As firm owners, our focus seems to always be on billable hours. That is how we make money, right? Yes and no. Sometimes we need to take some time to reflect and do some self-evaluation. Being willing to take a hard look at our firm's procedures and operations could actually cause us to make changes that, in the end, have positive results on our bottom line!
While no accounting firm can be all things to all clients, most firms, with some self-evaluation, can do a better job using present resources to maximize the firm’s current client base, add new clients, and increase the firm revenues.
Over the next few weeks, we will explore a few questions such as, "What is the cost of acquiring a new client?", "How long, on average, do we retain a client?", and "What is the lifetime value of each client?" These and other questions will be explored in greater detail, so visit us again soon to see if our discussion could help you change the way you view your clients and possibly help you increase profits and firm value in a future sale!
If you are interested in selling your firm this year, we welcome the opportunity to discuss this with you, provide you with a free market analysis of your firm's potential value in an sale, and answer any questions you may have about the listing and sales process. Give us a call or email us to start the process today!