RSS feedsWhere increasing a client base is concerned, many accountancy practices act as if new clients will arrive, as if by magic, unsolicited, without having to work hard to attract them. But the reality is very different.
Although small-ticket work will probably continue to trickle in much as it always has, the large clients – those on which the ultimate success of a firm often depends – are proving ever-more elusive. Increasingly, large clients want firms to compete with one another to win their business.
And while the concept of the ‘beauty parade’ is becoming more familiar to accountants, there is generally still a ‘take it or leave it’ attitude in their approach. Not surprisingly, such firms find that their strike rate is extremely low.
At a time when competition within the profession is becoming fiercer, it is vital that firms impress both potential and existing clients. Failure to do so will result in lost business and lost opportunities to generate new business.
The key to winning new business lies in meticulous background research, thorough preparation and a well-timed, informative presentation with professional visual aids. This can be extremely time consuming to bring together, but it’s not a particularly onerous task with a well-thought approach. It is the final element that results in cries of anguish in firms up and down the land: that is, making a company presentation. In cases where the potential client will make a decision based solely on the content of a tender document, the presentation must speak for itself. The potential client must come away feeling the practice will deliver and that it offers value for money.
There are some essential elements to creating a good presentation to potential clients. First ask yourself the following questions: do we know anything about the company? Do we have relevant experience? Can we handle it? Then, a good background knowledge of the potential client and a well-res earched,
well-structured proposal are key. Make sure any relevant visual aids are professionally produced and informative.
It is essential to know the market in which the client operates and who are its main customers – some might even be your practice’s clients. Understand the business your prospective client is in – notably its competitors and current trends.
Once the research has been compiled, the next step is to insist on an initial client briefing. This will not only provide vital information on how the proposal document should be constructed and help to identify possible points of difference from competing firms, it will also identify opportunities for adding value to your work. Don’t just answer the brief: think outside the box and be proactive.
Where all other things are equal, the winner will invariably be the firm that creates a faultless presentation.
Phil Shohet is a director of Kato Consultancy
