Client set a focus on upfront billing for 2017. We started in 2014/2015 by quoting jobs upfront, getting client to “agree” by responding to our email, but still billing upon completion (to get clients “used to it”). However we still battled with getting paid on time (with that same 20% of the client base that is always recalcitrant).
Client used Practice Ignition for this. I came across PI at Xerocon 2015…and a light bulb went off in my head – this was the solution we were looking for. We did a few “test runs” and it worked a treat.
What really gave me the confidence to “jump in boots and all” was attending PAC2016. I came away from PAC realising that if my firm was to survive the digital onslaught – I had to create a firm that MATTERED to my clients. That implied 3 things for me: 1. Don’t be scared of the digital revolution – grasp it with both hands – and ride the wave; 2. Get all your systems and processes automated as much as you can, package them where possible and value price them, create scale within your organisation, and above all, 3. Do what you say you are going to do. Provide value to your clients. That is what all this is about. Put your clients first…and you can’t go wrong.
Client wanted to bill $1.2 mill in revenue with PI in July 2016 (existing clients, compliance work) We now have $1.2M “signed up” and $200K still to be accepted…but should be by end Sept.
View was to bill the $1.2 in July and have all compliance work complete by December 31, 2016 All the proposals went out in July…with monthly payment plans all setup.
They are currently on track to have all compliance work complete by Dec 31 2016 To do this, we have instigated the meeting schedule that Colin Dunn talks about in the Kickstart Program. 9.09am daily huddle, followed by weekly 4pm meeting to talk about our wins for the week and discuss how to break our “rocks” and then monthly analysis of how we are going against our targets. Celebrations occur when we meet any of our targets, weekly or monthly (cue Gorillagram video! Hahaha)
Clients are loving the system. Very positive feedback. Example:______ The main feedback we are getting is “wow, you’ve done it already?”. Our previous service standard was that we’d get the tax returns back to the client within 42 days (6 weeks) of getting all the info. Now, the average is more like 18-21 days…and it is coming down. Using Xero has been a big part of that too. Many clients have also commented on the fact that they like knowing what the bill is going to be in advance…and they really appreciate the monthly payments. Working this way is also a great opportunity to ask the client what they want from us…and then “build the package” and because it is all on standard pricing…the admin team can do it for me. It is heaven. Only negative feedback we’ve received is some clients are worried about the direct debit (they think we have the right to debit their account forever) but when I explain to them that it is a “contract” for 12 payments of $xxx…they are all fine with it. Especially when I compare it to buying a car…they have no hesitation to sign up for 60 payments of $xxx and they don’t even know them! J
Their August goal was to receive “signed up” rather than received. They are all paying monthly…and we have $140,000 per month hitting the account on the 20th of each month now$800K of the $1.2mill
They achieved $1.2 received “Signed up” and billed an additional $200K bringing totals to $1.2mill received “signed up” of $1.4mill billed target.
On the momentum call he told me they will increase the goal to $1.6 mill now which is where he will really need to ramp up the rainmaking. Not being tied to a timesheet…it gives you freedom to just drop in or call on your clients. Yes…there is “scope creep” when you don’t have timesheets…but that doesn’t take into account the beautiful enhancement to the client/accountant relationship when they call you or drop in (or you call them or drop in) and just “chat” (without the client thinking “shit…what is this going to cost me” or the accountant thinking “what am I going to record this time to? Is it recoverable? Shit…it might not be recoverable…therefore I won’t do it”. Every time I just “chat” or sit down with the client and run through the financials…I always walk away with a special project…even if it is a referral to a solicitor to do a will. It doesn’t matter…it all builds that trusted relationship that we are all after. It is a much more relaxing and positive way to work.
They developed the OPP with the team at the start of the MAGNIFY journey and the reward to hit the revenue received goal was gold class movie tickets for the team. And their partners (cost me $1000…but worth every cent).
The Sole Prac thought that was a bit boring in light of what they had actually achieved (never achieved this before) So he hired a Gorilla-a-gram to visit during the boardroom meeting and deliver the tickets with a dance! The Gorillagram is just the start…these poor buggers don’t know what I have in store for them. J