A checklist can be used for quality control, for accuracy checks, as a memory assisting device, as a roadmap through a complex project and even as a guide to preparing an income tax return. As a professional you use checklists every day but do you have one for maximizing your business opportunities, or are you leaving practice development to chance?
While finding and winning new clients is critical for practice growth, it might not be the best place for many firms to begin to develop a practice development strategy. Every practice development strategy should incorporate plans for growth from both the inside and the outside.
Virtually everyone I meet in the business world understands the value of a referral. People in the professional services industry are no different. Although professional services firms value referrals appropriately and talk about how important and wonderful referrals are, most forget the most important piece in the referral process – asking for referrals.
We call tax season “the busy season” for accounting firms for a reason – everyone in the firm is exceptionally busy. Everyone focuses narrowly on churning out the tax returns. This narrow focus in any firm, however, occurs at a significant cost to the firm. It is also very easy for firm management and partners to focus on managing work flow and also focus too narrowly on the huge portion of the firm’s revenue that is generated during tax season. This narrow focus also occurs at a steep cost to the firm.