RSS feedsQ: I recently had a complaint from a client I’ve never met with face-to-face. They were happy with the work I did for them, but other people in their business network said they met with their advisers regularly. I have a small practice and don’t have that much time to spare.
A: The visible time you invest with clients delivers as much as 80% of the value they perceive they receive from your firm.
Failing to spend a reasonable amount of time with clients diminishes the opportunity for you to enhance the service you offer. We are not talking about your top clients, but the 60% or more of your clients who happily pay for the compliance-type services, but spend perhaps an hour or two with you annually, and who do not engage in structured forward planning.
Most of this time will be spent on historical studies reviewing the accounts, tax returns or whatever and very little, if any, talking to the business owner about their business, future plans and strategies. Quite right too, because a meeting to discuss compliance-based matters is not the best environment for business development.
If you were able to double the time you spend with a client, you would be able to increase their perception of value. But will clients be willing to pay for the extra service? The rule of price flexibility suggests they will if they can see and feel the additional benefits you can bring to their business through a closer working relationship.
Ken McManus is assistant director, members service, at ICAS
