This is the Accounting Answers Podcast, hosted by Rob Brown. Formerly known as the Best Practice in Accounting Podcast, this show asks and answers critical questions of the experts, leaders and influencers who shape the decision-making of accountants, CPAs and finance professionals.
Episode 15. In today's session, "Best Steps to Profitably Grade Accounting Clients" with special guest Lucy Cohen, founder of innovative UK accounting firm Mazuma.
You can also watch this in video format on our youtube channel:
https://youtu.be/g2VEwnfQDbI
Key takeaways from this episode include:
☛ why getting rid of the wrong clients takes strength and a certain ability for many accountants
☛ the negative consequences for accountants who will not or cannot jettison their most unprofitable clients
☛ the importance of 'intention' for accountants in changing their client base and what stops them from making tough decisions
☛ why it's hard for accountants to break up with their clients, even though it's the right thing to do
☛ how accountants can define A-grade clients down to D-grade clients and the criteria for each category
☛ the need for accountants and CPAs to be continuously reviewing their client base and calibrating relationships
☛ the role of data and metrics beyond relationships that helps accountants segment their client portfolio
☛ what markers might dictate whether an accounting client is more prone to churn or leave than another
☛ what accountants who work for someone else can justify upwards the case for losing certain unprofitable clients
☛ best practice tips for accountants to have the 'it's over' conversation with certain clients
☛ shout out to ProNation, a new coaching and mastermind group that challenges the limitations of traditional 'one guru' communities
Action - critically ask if each of your accounting clients merits a place in your portfolio. Is the juice worth the squeeze?
Tune into more on this daily show for short, sharp episodes that keep you informed of what's happening in the accounting world and the whole ecosystem of consultants, organizations, vendors and advisors who serve them.
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Mentioned in this episode:
Dead Show / YouTube
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