| Tax season is often referred to as "the busy | | | | opportunities for small businesses with your clients. |
| season" for accounting firms. Everyone is | | | | The brochure could then be highlighted for the |
| exceptionally busy managing the flow of | | | | appropriate service and a quick hand-written note |
| paperwork and digital files, preparing returns, | | | | attached suggesting a free consultation about the |
| meeting deadlines, and researching questions and | | | | service. This could be attached to the completed |
| problems. Unfortunately, this intense focus can be | | | | income tax return. |
| harmful to the health of the practice. When the | | | | 3. Create a referral reward program for the firm |
| focus on tax season is too intense and there is | | | | or just make a commitment and prepare to ask |
| no practice development plan and process in | | | | for a referral. When a client says you were great |
| place, the firm is missing what is arguably the | | | | - that is the time to ask! Build a process for |
| most significant opportunity for practice growth. | | | | requesting and following up on referrals by your |
| Tax season is the most fruitful time of the year | | | | current clients. If you are an accountant, for |
| to market your firm. Take a peek at the waiting | | | | example, your program and process might look |
| room or lobby during tax season. Look at all of | | | | something like this. Create a quick survey |
| the people you have the opportunity to speak to | | | | requesting feedback about the service you have |
| with your message about other services you | | | | provided to a client. Attach to it a statement |
| offer to meet their needs. Count the people who | | | | along the lines of, "We hope we have exceeded |
| sit in your waiting room and think about how your | | | | your expectations. If we have, we hope you will |
| practice would grow if one in five of those people | | | | refer your friends, relatives, colleagues and |
| made a referral of a friend, family member or | | | | co-workers to us. We know that a referral from |
| co-worker to your firm. How many of these | | | | a client is the highest compliment you can pay us." |
| clients have other work you could do for them? | | | | Your process once a referral is received might |
| How many opportunities are you allowing to walk | | | | look something like this: Immediately email or call |
| out the door with only a simple tax return? | | | | the client making the referral to express |
| Perhaps most of your clients send you their | | | | appreciation. Call the person referred and schedule |
| information and you mail out the returns instead | | | | an appointment as quickly as possible. As soon as |
| of taking advantage of the face-to-face | | | | the person referred purchases a product or |
| opportunities. You might carry a visual image in | | | | service, send the reward and a handwritten note |
| your mind of stacks of papers in each | | | | of thanks. |
| accountant's office or of exploding email inboxes | | | | 4. Sell related products or services. If you |
| approaching their size limit. No matter how busy | | | | constructed an accounting process and system |
| your firm, you cannot afford to miss all of these | | | | for a new small business, you might want to have |
| opportunities to win new clients and to sell these | | | | a conversation about the importance of |
| current clients additional services or products. | | | | succession planning with your client. Or, depending |
| There will be obstacles to overcome as you bring | | | | upon the size of the business, offer a package |
| your entire firm on board with your plans for | | | | deal of preparation and filing of monthly, quarterly |
| practice building. You will need to plan the kinds of | | | | and annual financial reporting for the business. |
| conversations that will be most effective in | | | | Prepare a digital business activity and cost |
| convincing all staff members of their vital role in | | | | tracking document that you give clients as part of |
| the growth of the firm. You will also, of course, | | | | the package. If you work with a number of small |
| need to convince them that it is possible and a | | | | business clients, you might sell subscriptions to a |
| worthy investment of time to take appropriate | | | | quarterly or monthly insight newsletter in which |
| practice building steps during tax season. The | | | | you discuss changes in accounting or tax laws, |
| most important point you need to make with | | | | government incentives for small business growth, |
| them is that once the process is in place and the | | | | or how other changes in society or key markets |
| planning is complete, they will be able to use tax | | | | offer new opportunities for your clients. |
| season to set up their practice development for | | | | 5. Plan a monthly breakfast for some top clients |
| the rest of the year. | | | | in a particular industry. Make the breakfast an |
| To help you and your firm get started, here are | | | | opportunity to share concerns, observations, |
| six things you can do to use tax season to set | | | | needs, goals, and challenges. Have the person in |
| up your practice development program for the | | | | the firm with the greatest knowledge of the |
| rest of the year. | | | | industry become an industry expert and host the |
| 1. The first step in any successful practice | | | | breakfasts. Offer your insights on the issues |
| development process is to listen to your clients | | | | (after doing sufficient research). Use the |
| and identify their needs. For an accountant who is | | | | discussions as a time to help everyone identify |
| preparing an income tax return for a long-term | | | | industry trends and how they will impact each |
| tax preparation client, paying attention to what is | | | | business represented, to anticipate challenges or |
| happening in the client's life is a key to growing | | | | risks and offer risk mitigation ideas. Consider the |
| your practice by offering the right additional | | | | series of breakfasts an ongoing course in risk |
| services to the client. For example, if you know | | | | management for these top clients. Encourage |
| your client recently had twins, you know it is | | | | them to invite other leaders in their companies |
| probably time to start planning for college for the | | | | and with others who are critical to the industry |
| children - especially with twins and two sets of | | | | (suppliers, customers, contractors, etc.). Always |
| expenses. If your client is approaching the age of | | | | include in your breakfast conversations, clear |
| 35, it is probably time to start talking about and | | | | messages about how your firm can help the |
| setting in motion a retirement plan. If your client | | | | clients do a better job of trend analysis, goal |
| mentions that he is socking away money in | | | | achievement, management of challenges and |
| savings accounts for an inheritance for each of his | | | | stress to the company, and risk analysis and |
| children, perhaps you could help him understand | | | | management. |
| ways to make that money work more | | | | 6. Follow up, follow up, and follow up again. No |
| effectively to create a larger legacy to leave to | | | | matter what actions you decide are appropriate |
| his children. If your client plans to start a business | | | | to sell new products or services to your clients, |
| when her children are all in school, perhaps you | | | | the key to the sale - and to future sales - is in |
| should help her understand why, in light of the | | | | the follow-up. Reinforce your message of the |
| massive small business incentives becoming | | | | need you perceive and how you can help the |
| available from the government, now might be the | | | | client meet the need and become more |
| time to start that business. Any of these | | | | successful. Continue to follow up, providing |
| situations, and thousands of others, could open | | | | additional information about how the product or |
| the door to additional advisory and accounting | | | | service works and how it will meet a need or |
| services you could provide to each client. | | | | solve a problem for the client. As you follow up, |
| 2. Identify clients who operate small businesses. | | | | you should continue to build a relationship with the |
| Provide for them information about small business | | | | client and identify other ways you can help the |
| services offered by your firm. Talk with them | | | | client become more successful or succeed faster. |
| about meeting in May and June to discuss other | | | | These six steps will help your firm get started in |
| ways you can help their firm. Also consider the | | | | using tax season to lay the groundwork for your |
| kinds of personal financial management assistance | | | | practice development program for the rest of the |
| the small business owner might also need. Don't | | | | year. Keep in mind that the goal is to build |
| assume that any client knows what you do about | | | | relationship with the client, understand more about |
| accounting issues for personal or business needs. | | | | the client's business or personal financial needs, |
| Don't assume that you know all of their financial | | | | identify pressure points and find solutions you can |
| needs until you have engaged them in a discussion | | | | offer that will help the client succeed or that your |
| of ways in which you might be able to help them. | | | | colleagues can help the client manage more |
| The services you might highlight could include risk | | | | efficiently or effectively. Keep the focus on the |
| analysis, succession planning for partnerships, | | | | client and how you can help the client. Then build |
| business taxes, annual business reports, auditing, | | | | the messages, the programs and the process |
| etc. You might approach this by preparing a brief | | | | that will build your firm's practice throughout the |
| summary brochure about the small business | | | | year on the foundation of your sales efforts |
| services the firm offers or about lunch gatherings | | | | during tax season. |
| you sponsor to discuss changes in laws or new | | | | |