Growth Strategies For Client and Employee Experience- Fall/Winter 2023

4

Does Your Revenue Model Optimize or Drain your Employee Experience?

Worth-based pricing not only offers transparency to customers, it allows firms to align to their values to create happier team members and improve the employee experience.

8

Account-Based Marketing: A Path to Stronger Client Relationships

identifying target accounts, aligning teams and leveraging technology, ABM can work as a competitive advantage and as a driver for long-term growth.

Does Your Revenue Model Optimize or Drain your Employee Experience?

Michelle Golden River

It’s

widely accepted

that the

hourly billing

model inspires

behaviors

that

detract from CPA firms’client experience (CX), but we seldom acknowledge how it tarnishes the employee experience (EX) as well. And the two are inexorably connected.

At the core: racking up hours on a client is seen as “good”(we earn more!) but only to a point since too many hours accumulated is “bad” (write offs). This contradiction is both complex and damaging.

Buyer Perspective

Though unintentional, billing hourly establishes a perfect environment for friction in client relationships and reduces service quality.

Customers who receive extra attention might be surprised to know most firms have internal disincentives or consequences for team members to provide it, especially when it goes unbilled. Yet the worse alternative is when customers are charged for that extra attention without knowing they will be. How would you feel as a buyer to experience a “great service” gesture, only to receive a bill for it later?

One should always know when they are incurring a financial obligation. All buyers should be equipped to opt into, or out of, every purchase. If they are asking for something extra, and

we aren’t giving it for free, they deserve to know beforehand that there is a charge.

Consider how buyers inquire about cost and are usually told, “we can’t tell you how much you’ll owe us until we finish.”When firms do give an amount up front, it’s typically a soft amount that’s often adjusted upward in arrears upon seeing actual time incurred. This produces surprise bills, a practice I call “billing and ducking” — the hope you will be paid without hearing from an upset client.

These billing practices put firms in a defensive position rather than one aligned with their customer. They remove buyers’control over their spend and erode trust. They also impose upon CPAs’inherent desire to help people — the reason most pursue this profession. The draw to help clients is hindered by guilt over surprise bills, penalties for going the extra mile, or having firms’motives questioned when billing for“too much time.”Poor CX often leads to poor EX.

Employee Morale

Hourly billing further harms employee morale because the model relies on assigned chargeable-hour goals which pressure employees to work longer, not smarter. This creates a paradox for some of our best people who are both fast and good. For example, there’s an extremely bright second-year accountant who built a slick Excel macro enabling him to finish his work in a fraction of the time. He was initially told not to use it because he was “done too fast”but was then approved to use it because he could consequently be assigned more work. His work outputs were

several times that of his peers who received comparable pay. After a while, this wears on a person.

Team members focusing excessively on hours versus outcomes creates a task-based grind mindset that’s further exacerbated by the deadlinedriven nature of our profession. Burnout is a common scenario.

A Better Revenue Model

All the above issues go away when your pricing model ensures prices are always provided in advance with clarity around what is and is not included in those prices. Worth-based pricing is a much more customerand firm-friendly revenue model that offers transparency and grants customers total control over their purchases.

Done right, the worth-based pricing process spells out the rationale for your buyer’s investment by shining a spotlight on exactly what they accomplish by hiring you: how they are different and better as a product of your relationship. Your deliverables are positioned not as documents or tasks, but as measurable results and situational transformations. It is obvious that the client will hear and see their value proposition, but what people seldom mention is how much internal job satisfaction rises when firms focus on outcomes, not hours.

Firms achieve incredible things for clients every day through their work but rarely communicate these outcomes because they talk about hours and inputs instead. A focus on worth teaches us to view ourselves and our work differently — it’s a mindset shift.

An inspiring side effect of using worth-based pricing instead of hourly billing is how partners and team members connect to the purpose of their work in a powerful new way. Using this approach is proving to revive professionals’passion for their work; it reinforces the difference they make and reminds them why they got into the profession in the first place — to help people.

At a recent pricing workshop a gentleman in the twilight of his career shared very heavy words: “I wish I’d learned to do this earlier. If I had, even doing the same work, the last 20 years of my practice could have felt rewarding instead of just surviving one deadline after another.” I’m not the only one who choked up at his candid admission. The room was filled with younger professionals who heeded his retrospective observation of what his career could have been for him.

When a person feels connected to the meaning and purpose in their work, their passion reinforces their career choice and deepens their commitment to their specific firm and clientele. Don’t let your revenue model be part of the reason for employee defection. There are many reasons to move to a better, more modern and client-centric model, but I cannot think of a reason more important than every professional loving what they do to the greatest extent possible.

In summary, hourly billing has made it all too easy for firms to embark on projects without:

• Considering ROI for the customer

• Giving buyers certainty in price and control of their purchase

• Defining and connecting to the purpose of their work

When firms improve upon noncustomer-centric processes and systems, they align with the very values most dear to them and this results in a more rewarding career experience. Coming full circle, happy team members ensure happier customers, which results in a healthy, profitable, more sustainable firm.

Michelle Golden River, CPF, growth and profitability strategist and leading advocate of Advanced Pricing Methods®, Fore LLC. Contact at michelle@foreadvantage.com

Kathleen O’Toole, MBA, MST Partner and Chief Marketing Officer

PKF O’Connor Davies

Kathleen joined PKF O’Connor Davies as Chief Marketing Officer in 2014 and leads the firm’s creative marketing and business development initiatives. She plays a direct role in cultivating client relationships with a proactive approach to thought leadership, events and client communication that elevates the firm’s technical expertise.

How important is building strong client relationships to your firm’s overall growth strategy?

Simply put, our brand is built on the strength of our client relationships. When I first came on board, I was amazed by the ability of our partners and service teams to go beyond technical guidance and build personal connections with clients. As client needs and the marketplace changes, we are constantly having conversations about how to continue evolving and providing exceptional service. Everything we do is centered around our solid relationships and adding value where we can.

What opportunities are other firms missing when it comes to client relationships?

One thing that we pride ourselves on is proactively communicating with our clients. This is most prevalent during the busy season. What I hear from clients is they can feel lost in the race to the deadline, and they want confirmation that their emails and voicemails have been received and all is in good order. The small effort to send a quick email or make a phone call goes a long way.

The biggest vulnerability for sustained client service excellence is failing to communicate with clients throughout the entire process. We are here because of our clients and their experience informs everything that we do. It is easy to lose sight of that in a hectic week, but it is with great risk that we forget that.

When the COVID-19 outbreak made personal interaction effectively impossible how did you continue to connect with your clients?

During the pandemic, we, like so many firms, converted to mostly digital communications overnight but also realized we needed to be there for our clients more than ever. First, we reached out to every client by phone to let them know they were not alone and that we would be in touch

frequently with information that was relevant to their business and the economic landscape. We also understood the necessity of being there for the business community regardless of their client status, so we ramped up our thought leadership and started producing content at an unrivaled pace and sent it to anyone who asked. We got incredible feedback, with people on our social channels saying our content was the“safest port in the COVID storm.” By also launching a robust webinar platform, in an unexpected way we were connecting with our clients and the business community at large, as effectively as ever.

Have you maintained that approach in our post-pandemic marketplace?

We are in the business of helping people and sharing our “smarts”is our chief go-to-market strategy, so we have only pressed down on the accelerator. We publish quality content two to three times each week and, on average, we touch clients with a marketing delivery a minimum of two times per month. We are also very respectful of their time so we capture their preferences in our onboarding process so they only see content of interest to them.

How do you manage to produce so much content in the highly technical accounting world?

It is truly a community effort. Collaborating with the marketing team to produce thought leadership is highly encouraged by everyone from our executive team down. We host a weekly brainstorm and everyone, at all levels, is welcome to pitch ideas, discuss what we see in the marketplace, and participate in the process. We have experts in so many fields across the spectrum and do our best to instill a“help us, help you”mindset among those with business development and client service outlooks. Whether our team member is an entry-level associate or a partner, if they want to be a thought leader we are here to help. Our clients count on us to keep them informed.

Interview

What is marketing's role in your firm's internal communications, and how is it evolving?

As we continue to grow and expand, the need for clear and consistent communication becomes increasingly important. Our marketing team is responsible for crafting and disseminating internal messages that align with the firm’s overall brand and objectives. We ensure employees are well-informed about important updates, market and process changes, and initiatives happening within the firm, supporting all service lines, departments, and industry groups. As technology continues to advance, our team leverages multimedia and omnichannel strategies to improve employee reach and message efficacy. Our MarTech stack enables us to deliver messages in a more personalized and targeted manner, increasing engagement and fostering a sense of community within the organization.

Ashton Adair, marketing manager, Whitely Penn

In our firm, internal communications used to be decentralized, with departments and executives sharing updates as needed. Today, our marketing team leads internal communications, collaborating closely with HR/recruiting. Over the past year, we’ve worked to centralize these efforts through an intranet and internal newsletter, facilitating connections between departments. Now, we’re expanding these tools beyond marketing to include IT, HR and L&D, aiming to consolidate internal information sources. Soon, we’ll introduce an employee advocacy tool, simplifying the sharing of news both within and outside the firm. Our goal is to achieve a streamlined, efficient internal communication capability and dynamic external sharing.

Megan C. Artz, marketing director, KPM CPA & Advisors

My firm recently promoted a teammate to be our Director of Internal Communications. While we’re just diving in, there has already been collaboration between internal communications, marketing and HR. We are connecting tools, resources, stories and ideas. Seasoned internal communications professionals understand the need for internal storytelling, and marketing plays a role in framing those stories externally as well. For example, with most firms facing a talent shortage, marketing departments like ours are already leading initiatives to reach prospective job candidates. Many marketers are getting more serious about marketing their firm’s Excellent Places to Work designations, and as places to build careers.

Korby Boswell, marketing

& growth manager, Adams

Brown

Marketing plays a primary role in the development and delivery of our communication strategies. As a growing global firm, we are continuously seeking creative techniques to reach our diverse internal and external audience, with consistent and aligned messaging. Our professionals crave the information they need to be informed and connected, so we produce live (in-person or via Teams) quarterly meetings for leadership and operational updates. These are usually followed by group lunches, trainings and/or happy hours. Transparency is important, and it empowers our employees to take ownership of their careers and show appreciation of the efforts of those around them. Our process also provides the critical face-to-face time needed to keep team members engaged.

Tanya Doescher, director of marketing, Delta Consulting Group

Marketers are thought of as being the drivers of messaging to external audiences, so taking a more prominent role in internal communications reflects the growing recognition of the importance of employee experience for long-term growth. Marketers are applying their knowledge of messaging, segmentation and personalization, and campaign creation to enhance the effectiveness of internal communications. By helping employees feel informed and connected, marketers contribute to a cohesive firm culture for inoffice, hybrid and remote workers.The result is better client service and a virtuous cycle of employee and client satisfaction which leads to firm growth.

Allison Simons, managing partner, Simons Marketing

Interviews by Richard Shippee

Mastering Account-Based Marketing: A Path to Stronger Client Relationships

Heather Tice and Stacy Dreher

In today's business landscape, it is more important than ever to cultivate and maintain strong client relationships.

One strategy that has gained traction is account-based marketing (ABM), a targeted approach that tailors marketing efforts to engage specific high-value clients.

The key difference between ABM and traditional marketing is personalization and customization.

Traditional marketing leans more generic, with a mass appeal, while ABM requires marketing, sales and client service teams to work in tandem to create personalized

experiences through content, events and solutions.

A recent McKinsey study shows that personalization improves both customer loyalty and a company’s gross sales. This is because personalized marketing can help businesses in building stronger relationships with customers, leading to higher lifetime value and increased revenue.

Identifying Strategic Accounts

The first step to ABM is one that many firms have already taken: identifying key accounts to nurture (such as a Top 100 client list) with customized engagement and support. Building these strategic client ranking systems requires understanding which clients could benefit from a broader range of services, as the most valuable clients are the ones where a firm is working

with multiple departments and providing several services.

To do this, it’s important to look beyond just revenue. “We’ve found some clients had great revenue, but poor utilization, so we reevaluated that,”Suzanne Reed, CMO, LBMC, says, “We used revenue, potential and realization as our guiding factors.”

Leveraging Technology to Streamline ABM Efforts

Gathering the information needed to develop ABM strategies can be a manual process, and the ongoing nature of tracking interactions time intensive. For many firms, this limits the potential for making this a repeatable process.

“Cross-selling and ABM, however, shouldn’t be a one-time initiative,” explains Tim Keith, CEO and founder

of Propense.ai. “It should be an ongoing process throughout the lifecycle of your clients. Change management at the leadership level is needed for cross selling to be repeatable and scalable. For that to happen, we need to make it easier for our partners,”explains Keith, and that’s where technology can help.

CRM systems should integrate with financial data, making it easier to identify key accounts and help you understand what your marketing should focus on based on the content they consume and the conversations they have with client service or sales teams, explains Danny Estrada, vice president of consulting, Rare Karma.

“With a recorded history of all interactions, CRMs provide firms insights into what has been sold to a client and what else can be pitched,” said Estrada. The data housed in CRM systems can also identify the most profitable practice lines or the areas with the best margins, allowing your marketing to be more focused, he said.

Discussing his platform, Propense.ai, Keith highlighted its role in simplifying cross-selling and ABM strategies. The AI platform predicts the next services a client might require based on historical data and ideal client profiles. This data can then be used to run targeted marketing campaigns. The platform also employs artificial intelligence (AI) to automatically generate emails for professionals, reducing the time and effort required on their part.

LBMC uses Introhive to streamline its cross-selling process by identifying who within their firm has the best relationship with their top clients. The platform scrapes contact data from email headers and Outlook calendar appointments and assigns a relationship score based on the frequency of communications and meetings.

CRMs, Propense.ai, and Introhive (or other related platforms) can be used by marketing and business

development teams and support staff to simplify ABM and cross selling for partners by identifying top accounts and relationships, and then recommending which services should be sold.

Building Teams for Success

Identifying an owner of the data and insights produced by these types of technology is a major challenge to a successful ABM rollout. It is crucial to identify everyone involved and understand who is playing what part in the process. This helps avoid unintentional mishaps stemming from ignorance of what the other is doing. Marketing, sales and client service professionals need clear expectations and an organized structure.

LBMC realized this and created a new client account service manager position to play an important role in supporting this alignment. They not only help manage these accounts, but also make sure that partners fulfill their duties. The firm is also leveraging its new client account service manager to facilitate meetings and maintain consistent interactions with high-value clients, aiming for at least a quarterly engagement.

“Marketing loses some interpretation by getting information through intermediaries,”Reed said, ”Having someone in the meeting with the client provides valuable intelligence to help us react and devise programs that better support growth strategies.”

Business developers can also use the information produced by platforms like Propense.ai to help partners identify the next sales opportunity. This allows partners to focus on the relationship and be actionable rather than sifting through data.

Quantifying ROI

LinkedIn Marketing Solutions found that 87% of marketers who measure return on investment (ROI) believe

that ABM outperforms all other marketing investments.

By focusing on understanding their clients better, and making sure they were satisfied, LBMC saw an additional $3 million in revenue from fewer than 30 clients. “It was about being intentional and building relationships,”Reed said.

To further track ROI, LBMC uses its CRM to see the expansion of its client base and leverages PowerBI reports for its industry segments to show how the client has evolved over time.

Getting Started with ABM

The key takeaways for getting started with an ABM strategy are to start thinking proactively versus reactively and to invest in the right technology and people.

“Professionals in this field often address clients' existing problems instead of proactively offering solutions that could be beneficial based on their industry or risks,”Keith notes. “There’s a need to transform this approach and actively reach out to potential clients with tailored solutions with strategies like ABM.”

Investing in the right technology to streamline data collection and automate campaigns and having the right people to own these efforts is also critical for adopting ABM strategies.

By identifying target accounts, aligning teams and leveraging technology, ABM can help nurture client relationships and work not only as a competitive advantage, but as a driver for long-term growth.

Heather Tice, marketing manager, EisnerAmper. Contact at heather.tice@eisneramper.com

Stacy Dreher, marketing director, James Moore & Co. Contact at stacy.dreher@jmco.com

Lucas LaChance

Lucas LaChance is partner overseeing practice growth at Lane Gorman Trubitt (LGT) and the 2023 AAM Marketer of the Year. LaChance leads the firm’s brand visibility, awareness and engagement strategies. He oversees business development and sales, marketing plan development, public relations and client experience, as well as social media, staff training and strategic planning. LaChance began his accounting career as an auditor before taking on practice growth in 2015.

What is one experience or resource that you think best suited you to be honored as AAM Marketer of the Year?

The strongest resource that allowed me to win is that I work with a team of exceptional professionals. They have all taught me so much, and I continue to learn every day. Participating in Leading Edge Alliance and PrimeGlobal has also been a fundamental piece of my ability to effect change at my firm.

Since you are uniquely suited as someone with both accounting and marketing experience, how do each of these disciplines complement each other and help you succeed?

I spent nearly a decade in our audit department before moving over to lead practice growth. My experience in audit gave me a perspective on how the firm works and how each group in the firm has a role to play in our overall success. In a firm full of analytical accountants, it is important to be able to clearly articulate our value and how we are a revenue-generating group, even though we don’t have billable hours.

mine. We are a team that creates new opportunities through publishing content, hosting events that link practitioners, COIs, clients, and prospects, and driving internet searchers to your website to generate new leads. It boils down to making the switch from the idea that marketing is not a cost center but a profit center.

As a member of the LGBTQIA+ community, what is a marketer’s role in creating a successful DE&I initiative?

There is no denying the business case for an inclusive firm. Looking solely at talent acquisition and retention, employees that are able and comfortable enough to bring their authentic selves to work will integrate more seamlessly into the culture of the firm and are much more likely to be engaged and stay when times are challenging. Further, a distinction needs to be made betweentoleratingand acceptingmembers of different marginalized communities; it centers around the concept of feeling like you belong at a firm.

I work with a fantastic marketing team that was eager to learn about what the accountants need and want in terms of opportunities to network and build their professional profiles. We started with the fundamentals about key dates for the firm and then built out content calendars and other resources that smoothed out communication between the accountants and marketers. I also advocate strongly for continuing education for the marketing team.

What is your biggest tip to create a marketing-forward culture in your firm?

Continue to demonstrate the value that practice growth brings to the firm. If you are far enough along in your career to be in the firm leadership meetings where decisions are made, that’s ideal. If you are not, find yourself someone in that group of leaders that can be your advocate. Next step: data

What

advice do you have for up-and-coming marketers in this industry?

We are working in an exceptional industry that is experiencing very significant change. Thinking about the explosion of ideas, methods and technology that has taken us from those very early monthly newsletters to cross-functional marketing teams that command immense data is extraordinary. For up-and-coming marketers, I offer two pieces of advice. First, tap into as much knowledge about new technology as you can. The tools we use are going to continue to evolve, and your skills must do the same. Secondly, cross-train within your department. As a well-rounded marketer, you’ll position yourself to either take the reins at your current firm in time or be able to use your skill set to make the jump to a senior or management role.

Apps for Clients

In today's fast-paced and digitally driven world, firms are constantly seeking innovative ways to enhance the client experience. To improve connection and communication with clients, firms are now seeking forward-thinking technological solutions, including the use of mobile applications (apps). Apps offer seamless and user-friendly interfaces for clients to access services, information and support, all from the palm of their hand. It can be difficult, however, to decide if your firm should, and can, invest resources into an app.

A helpful starting point in your app development journey is to begin with a technology audit and go over your firm’s digital strategy. Prior to embarking on the journey of app development, it is also crucial to ascertain whether your clients will utilize your app. Conducting surveys to gather this information represents a pivotal early step.

An additional step in your decision-making process should be the build of your app and what support will be necessary. Initial conversations should cover these questions:

• Do you want an app that lives locally on a phone (which includes two versions of the app: Apple and Android) or one that is web based?

• How do you wish to use artificial intelligence in your app, if at all?

• Do you want a SaaS (software as a service) or unique build?

• Do you have someone in-house that has knowledge of app development and/or maintenance?

Here are some options to consider in your quest to get started creating a client-focused app for your firm:

Using a company that specializes in managed app development can save your firm money by using their existing build structures, but may also have limitations on what your app can do/look like

*On average, a basic app build costs somewhere between $10,000$50,000, with maintenance and updates costing 20-30% of the initial development cost per year.

Christine

Turning 'No' into 'Yes': Nurturing Lost Clients in Business Development

Drawing from two personal journeys, Ty Hendrickson and Emily Ackerman offer insights on turning lost opportunities into potential successes.

1. The Nuanced Dynamics of 'No'

One of the earliest and perhaps most essential lessons we have come to grasp is understanding the spectrum of rejection. Rejection often isn't about the proposal but the timing or approach. Emily reflects, "Much like in relationships, where the most meaningful ones are often punctuated with challenges, in BD, a 'no' is just a precursor to a potential ‘yes’down the line."

2. The Price-Value Conundrum

We live in an era of costconsciousness. While everyone loves a bargain, it is essential to discern between cost and value. "If a client equates price with value, they're not seeing the forest through the trees," Ty mentions. Emily's humorous but incisive "good, fast, cheap" trilemma reinforces this. The value lies in a service's tangible and intangible benefits, far beyond the price tag.

3. The Untapped Gold Mine of Past Engagements

Past engagements are more than history; they are treasure troves of insights. Revisiting these can offer valuable lessons for future endeavors. Ty recalls, "One of the first tasks I was assigned in sales was to delve into past 'missed opportunities.' The skepticism I felt then has now transformed into a profound

appreciation for the wisdom those past engagements hold."

4. Pivoting Engagement Strategies for Modern Times

With the rapid technological strides and changing market dynamics, modern BD demands both continuity and change. Emily says, "It's not always about being in your face. Sometimes, a subtle reminder works wonders through a firm newsletter or a gentle nudge on LinkedIn. It's about being present without being overbearing."

5. Constructive

Feedback: The North Star Feedback is more than just a pointer to what went wrong, it's a compass that guides future strategies. It informs, educates and often provides the direction needed. "Each positive or negative bit of feedback is a treasure trove of insights," says Ty. "It offers a peek into clients' minds, priorities and expectations."

6. Casting a Wider Net: The Power of Peripheral Connections

Business development isn't a linear journey, it's a web of interconnected interactions. Emily muses, "While the main decision makers are pivotal, the side players often provide invaluable input. An offhand comment, a casual observation – these nuggets of wisdom are gold in our world."

7. Discerning When to Push Forward and When to Pull Back

As crucial as persistence, discernment

is knowing when to pursue and pull back. Emily is candid in her approach. "Not every lead merits undivided attention,”she said. “Sometimes, it's essential to discern the chaff from the grain and direct energies where they'll yield the most significant returns."

8. The Dance of Continuity and Change

The world of business and, by extension, BD is in a state of perpetual flux. Laws change, markets evolve and business dynamics shift. This fluidity, Ty believes, is an opportunity, not a challenge. "It's our chance to showcase adaptability, to demonstrate that we're not just observers but active participants in this everevolving narrative."

9. The Role of Empathy in BD

At its core, BD is about forging connections. Beyond strategies and tactics, it's the human touch that truly matters. Emily shares, "Every client, every lead has a story. Taking the time to genuinely listen and understand their journey, concerns and aspirations adds depth to the relationship. This emotional investment often translates into long-lasting business ties."

10. Personalization: Crafting Tailored Experiences

In a world dominated by automation and generic solutions, personalization stands out. Ty shares, "Each client has distinct needs, even if they hail from similar industries. The trick lies in discerning these unique requirements and tailoring our pitches to address them." Emily echoes these sentiments, emphasizing that the "one-size-fits-all" approach rarely succeeds in the nuanced world of BD. By crafting tailored experiences for clients, BD professionals not only display their keen mindfulness but also underscore their commitment to the client's success.

11. The Power of Networking

Networking, in its essence, is the art of relationship-building. It's not just

about expanding your contact list but deepening those relationships. Emily reflects, "Every conference, every meet-up, every casual coffee catch-up is an opportunity. Not necessarily for an immediate sale, but to nurture a connection that could bear fruit in the future." Ty chimes in with a poignant observation, "Networking isn't a transaction; it's a journey. Each interaction enriches our understanding, broadens our horizon and subtly shapes our approach."

12. Leveraging Technology

Modern BD strategies can ill afford to ignore the might of technology. Whether it's CRM systems to track client interactions or sophisticated analytics tools to decipher market trends, technology plays a pivotal role. "Harnessing the power of technology ensures we're not just in sync with the times but often a step ahead," notes Ty. Emily adds, "With technology, we can automate the mundane, freeing us to focus on what truly matters –forging genuine human connections."

13. Embracing Feedback

One of the most potent tools for improvement is feedback. While praise is always welcome, constructive criticism can be invaluable. Emily muses, "Every piece of feedback, even if it stings initially, is a signpost. It shows us areas of improvement, allowing us to refine our approach." Ty agrees, emphasizing, "Feedback isn't just about rectification, it's about evolution. It's how we grow, adapt and continually elevate our game."

14. Lifelong Learning

The BD landscape is ever evolving; one must be a lifelong learner to navigate it effectively. Ty remarks, "Every day presents a new lesson. There's always something new to grasp, whether a fresh market trend, a novel negotiation tactic or an innovative tool." Emily's approach to learning is more holistic. She believes in blending formal training with experiential wisdom. "Courses and workshops are great," she notes, "but sometimes the most profound insights come from lived experiences."

Wrapping Up: A Glimpse into the Future

As we stand at the crossroads of tradition and innovation, it's clear that the future of BD is bright. Emily concludes, "While the tools and tactics might change, the core principles remain unaltered. It's about value, trust and genuine connections." Ty, ever the optimist, looks ahead with anticipation. "As we charter new territories and explore novel strategies, one thing remains certain –the journey is as rewarding as the destination."

Nurturing lost clients, therefore, is not just a tactic. It's an art, a philosophy, and often, the difference between transient success and enduring impact. Embrace the journey, cherish every interaction and remember –every 'no' is simply a 'not now.' The 'yes' might be just around the corner.

Ty Hendrickson, CPA and consultant, Inovautus Consulting. Contact at thendrickson@inovautus.com.

Emily

Ackerman, director of business development, Lane Gorman Trubitt, LLC. Contact at eackerman@lgt-cpa.com

“Excellence is not just an expectation but a demand from clients in their accountant-client relationships, and this underscores the importance of establishing a deeper connection. Enduring client relationships are built on talent and trust, and these cornerstone principles enable accountants to have meaningful conversations that allow them to gain insights into the intricacies of clients' businesses, goals and dreams. Central to cultivating trust is prioritizing the client experience — how the client perceives their interactions with the firm through its people, processes and technology. Growing firms intentionally implement smart CX strategies to achieve greater profitability and retention.”

Judy Bodenhamer Client Experience Group jbodenhamer@clienteg.com

With the automation of many client interactions, do clients still expect a personal relationship with their accounting firm?

“Content marketing is not a substitute for personal interactions with clients; rather, content marketing and personal interactions complement one another. Both need to be part of an advisor's plan. Sending thought leadership to clients consistently helps provide value and keeps the advisor top of mind. The client relationship is then elevated through genuine conversations. Quite often, thought leadership content serves as a catalyst for having those personal conversations with clients. In fact, content marketing helps educate clients and sets the advisor up for a very productive client conversation.”

Don Breckenridge, Jr. and Jamie Miller

Marketing By Numbers don@marketingbynumbers.io

“Clients want and need a trusted personal relationship with their CPA. Clients share personal financial information, hopes and fears with their CPAs. Even firms that automate some of their client work benefit from relationships by delivering more advisory services. Personal, however, doesn’t necessarily mean in-person. Today's landscape provides in-person and remote relationship-building opportunities. Used intentionally, online tools such as Teams, Zoom, email,and social media offer CPAs the ability to create and nurture relationships regardless of physical location. The same tenets of relationship building apply — authenticity, rapport building, asking questions and genuinely caring about the other person, regardless of how the relationship develops.”

Carrie Steffen

The Whetstone Group carrie@thewhetstonegroup.com

by the Numbers

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