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Fee bank

15th Jul 2022
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Those of us who have been practice owners for a number of years have a more or less stable client base. At the same time, the reality of life means nothing can be 100% stable. Life brings changes. 

Clients leave for various reasons. It means there needs to be a continued emphasis on client recruitment to maintain at least, the fee bank and also increase the level of fee bank. There really is no room for complacency when it comes to continuous client recruitment. 

Not a practice owner

For the past three years, I more or less was not a practice owner in reality. I did a minimal amount of work. This was in areas where I had to. There was zero action, on my part, on client recruitment and marketing. 

Compared to other industries, we are in a fortunate position about the fact, in general clients prefer not to change accountants. However, this aspect is changing due to the ease of moving as a result of online software. The software goes with a client. 

It annoys me that after we have introduced and trained clients on QuickBooks/Xero, they move on after a year or so for another accountant to benefit from our investment.       

Moving on

On reflection, it surprises me that I still have a client base. Albeit, a smaller fee bank now. I think I can improve from here. I need to. No employer will have me. I would not fit in. Age, I have no doubt, will also be a factor.   

I hope to sort out my internal systems by the end of next week and move on to working on retaining and improving the client base level. That, as you know well, is our key and most valuable role as practice owners.  

 

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