A successful business’ foundation and base are the relationships it maintains and this is needed in accounting firms. Before clients can trust an accountant to be in charge of their tax returns, there has to be an established trust base and the way to speed along the process is by building strategic partnerships.
Here are some of the advantages of creating strategic partnerships.
You can establish your credibility with your clients by aligning yourself with reputable companies because this makes you appear more reliable and trustworthy.
When you boost your qualified referrals, you will attract more prospects in your target market.
It helps you increase your revenue and this way, you get more leads that you can become paying clients.
Strategic partnerships reduce your sale burden and this helps you spend less time on getting new clients thereby spending time on your current workload which in turn increases your profitability.
The strategic partnership also expands your network of clients thereby opening doors so you can meet more clients that you may otherwise never have had the opportunity to meet. This partnership also helps you build loyalty amongst your existing clients.
Build Customer Loyalty
Strategic partnerships tend to help enhance the value you provide to your existing clients. They give you a way to satisfy clients’ needs beyond the scope of your business.
Here are some suggestions for establishing partnerships that can help boost your business:
You have to decide the professionals and companies that will be viable partners its best to pick some companies that compliment your services. You can pick amongst attorneys, business consultants, executive coaches, life coaches and office supply stores.
Also, don’t rule out individuals and companies that offer some of the same services. For example, bookkeepers and tax preparers may have clients who need services beyond what they’re capable of offering (or legally allowed to offer). You may even find other accounting firms might make good partners, particularly if their specialities are different or they want to have a reliable alternative available when they can’t take on additional clients.
You have to consider the capabilities and reputation of whoever you choose to approach for a partnership. Partnering with an unreliable person will only make you appear unreliable to potential clients so at this point it’s in your best interest to be picky.
A strategic partnership only works when you and your new partner share the same vision so therefore you need to agree upon the logistics of how you will serve mutual clients. So, therefore, you need to have an agreement about how to help each other out. Also, talk about important specifics, such as sharing assets (office supplies, equipment, etc.) and how you will bill customers when you’re both providing services. Case in point, who will send an invoice as to the effect of new motion and so many other joint decisions. It is important to maintain a written policy of roles, responsibilities, processes, goals, timelines and many others that are related to the strategic partnership will help avoid misunderstandings.
You also need to take time to understand each other’s business, capabilities, skill sets and core values. When you understand your strategic partner, you will be able to identify which of your services and capabilities your partner can enjoy while in business with you. This particular understanding may require you to train each other and have regular communication with each other. You need to take time to understand and have confidence in the services your partner offers so as to ensure that your clients have the most trouble-free service experiences.