Businesses that recognise the financial challenges faced by their clients during difficult economic times are in a better position to protect their own revenue.

For the past three years Sue-Ella Prodonovich has been helping businesses understand their clients and maintain their profits. While her top seven tips on how to achieve that goal apply to professional service firms like accountants and lawyers, they also have relevance to the wider small business community.

1. Sharpen your focus on clients. Make learning about your clients and new developments that affect them part of your daily routine.

2. Train your team. Focus on client development and relationship management skills.

3. Help clients navigate the slowdown. Ask some of your best clients how their business is performing and what their customers and suppliers are doing.

4. Be a master of alternative fee arrangements. Should hourly rates be replaced by a retainer or fees based on a successful outcome?

5. Find a way to get it done. Clients want creativity in a slowdown. Find a sound way to help them achieve their objectives.

6. Don't reinvent the wheel. Look for ways to group standardised advice and boilerplate products into affordable packages.

7. Be part of your clients' business plans. Find ways to do more than just provide your services. Use your network to help them win new business.

If you’d like to know more, get in touch for a personalised Zoom chat or call.

Sue-Ella is the Principal of Prodonovich Advisory, a business dedicated to helping professional services firms sharpen their business development practices, and attract and retain good clients.

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