The acquisition of new clients continues to be a dominant driver of profitability for small- and medium-sized practices (SMPs), according to recent poll results. These results seem to question is the wisdom of many practice management “gurus” who say that the cost of acquiring a new client is far higher than the cost of retaining, or selling more services to, an existing client. While the poll shows that retention is also important, what those “gurus” may be failing to recognize is the full potential and cost effectiveness of a marketing campaign that includes low-cost social media.
In a few short years, smartphone applications have gone from margin to mainstream. Many accountants now regularly use them to make work and life simpler and less costly. Today there are countless apps available to help improve productivity and access to information. These apps help us arrange business travel, network with clients and colleagues, store and share information, and more. There are reckoned to be over a million iOS apps in Apple’s App Store and possibly even more Android apps in Google Play. So we are spoilt for choice—but left wondering which apps to choose.
Part One of this two-part series looks at selecting KPIs, while Part Two will look at benchmarking and using the data; Which KPIs does your practice use as benchmarks?
Part One of this two-part series looked at how to select key performance indicators; Part Two looks at benchmarking and using the data.
Small businesses are going global, and their accountants can help them on the journey; a look at recent surveys and trends, plus nine recommendations to help accountants enhance their ability to provide international services.