Challenge:
This professional service firm (CPA/Accounting) had a good reputation and revenue showed consistent growth. However, profit margins were declining due to client mix changes and inefficiencies within the operation.
Our Goal:
To increase net profit by increasing team productivity, improving systems for efficiency, and refocusing marketing on higher margin clients in strong niche areas.
Actions Taken:
- Analyzed and modified critical systems and procedures, including service delivery and billing, to improve quality assurance, customer satisfaction, and profitability.
- Revised organization structure for optimal efficiency. Developed position descriptions, clear team goals, performance bonus program, and an employee appraisal system that supports team development.
- Clearly defined ideal market segments and services. Then built delivery procedures with service level requirements and marketing to support each segment. Walked away from some business.
- Established procedure to bring on new clients and get them started right.
- Developed method to stay connected with clients and prospects throughout the year.
- Updated website to reflect new focus, provide resources and support for target customers, and generate new quality leads for the business.
Results Achieved:
Within 12 months, realized revenue increased 11% and profit increased by 18%. In addition, the employee satisfaction scores increased 5.3% over the prior year.
Ready to Create Your Own Success Story?
Are you ready to move your business in a better direction and wonder if working with a business coach can make a difference? Then let’s explore the possibilities with a complimentary consultation. It’s a chance to get to know each other, discuss your goals and the obstacles that hold you back. Together we can determine if there is a good fit between your needs and my services.
To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com