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While accounting firms often talk about and focus on growing their client base, one consultant has suggested that constantly looking to new client growth can compromise the potential of an existing client base.
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Accountants cautioned on organic growth strategies
21 March 2017
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Planet Consulting founder and principal consultant Rob Pillans recently spoke to Accountants Daily about trends he’s seeing in the accounting profession.
One trend he highlighted is about the desire to secure more clients, which often overshadows everything else.
“The thing that I still hear lots of conversations about at accounting firms is, how do we find more clients?” he said.
“Ironically, I think often the answer is you could probably be doing a fair bit more with the clients you've got, but many firms still go ‘I want more clients, how do I find those?’”
Doing more for your existing clients comes back to having the right employees who embrace a quality-over-quantity mind frame when it comes to clients.
“For some firms their biggest issue maybe is they just can't find the people they want to get the work done,” he said.
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“I still see accounting firms having lots of conversations about having difficulties in managing people.”
Mr Pillans said that firms mustn’t forget employees are still the most important part of the business.
“For all the conversations that are going on around technology, at the heart of accounting firms for now are people and the focus on attracting, retaining and engaging the right sort of people needed in the company,” he said.
“I see some firms doing incredibly well, but I have to say I probably see firms, more often than not, that would have some issues, that they're struggling to manage people which is pretty fundamental.”
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