10 Dec How Often Do You Lose a Potential Client Over Fees?
In a recent conversation with a lawyer, it became apparent that this question does not necessarily have a quantifiable answer. When discussing the payment options that this lawyer offers to his clients, an important question was raised, “what do I do if I am losing clients over fees, and how do I remain fee competitive and increase revenue from new clients?”
Professionals (particularly accountants) often mention they are conflicted with the idea of addressing outstanding invoices and potentially unsettling the relationship.
In the same conversation, this lawyer mentioned they lost a potential client as they didn’t have the funds upfront to commence work. They then said “SmartFee would have been perfect as it means we get paid upfront and the client gets the advice and services they need without the stress of a potentially large bill. They just make the monthly payment.”
Some other common concerns regarding fees are, “If I don’t have money in trust, I don’t work” or “If the client doesn’t pay, they aren’t my client for long”.
In the current economic environment, acquiring new clients and retaining them are vital. It has been proven that offering flexible payment options results in better client relationships and faster collection of fees.
Clients attract clients via referrals and without clients our businesses simply don’t exist. Clients are fundamental to the success of most businesses, therefore listening to their feedback just might pay off.
How can SmartFee work for you?
- Intellectual Property
- Joint Venture Agreements
- Mergers & Acquisitions
- Business Structures
- Business Planning
- Virtual CFO
What type of clients will benefit from using SmartFee?
Any business that has an Australian Business Number (ABN) can obtain funding for their professional fees. This includes any company, partnership, sole trader or trust. SmartFee will only provide funding on invoices that are for business purposes and issued by a professional advisor. The invoice must specify the services rendered by the Practice.
Article Written by Greg Whittington, Business Development Manager, SmartFee
About SmartFee, an affiliated brand of SV Partners
SmartFee was founded by accountants, so we understand the professional services industry and appreciate the challenges that professionals and their clients face. Providing a service that helps accountants and lawyers better their relationship with their client is pivotal to our core offering and values. Our team ensure they deliver quality service by maintaining regular communications and updates for all clients. Find out how to offer SmartFee to your clients.