Recovering from the Loss of a LARGE Client

South Florida CPA Firm

Goal:

Increase recurring revenues by $100,000+ and reduce reliance upon large clients. 

Background:

I had an established CPA and Financial Services practice that had been operating for almost 25 years.  However, we had one client that represented a large part of our practice.  The client relocated to another state, and ultimately, we parted ways which was bittersweet. 

To replace the revenue hit, we embarked upon a two-part strategy.  The first part of our turnaround effort was to learn how to market our practice towards smaller business clients and acquire many small annuity streams, thus reducing our reliance on any one client.  The second part of our strategy was to acquire a small practice that was near our office and integrate it over time.  

To learn how to effectively market our practice, I attended Build Your Firm’s Level I Practice Development program to learn how to effectively generate leads from local businesses and close new business clients.  I was intrigued by their approach since they advocated a “diverse” marketing approach, not just telemarketing.  Since I was used to providing outsourced controller type services, I did not want a bunch bookkeeping clients. 

Results:

After two years of hard work, we have more than offset our setback and now have a diversified practice.  If someone gives us a hard time today, they get the boot.  I can’t tell you how much of a relief this is to transform our practice.  At the same time, the last two years have required lots of hard work to market, sell and then process all of this work. 

To acquire the marketing “know how,” I attended a Build Your Firm’s Level I Practice Development program and learned a lot from the program.  The workshop was well done.  It was important to me that most of the instruction was provided by a CPA practitioner.  After attending BYF’s Practice Development program, I outsourced the internet marketing to Build Your Firm and did some of the marketing on my own.  Our results were modest. 

Then I decided to acquire a small established practice about ten miles east of here, which has helped.  Also, I decided to outsource our entire marketing to Build Your Firm to generate more leads each month.  The “diversified marketing” approach that they advocate generates a steady flow of leads every week.  Unfortunately, three hurricanes in the middle of this program was a wrinkle that we did not anticipate and made it more challenging. 

I have continued outsourcing the internet marketing to BYF and receive 15-20 leads each month from the internet.  This is my favorite source of new business because the prospective clients are calling me.  Over time, I have gotten better at the screening process, so we don’t waste our time chasing dead beat clients.   

As a result of working with BYF, the flow of new business coming in the door has been challenging at times.  Our practice was not very efficient when we started, and somewhat old fashioned.  Our clients-in-process pipeline is now huge and we have picked up more special projects than I ever would have imagined.  It’s nice to know that I can pick up the phone at any time and pull in several new business clients that are just waiting for us to help them get started (or clean up their files).  

I did reach out to BYF for coaching as well.  As a result, I have grown to appreciate the value of working with both Allan and Hugh for coaching services.  With the personality assessment testing, they understand my personality very well and are adept at helping me through the high’s and low’s.  As well, both have not hesitated to coax and push me outside of my comfort zone when they saw me reverting towards my old habits. 

Working with BYF has helped me evolve my practice from a job into a business, and diversify our client base.  Their diverse set of services and backgrounds has been great.  I have recommended BYF to my clients and will continue to use their services since their program works. 

PRACTICE DEVELOPMENT COACHING FOR ACCOUNTANTS – If you would like to operate at a higher level, call BYF at 888-999-9800.