Back to Basics: Effective Business Development

For firms to thrive and clients to receive the best service possible, CPAs must go back to basics on business development.

According to Investopedia, business development is defined as, “the ideas, initiatives and activities aimed towards making a business better. This includes increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions.”

The article goes on to define the business development activities within various roles and departments, what business developers should know, and what drives business development activity.

The bottom line is businesses will not grow without solid client relationships and team synergy.

Client Relationships

You need to nurture the most important relationships to your book of business. Your firm has a tier of clients that is responsible for a large part of your firm’s revenue. These clients deserve a higher level of service. This is not to say your smaller clients do not deserve quality service, but you should strive to provide unmatched service and nurturing to those clients who are propelling your business forward.

Team Synergy

Effective communication among team members is imperative. The very best strategic growth plan is useless unless the people driving the plan are building the relationships. With busy schedules, maintaining open lines of communication is difficult. Your firm needs an easy and cost-effective manner to facilitate team communication.

How ABLE Helps

ABLE is an easy-to-use technology solution designed to help drive these initiatives. Identify your top clients and the status of your relationship with ABLE’s unique CRoPs Tiles (Clients, Referral opportunities, and Prospects). Know at a glance where potential deals stand with ABLE’s Pipeline dashboard. Use ABLE’s My Firm Dashboard to facilitate conversations within your own team.

ABLE offers a simple and intuitive way to manage your firm’s business development activities. Schedule a demo today to see how ABLE can take your business development efforts and client relationships to the next level.