Underbilling your best clients

Your clients are smart, but money conversations still scare them. Find out how to work around their psychology to make sure your advice gets through to them, plus learn to listen for key buzzwords when chatting about new business opportunities.

This week, we’re also covering lesser-known features that add value to your firm and how to build an incentive program for cross-selling. 

But first, read about the historic settlement in which the IRS dished out tax audit immunity to President Trump, his family and businesses.

Get clear: Organizational coherence starts with strong communication from leaders–follow these tips

Scaling up: How evolving alongside clients’ needs helped this Atlanta accounting firm become an international growth engine

Trend alert: Follow this five-step framework to discover the next big thing before your competitors do

Don’t just ask: The secret to getting more client reviews? Offer to draft it for them

Pure emotions: Why client money psychology matters when delivering tax planning advice

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Instead of growing your firm's revenue solely through new prospects, look at the opportunities available with your existing clients. Alex Wilson, a principal at Yeo & Yeo CPAs and Advisors, recently appeared on the Let’s Talk Tax podcast to discuss how to add value with the clients you already have. 

He recommended asking broad, open-ended questions, then listening for buzzwords like “expansion” or “new products.” This gives an opening to see where your firm can offer more services to help them grow. Plus, Wilson pointed out that you can speak more candidly with current clients than prospects. And it’s ok if the new idea isn’t a win; even a joint exploration on a potential growth opportunity can build trust.

Why this matters: Wilson was clear on why a proactive approach to upselling clients is a must. If you’re not bringing up new ideas, someone else will. The accountants growing fastest right now aren't finding new clients. They're deepening what they already have. Listening for words like 'expansion' or 'new products' in a routine check-in is all it takes to open a conversation worth billing for. (Let’s Talk Tax Podcast)

Understanding your firm’s value gives you strategic insights on what’s driving growth, plus provides options in case you ever do decide to sell. Ira Rosenbloom, CEO of Optimum Strategies, outlines several attributes that can add to your firm’s value. Normalized profitability may be an obvious one, but expertise in a desirable niche is another attractive feature you may not think to quantify.

Rosenbloom also notes two types of clients that add value: those who consistently buy more services and those with a recognizable name in their industry. 

Why this matters: You don't have to be planning a sale for this to matter. Niche expertise and a client base that buys more over time are the same things that make a firm easier to run and more profitable to own. Knowing your firm's value is a strategic tool, not just an exit metric. (Inside Public Accounting)

Increase in weekly client support in accounting firms using AI (Stanford University)

Whether you’re trying to cross-sell within your firm or through other financial services professionals with a similar client list, an incentive plan can help grow revenue. A referral bonus is one of the most common options, or you could opt for a lesser-used shared revenue credit (especially for partners).

To encourage staff to cross-sell to existing clients, offer quarterly growth contests or team-based bonuses. Create a set of metrics for each program, including those that reward behavior, not just outcomes.

Why this matters: Cross-selling happens when incentives make it part of how your team thinks and acts. A well-structured plan turns untapped client relationships into consistent revenue growth. (Accounting Marketing)

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The Net Gains is written and curated by Lauren Ward and edited by Bianca Prieto.