Market-leading firms are growing their practices by adding CEO mastermind peer groups for their clients, providing an affinity program for top clients and diversifying their services.
Firms are interesting creatures. While a typical business is laser focused in one area, CPA and Consulting firms are often a mixed group of professionals with wildly different expertise and priorities, glommed together so clients can theoretically buy a rainbow of services under one roof. Great in theory, but often falls short in practice.
This is why managing partners lament that their left hand doesn’t know what the right hand is doing, and vice versa. The result? Underserved clients and missed opportunities.
Here are some stats about the client market:
- 72% of clients changed their CPA firm because they weren't getting proactive advice (source: Sleeter Group)
- 57% of SMBs want business planning and strategic advice (source: CPA Practice Advisor)
- 4 of more services with a client creates 80% retention rate (source: Boston Consulting Group)
What are you doing to manage your risk from these stats? How are you protecting your firm and driving growth - and what happens if you don’t?
- What are you doing differently for your top clients?
- What are you doing about clients at risk - the ones where you don’t have a deep relationship?
- How well are you handing off the clients of retiring pros - are you minimizing the risk that these clients will leave?
- How are you identifying and serving the clients that present the most opportunity?
Answering these questions seems complicated, but doesn’t have to be. The answer can be as simple as offering your clients CEO peer-to-peer mastermind groups, managed by one of your top pros.
By providing a mastermind group, you’re creating an affinity program for top clients. Instead of having to sell clients on additional services, you’re delivering a new service which identifies new opportunities for the firm. The groups are also a great marketing tool, differentiating your firm as a relevant leader with an attractive boutique program.
Several of you have called about using CoreValue as the framework for a mastermind program, and we all agree it’s a great idea. That’s one reason that Tina Corner Stolz, founder and CEO of the #1 leader in mastermind groups LXCouncil will be exploring this fascinating area during the CoreValue Growth Consulting Summit. This is a brand new conference topic.
LXCouncil (LXC) is using CoreValue to create clarity for their members about growing profits and shareholder value. LXC’s member companies are using this clarity (1) for issue identification and problem solving, (2) as the launchpad for strategic initiatives, and (3) to get expert help in clearly defined areas. LXC is supporting each mastermind group with a vetted CoreValue-powered consultant.
When a firm adopts the LXC model, they can support it from within by connecting the peer group with specific, relevant services. Your clients will literally ask for help. Wouldn’t that be great? They get the support they need to reach their goals, and you get a loyal client base and thriving practice.
Firms have three options:
- Start your own group using LXC’s training and resources
- Refer your clients to an established LXC group - this is how LXC is able to maintain its 100% success rate launching new groups; you drive loyalty by sponsoring your client’s membership fee
- Keep doing what you’re doing today, staying at risk. Right.
If you're committed to leading and staying out front of the competition, you should explore mastermind groups. It's just one of the terrific topics being covered in the March CoreValue Growth Consulting Summit. If you haven't registered yet hurry and grab your seat. Current customers please use code CORE at checkout and save.
Do you have experience with mastermind groups like LXC, Vistage or TAB? Please comment below.