Accountants are key players when it comes to building and maintaining a prosperous business for their clients.
Clients trust and depend on you to help them meet financial deadlines, which shows as 30% of small businesses place accountants at the top of their list of trusted advisors. You hold financial expertise and industry insights that can help a company solve problems early on or help them make financial strides throughout the year.
By leveraging retainers, secure a consistent working relationship with your clients. Retainers have the ability to increase your business' annual revenue while establishing a long-lasting client roster that's invaluable to your success.
Reduce the risk of your clients taking their business somewhere else while helping foster a predictable revenue that can match up to the fixed nature of your monthly costs. See a few more major benefits to why your business should aim to work on retainer:
Your client leans heavily on you when it comes to assisting them with their financial health. Having the ability to work together for an extended period lets you advise and interact with your clients on an ongoing basis. By having these frequent, set engagements you can identify new project work, and get it approved, reducing the chance of them moving to another financial advisor.
It feels great to receive large deposit payments upon completion, but it's not ideal to solely rely on one-off tasks. With a retainer, improve your stability by at least covering a part of your fixed monthly costs. Having the ability to cover some of your costs each month allows you to be more selective when it comes to the clients you work with. You're more likely to find yourself taking on bigger projects confidently, and not taking on ones that might not be the best fit.
As you continue to work with your client for longer periods, you gain further insight into their financial history and are able to better advise them, making the part you play in their company indispensable. There's plenty of accounting firms out there that can pose a possible threat, but by having a long-running understanding of their finances, and by working with them closely you gain their trust and establish your role. It makes for an incredibly beneficial and powerful relationship.
With ServOps, make managing your retainers even easier by overseeing recurring work in one platform, automatically renewing services, setting up recurring tasks, decreasing manual administrative work, and more. Try ServOps today!