The Essential Reports for Proactive Practice Growth
It’s a new decade. The Christmas break is a distant memory. 2020 means one thing for ambitious accountancy firms… growth. Having spent the end of 2019 laying out their annual targets for new clients onboarded and consulting revenue generated, one vital question needs to be answered…
“How do you grow a practice?”
More importantly, how do you grow a practice without sacrificing a first-class level of service and without spending all that newly generated revenue on increasing staffing / facilities costs.
The age-old saying applies… Knowledge is power, mountains of data can be overwhelming. Fortunately for those proactive practices, help is at hand.
When integrated to existing practice management systems, FibreCRM’s dynamic data reporting module surfaces the data you need in real-time. Allowing you to form, track and adapt those crucial growth strategies.
Here are just some of the essential reports FibreCRM can generate using up-to-date information from your practice and its existing systems.
Marketing Campaign Stats
The first crucial step in growing the practice is mastering the marketing strategy. Connect FibreCRM with a digital campaign manager (Campaign Monitor, MailChimp, Vuture) along-side data capture platforms – such as Typeforms – for maximum prospect/client engagement & campaign analysis. Use that data to plan more effective and targeted campaigns in the future.
If goals are driven by new sales, then understanding the opportunities phase of the sales pipeline is key. Track the performance of individuals in a sales team, understand the new client journey and identify opportunities before they slip through the net!
Getting a more in-depth perspective on how new leads are converted into sales not only helps in tracking real-time growth. It also helps to forecast profits, manage budgets and cash flow, anticipate periods of increased workload and allows business development teams to refine the ideal client profile to better design marketing materials.
Awaiting Client Information
There’s nothing worse than a service stalling whilst waiting for information from the client. Whether they’re a new client in the onboarding process or they just need a prompt so that their tax returns can be completed on time… identify those clients that require information submission. Automate email reminders and even better highly responsive SMS messages throughout the year. Keeping services running smoothly and avoiding the personal tax return rush!
Job Turnaround Time
We all know that time is money. The better a practice can grasp the reality of job turnaround time, the better it can price services and allocate workload within the practice. If a specific service is less profitable than it should be, this report will highlight it. If a team is operating at peak efficiency, give them a pat on the back in the next performance review
Contact Communication History
Keep the heart of the practice beating with consistent awareness of historical communications. No CPR (client, prospect or referrer) is ever left feeling unwanted or ignored. FibreCRM acts as a digital assistant through automated workflows to make sure there will always be a team member regularly reaching out to contacts.
Up-sell / Cross-Sell
Established client relationships are the foundation of the growing practice. They’re already bought into a service provided by the firm they trust. However, it’s important to nurture these strong relationships and better service your client’s needs. Easily identify gaps in your services and offer more value to your clients using this up-sell/cross-sell report to support your advisory strategy.
This is potentially the most important report on this list is the recoverability analysis. It allows a practice to easily identify the services and clients that eat away at staff time and company profits. With this data, a proactive practice can analyse profitability on a client by client basis. Allowing a conscious shift towards working with the right type of clients for that practice.
Reporting in FibreCRM can be a limitless and invaluable resource for an ambitious accountancy practice. Without the up-to-date information surfaced from practice management and communications systems, growth strategies and financial projections are little more than guess work.
Using our reporting module facilitates data-driven decision making and is a sure-fire way to guarantee:
1) Sustainable practice growth
2) Increased efficiency though process automation
3) Consistent delivery of excellent client services
Discover more about the power of FibreCRM supporting proactive practice growth.