years, doing what you have always done, and expecting increasing returns from this activity, is unlikely to be a winning strategy.
If you want to stand out from the crowd you need to be offering something that your competitors do not offer or offer something that your competitors do offer, but deliver the service in a more valued way.
Using the simple “sampling” approach set out above it should be possible to identify winning strategies for your clients without undue pressure on your time.
Don’t jump in at the deep end and become discouraged. Use the “sampling” approach and gradually increase the range and value of your practice services.