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Why Thank a Client for a Referral?

 

from TaxCoach™ Briefs
Volume 2, Number 18 — May 3, 2007
by Edward A. Lyon, JD

An old 'friend of the firm,' long-time subscriber Bill Zumwalt of Tulsa, wrote us to ask if we had, among the sample letters in the Playbook or elsewhere, a template for a letter thanking a client for his/her referral of new business to his tax and accounting practice. As happens so often, we had to say 'no, but that's a darn good idea.' And then we created one.

The business of taxes and accounting hinges on personal service. Even if you're also in financial services, law, or insurance, we all know how critical word-of-mouth is to building our practices. Not only does a recommendation from a satisfied client bring new business in the door cheaply, but that new client is often of the best quality -- one pre-sold on our unique value, and willing to pay a premium for it. So it's also critical, as Bill recognized, to make sure our existing clients know we appreciate their effort -- and most importantly, that they should keep 'em coming!

In the 'Sample Letters in Microsoft Word' section of the Playbook, you'll find a new template, for a letter thanking the client for her referral. Of course you'll likely want to tailor this to your practice, but it starts you out with the right words to say.

We also mention a reward for the client in the letter -- maybe $50 off her next invoice, or a dinner gift certificate for her and her husband. Bill's idea was to donate $50 to their charity of choice. Whatever the method, don't be stingy here -- that new client over the years will be worth dozens or hundreds of times more than the fifty bucks in revenue from taxes and accounting. And that doesn't even count the value of keeping the referral machine well-oiled. As Dr. Charles Carpenter, then Chair of Miami University's Department of Accountancy, memorably advised me long ago -- when I was a student of the beancounting science, and a decade before I'd even met Ed -- 'Don't save too much.' A quality client is worth a fortune to us.

You'll find the Playbook on the left (blue) side of the Home Page, within the TaxCoach system.

Click here to learn more about taxes and accounting with TaxCoach™.

 

Taxation Accounting . . .

 

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CPA Technology Advisor
 
www.thetechgap.com

 

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