New Clients, Inc.Behind the Strategy: The Five Questions Every CPA Should Ask A Prospect
Many accountants make the mistake of taking on any client when starting their practice just to build a client roster. This is understandable, but not a good idea over the long term. When speaking with prospective clients, there are plenty of typical questions to ask about their business, personal life, potential problem areas, and more. However, to truly determine whether a client is a good fit for your firm, ask the following five key questions (and allow these five questions to inspire you to create additional questions that address your specific informational needs).
1. Have you ever worked with a CPA before? This helps determine your prospects’ history and experience level with professional accounting services. If they have previous experience with a firm, probe further to see how the relationship went and what services they received. If there is no previous CPA relationship, this allows you to set expectations for your relationship with them.
2. What do you want to accomplish? Taxes or bookkeeping? Do you want advisory services or consultation? This will help you to tailor your services to your prospects’ needs and also confirm if you have the ability to meet those needs. They may require services that you don’t provide or that are outside of your area of expertise.
3. What are the goals for your company? This question opens the door to opportunities to provide services prospects may not even know they need. For example, if they are a growing business and have children, they may need a plan for a retirement exit strategy, transitioning the business to the next generation, or setting up trusts for the children. Prospects may never have considered such needs and realities so far ahead, but you as their trusted advisor can show that you have (and will).
4. Have you budgeted for CPA services? This is a critical question, because prospects may not know or have considered the cost of your services. Furthermore, they may have unrealistic expectations regarding the cost of your services. Reviewing costs up front ensures everyone is aligned and there are no surprises later when bills are generated. It’s possible some prospects cannot afford your level of expertise yet and may not be a good financial fit at the moment. It’s prudent and ethical to determine this at the start.
5. How are you handling your accounting needs currently? This helps you understand your prospects’ current accounting situation and how to onboard them, if they do sign up. If they are currently working with another CPA, the process might just involve transferring information from that CPA to you. However, if they are working out of a shoebox or relying on do-it-yourself software, you will have other issues to address.
Certainly, there are many other questions you can ask, but these are a solid start to help you determine if prospects are a good fit for you and if you are a good fit for them. Clearly communicating how you operate (your processes, your services, and your expenses) will begin your relationships with trust and integrity, lead to great, long-term clients, and eliminate frustrating misunderstandings and problems later on.
If you are thinking of buying or selling a practice, please allow me to help you. Feel free to contact me at 281.705.5436 or email me at [email protected] to start the process.
Create a more successful future for your practice and for yourself by joining the NCI Online Academy.
“Indecision is the thief of opportunity.” —
Jim Rohn
Dave Powell
Practice Sales Specialist
281.705.5436
[email protected]
https://calendly.com/dave-newclientsinc
