How to increase revenue using your existing clients
It’s an old business adage that retaining a client is much cheaper than winning a new one. But existing clients can also be an opportunity for winning new revenue – one often overlooked when businesses are looking to grow.
The key to increasing revenue from existing payroll clients is moving from a service mindset to a value mindset – focusing not on the tasks performed and boxes ticked but on the way this enables your clients to achieve their own goals. This might be helping them grow, or just giving them enough time to focus on other areas of the business, rather than payroll.
Here are four methods to you help increase your revenue, without having to look for new clients.
Identify what matters to them
Clients' needs are not static - they evolve over time, in line with the needs of the company, the state of the market, and their particular HR strategy. Increasing revenue from your existing clients requires understanding these needs, and matching your service to solve their problems.
For example, expanding businesses often struggle to update their processes to accommodate larger teams, more hiring and a faster turnover. This can lead to teams wasting hours managing annual leave, entering employee details or losing track of new starters and leavers.
As their payroll providers, you’re ideally placed to guide them through updating their payroll software and processes to benefit the wider business.
For example, by moving to a cloud-enabled payroll platform such as Bright Pay Connect, employees can receive payslips, read important company updates, update their personal details, and request annual leave through the mobile payroll app, creating more scalable HR processes.
Itemise your services
As a payroll provider, it’s easy to simplify your work into ‘making sure everyone gets paid the right amount, on time.’ However, as payroll bureaus and accountants know full well, the amount of work that goes into this task is considerable.
From onboarding new starters, preparing payslips, paying employees, chasing clients and updating hours every month – the list goes on. However, your clients may well not understand the scope of the value you’re providing, or what they’re paying for.
By breaking down your service offering into different line items you can not only give your clients more choice - would they like you to manage HMRC payments or can they handle that in house, for example - but it also helps justify your prices.
This can also give you space to combine different line items within service bundles, providing a tiered offering that lets clients self-select the price they want to pay according to the needs of their business, whether it’s an online payslip portal, accounting software integration or automatic enrolment.
Build in regular reviews
In line with the ever-changing nature of the market, your relationship with your client is the key to providing the right support and value. To that end, it’s essential to update your understanding of where your clients are, and where they want to go.
Not only does that give you space to propose new ideas, but also you can become an advisor for their People function, providing insights to support their plans. Quarterly reviews also give your clients a chance to let you know how they feel about your service – it’s far better to receive a complaint in time to fix it, rather than losing a client who stays silent.
Whether it’s opportunities or issues you find, you can reinforce your relationships while also positioning your service to be a partner in the future of their business.
Once you have determined your clients’ needs and how you can help them meet their goals, you need to ensure you can show the promised value in an efficient, scalable way. There’s no use engaging your clients with new services if it takes all you and your team’s time to deliver them, eating up your margin in the process.
For this, it’s key to have the right tools on your side - streamlining manual work, and automating routine tasks to enable you to focus on the parts of your offering that make the most difference for your clients.
Modern payroll platforms such as BrightPay Payroll Software, and its cloud extension BrightPay Connect can integrate with your clients’ systems to create a seamless workflow. In addition, by giving your clients more control of the process through the employer portal, you can help them be an active stakeholder in providing your service, updating details, timesheets, and serving payslips automatically.
Not only does this save you effort, but it enables you to show your clients your value in real time.
Deliver value-driven payroll services
Payroll is an essential business function, but by leveraging the right tools, relationships and engagement strategies you can ensure that your services provide targeted, long-term value to your clients. By connecting directly with their needs, you can grow your revenue by helping your clients where it matters most, without the need to add new clients.
BrightPay and BrightPay Connect, our cloud extension, put client experience and efficiency at the heart of your workflow in a way that your customers can see. Our simple software helps you automate manual work, tailor your service, and work more closely with clients to build value-driven relationships.
To find out how BrightPay can help you increase service levels and revenue from your existing client-base, book a free online demo of our software. We also offer 60-day free trials if you would like to try it for yourself and see how you can benefit from increased security and flexibility.
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