Increase Profitability, Revenue and Client Satisfaction with These Three Tips

Efficiency isn’t always about doing more work in less time. Sometimes firms need to streamline their processes in order to make time to do more valuable work. In fact, one firm was able to increase revenue  by 30% and increase profitability by 300% by investing in cloud-based workflow software. Reid, Hanna, Johnson & Company implemented new technology and new processes that helped the firm operate more efficiently and serve their clients better. In a new case study, Charlie Burns, a partner at the firm, shares some of her advice for firms looking to grow.

To increase profitability, look right under your nose

Many firms try to increase profitability by bringing in new clients. That’s certainly one way to grow. But don’t overlook your existing client base. They may need your help and not even know it.

“Every firm has their client base that you do the same service for over and over. But each one of those clients, in their own business, is growing and changing every day. So we’re trying to look at our existing clients and have the conversation with them about what they’re doing and what services we can provide them.”

Focus on client service, and profits will follow

In the past, client information wasn’t captured in a consistent way. If a partner managed the relationship, that knowledge might not have been shared with others in the firm. Now, information about the clients’ histories and projects is available in the system, to everyone who needs it. Client relationships are truly central to the firm. Burns says:

“We switched to client service orientation instead of just rushing to meet deadlines. That conscious decision is where we are doing leaps and bounds above where we were. We are sharing information. We’re talking to them. We can actually manage the firm from that standpoint.”

Don’t skimp on training

Burns admits that training on a new system can be challenge. But she also says it’s worth it. Once people see the benefit of the new system, they’ll be more enthusiastic about learning it.

“So many times people try to cut corners to save a dollar and see if they can figure it out for themselves. But that’s a mistake. You have to go through training.”

Find out how Reid, Hanna, Johnson and Company was able to increase profitability by 300%. Download the case study, “Reid, Hanna, Johnson & Company’s plan for the future, brings growth in the present.”

 

AUTHOR

Aimee Hall

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Aimee Hall