Explore the Power and Art of Client Service Team GB’s cyclists won 7 out of 10 Olympic Gold Medals “Our success is down to the aggregation of marginal gains” Dave Brailsford Team GB PerformanceDirector SPOKEN 160 SPOKEN 160 AVAILABLE 440 REMEMBERED 7% REMEMBERED 7% NOT SAID 8% Jim Collins – Good to Great and Built to Last Profitability is a necessary condition for existence and a means to more important ends, but it is not the end in itself for many of the visionary companies. Profit is like oxygen, food, water and blood for the body; they are not the point of life, but without them there is no life. What is the purpose (point) of the business? Time management and firm commitment (8) 1,200 Chargeable 360 Visible 2,400 Total 250 Marketing How do you invest your time? • Seven habits of highly effective people • E-myth and the E-myth revisited • Good to great • The essential Drucker • The trusted advisor • The ultimate advisor • The tipping point • Defining edge • Up your gross profit margin Download my recommended reading list: marklloydbottom.com/events Expertise, expertise, expertise High impact professional relationships are predicated (founded) on the unknown – there is greater value in the unknown than that which is known Who is your best client? The answer is... Your Firm If you aim to profit then learn to please Winston Churchill What are we selling? T__________ E__________ S__________ to P__________ What are we selling? Time E__________ S__________ to P__________ What are we selling? Time Expertise S__________ to __________ What are we selling? Time Expertise Solutions to Problems Learn the lesson from the dentist’s reception (2) Iceberg of time (5) Visible 10-15% Advice Invisible 85-90% Compliance Visible 10-15% Advice Value 80% Value 20% Invisible 85-90% Compliance The accountant 95% Historical Rear view mirror(7) 5% Present & future The accountant 95% Historical 5% Present & future The client 95% Present & future Rear view mirror 5% Historical • How long do you spend with your clients? How long do you Spend with clients?(4) How long do you spend in a year with your clients? Less than 30 minutes 31-60 minutes 61-90 minutes 91-120 minutes More than 2 hours Meeting your A clients Meeting your B clients Meeting your C clients Meeting your New clients Meeting clients (4-5) A clients B clients C clients New clients 2 compliance 1-2 non-compliance After the year end and maybe half before the year end Maybe half of them you will meet once? Two initial and one pre year end An annual meeting audit (5) A clients (15) B clients (150) C clients (30) New clients (15) 60 225 15 45 Annual / monthly meetings 345 / 29 1-5: Your extension services D: Service already delivered X: Service not appropriate ? What existing services do you have that clients need? (2) Butclients clients won’t pay pay” “But won’t • The law of fee flexibility (Fl-image – law/something flexible? The law of fee flexibility (7) Client meetings (11-13) Meeting agenda : 7 December 2012 1 What are your greatest challenges? 2 How do you feel about the business? 3 What does your profit forecast look like for the next year? 4 What feedback have you had from customers / clients? 5 How do you plan to develop the business? 6-14 ... What can we do to assist? 15 “do you know anyone that you could introduce” or could you give me the names of anyone that you think would make a good client of the firm Use a meeting agenda and gain permission to advise. Respect! Learn some great questions/lines (15) What is your greatest challenge? What do you plan to do differently in the future? What are your goals? How have you tried to increase your margins? What customer feedbackhaveyou had? What does your profit forecast look like for the next 12 months? Eight client care strategies 1. Spend time getting to know clients, their business and industry 2. Make sure they know they are paying the least tax possible 3. Share profit improvement ideas 4. Return their calls and emails promptly 5. Avoid time bombs 6. Keep in contact 7. Send them something of value – a referral even 8. Benchmark Your report card – raising the bar (Session 3-1) 1.Timeliness 2.Reliability 3.Competence 4.Communication 5.Assurance 6.Tangibles... CCCC Q: What paper do you print your draft accounts on? TIP: Use this year’s accounts as a basis for next year’s forecast TIP: Add in pie charts, bar charts and histograms Your report card – raising the bar 1.Timeliness 2.Reliability 3.Competence 4.Communication 5.Assurance 6.Tangibles 7.Responsiveness 8.Empathy Projecting a high quality image (17-23) Perception principles Your image – you and the firm Your appearance Your firm Your people Your office Your ambassadors Ritz-Carlton Gold Standards The Credo The Ritz-Carlton Hotel is a place where the genuine care and comfort of our guests is our highest mission. We pledge to provide the finest personal service and facilities for our guests who will always enjoy a warm, relaxed, yet refined ambience. The Ritz-Carlton experience enlivens the senses, instills well-being, and fulfills even the unexpressed wishes and needs of our guests. Motto At The Ritz-Carlton Hotel Company… "We are Ladies and Gentlemen serving Ladies and Gentlemen." This motto exemplifies the anticipatory service provided by all staff members The Ritz Carlton Three Steps Of Service 1. A warm and sincere greeting. Use the guest's name 2. Anticipation and fulfillment of each guest's needs 3. Fond farewell. Give a warm good-bye and use the guest's name Service Values: I Am Proud To Be Ritz-Carlton • I build strong relationships and create Ritz-Carlton guests for life. • I am always responsive to the expressed and unexpressed wishes and needs of our guests. • I am empowered to create unique, memorable and personal experiences for our guests. • I understand my role in achieving the Key Success Factors, embracing Community Footprints and creating The Ritz-Carlton Mystique. • I continuously seek opportunities to innovate and improve The Ritz-Carlton experience. • I own and immediately resolve guest problems. Service Values: I Am Proud To Be Ritz-Carlton • I create a work environment of teamwork and lateral service so that the needs of our guests and each other are met. • • I have the opportunity to continuously learn and grow. • I am proud of my professional appearance, language and behaviour. • I protect the privacy and security of our guests, my fellow employees and the company's confidential information and assets. • I am responsible for uncompromising levels of cleanliness and creating a safe and accident-free environment. I am involved in the planning of the work that affects me. Legal Sea Foods We Pledge: To inspect and prepare the freshest, highest quality fish and shellfish To take a leadership role in the cause of sustainable fishing To assure you of a clean and comfortable environment To provide prompt friendly and courteous service by a knowledgeable and highly trained staff To feature a wine list that represents the best overall value in America To provide you with an experience that will encourage you to return Your client service rating How do you rate yourself? How do your team rate the firm? How do your referrals rate you? How do your clients rate you? How does your community rate you? How to find out Ask Survey – options Institutionalise your feedback: When you send/deliver financial statements When you send/deliver 1040s When clients visit your office Power up Your Gross Margin How to stretch those chargeable hours The danger of the law of anchoring How to stop time sheet mis or under recording The action you can take today to stop recovering less than 85% Stop being a charity and donating your time The catch in risk reversal and how to avoid it Why your top line isn’t and what it should be 12 powerful lessons from my client casebook Smart billing practices that work The lesson from the gold tray Three profit improving budgeting lessons Value billing Play the ‘profit robber game and increase profits The power of visible time How to stop accountancy fees being the last to be paid And much more... The law of fee flexibility Getting paid IN your clients accounting year Increase recovery immediately! Defining Edge : Practice Management Strategies See how to improve firm profits through our LUBRM financial model Focus on working with clients and not on them Maximise your potential as your clients number one advisor How to bill what you are worth and collect what you bill Delivering real future focused value Reduce your write downs Upgrade client loyalty and watch your clients become winning advocates How those billing myths are robbing you of profits Increase your net fees per client Discussing prices with your clients How to improve your client meetings and get paid for all that “free” advice Powerful personal marketing strategies How to better build your personal brand Reduce your lock up Delivering high performance and higher bottom line results Power Up Your Defining Edge: £144 Gross Margin: £60 Order Both Defining Edge and Power Up Your Gross Margin for £144 ($235) Order Defining Edge at marklloydbottom.com/shop and receive both products Thank you for Exploring the Power and Art of Client Service Today Momentum