What is a Growth Initiative?
Growth is not just winning new clients. Winning new clients is one outcome of a successful growth strategy. Growth strategies are needed to:
- Replace runoff. Firms have clients that leave and consulting revenue to replace. Runoff is a major part of managing growth, but few firms have a plan to minimize runoff. Active client mining can reduce runoff and create additional revenue from existing clients.
- Add premium clients. Conduct selective nurture targeting to add the “A” level clients you want. Working on poor quality clients is the number one issue staff identifies in our Next Gen Groups. When growing, you can and should be more selective in who you add as a new client and engage organizations with more complex needs that value your input.
- Retain staff. Get staff engaged so they feel part of something that is progressive and moving forward. Staff wants to see a firm with a growth and succession plan that is actively taking steps in both areas. Establish frequent and positive communications about the good things going on.
- Enhance client value. Compliance only services are a replaceable commodity that are replaceable and difficult to value bill. Staff, clients, and referral sources need to be aware of your firm’s advisory service capabilities. A simple acid test is to look at the percentage of management consulting revenue. If it is less than 15%, consider how you are approaching the growth for your firm.
We Address the Core Issue
Firms often implement pieces, but do not address the core issue hindering growth and endangering succession. They invest in a marketing director, software to track communications, a website, coaching, a seminar or training academy, or a lead generation program, but those are pieces, not a cohesive growth program. It should not be a surprise if it fails to produce the desired results. A cohesive process requires integration of these efforts. This is the role we take. A busy partner lacks time and a marketing or business development professional often does not have the CPA firm experience to coordinate a comprehensive growth effort. The Visionary Group has industry-specific experience with over twenty years of business development, marketing, and CPA merger and acquisition experience.
How Should You Measure Successful Growth?
The key metric is revenue and profitability progress, combined with engagement of staff in the growth process. The best growth program is not dependent on a “push” outreach to new prospects. It is a program that “pulls” in work by utilizing a diversified approach as described in our 4 Corners.
In our Growth Officer role, we set a fixed monthly fee and do not make clients sign a contract. We operate on a month-to-month going forward basis and do not feel clients should be contractually obligated.
Why Engage Us?
We bring a team of professionals to close the gap on growth goals. No other specialist in the CPA profession has the experience we have growing firms both organically and on the CPA mergers and acquisition side. Our approach instills a growth culture, deploys strategies to engage staff, enhances client value, and targets select prospects and referral sources.