Latest News

The subtle signs you're losing a client: Warning for bookkeepers

Are there warning signs you've been caught short with a client and they're looking to move on? Here's what to do to keep clients longer.

When the flow on effect from the economic downturn for small business hits bookkeepers, there’s even more reason to hold on to clients for longer.

Australian Bookkeepers Network (ABN) Director, Peter Thorp, says that enquiries from members about the quicker turnover of clients highlights a need to focus on the warning signs early and ways to build stronger client relationships.

“All businesses have a natural turnover of clients, but when more clients are struggling and anxieties are heightened, strong client relationships become more important,” said Peter.

Warning signs may be verging on critical concerns

“When clients are not returning your emails or late on paying bills it may be verging on too late to recover the relationship,” said Peter. “Acting quickly on these warning signs is important, but it’s even better to ward them off early.”

“Cloud accounting has enabled more remote work,” continued Peter. “It’s definitely a more efficient way to work but in some respects that close client bond built on regular contact has diminished a little.”

“Protecting the relationship may be as simple as getting out of the office more and having processes that encourage feedback.”

The ABN offers these six top tips to build stronger client relationships

• Regular feedback and commentary on a client’s accounting file and suggestions for software adoption show you’re still connected and interested.
• Site visits help. Include this as part of your quarterly engagement.
• Compare performance to previous periods. Regular reports on their financial position with comments on significant changes show you’re proactively taking an interest in their performance.
• Pick up the phone/video link. Ask how things are going and show your interest.
• Remember dates (birthdays, key business dates etc). There is software to help.
• Newsletters. If writing one is daunting or it takes too much of time, use ABN’s Business Bulletin to make tailoring a newsletter to your clients easy.

Being proactive matters

“Regular contact is important especially when business is a bit more challenging,” said Peter. “You might just be your client’s key financial sounding board.” Foster a good three-way communication dynamic with the client’s accountant and be mindful of when your client might need input from external professionals.” As Albert Einstein once counselled you don’t need to know everything you just need to know where to find it when you need it. 

For further information, client management resources and support, the ABN welcomes you to become a member today.