How to Get More Work from Existing Clients
Turn Clients into Your Advocates
Existing clients can be your advocates and a source for future work. In this article, Rod Burkert discusses how to cultivate this under used referral source.
I started my solo valuation practice in July 2000. Because I specialized in estate/gift valuations, most of my work was once and done.
Looking back, my biggest regret was not cultivating more of those clients—who were already starting to know, like, and trust me—into longer term consulting relationships.
For example, many of the owners I worked with in a valuation-only capacity went on to transition their companies, and I might have had the chance to help groom them for the sale, rework the valuation, and assist in structuring the deal; all services that are in my wheelhouse.
It reminds me of the old saying, “A bird in the hand is worth two in the bush.”
And as that relates to our practices, David Maister, author of The Trusted Advisor, says: “Invest heavily in your existing clients by demonstrating an interest in their affairs. Don’t invest anything AT ALL in winning new clients until you’re sure you’ve captured all of the best opportunities from your existing clients!”
I think there are two ways to position yourself to capture those opportunities. First, what skills do you already have in your bag of experience that clients could use? Second, what services do your clients frequently ask for; services that you might not have now but could easily develop?
And in order to have the best chance of extending your service offerings you’ll need to immerse yourself in your clients’ businesses. Here are five suggestions to make that happen:
#1. Understand your clients’ strategic plans.
#2. Attend their internal meetings.
#3. Read their industry’s trade rags.
#4. Meet with them on a regular basis and ask them what’s keeping them up at night so you can assist with solutions that help them sleep better.
#5. Form a network of industry service providers—like attorneys, M&A experts, bankers, alternative lenders—and meet periodically to discuss relevant news and share ways your respective clients can strengthen their companies.
In short, find a way to be part of the client service team and not just another vendor.
Everyone has a different idea of what a successful practice is. The practice you want is personal because it is based on what “successful” means to you. I help practitioners focus on the strategies and tactics to build/grow their versions of successful practices. If you want some help with that, e-mail me at rod@rodburkert.com.
