The 25-person accounting firm, we’ll call it ABC, had an unremarkable track record.
Predictable. Grey. Uninspiring.
The offices were spookily quiet: no laughter, none!
One meeting lasting one hour in the boardroom changed the business forever.
It was agreed that everyone was bored and not working to the best of their potential.
The business had become a dowdy factory, knocking out the same old tired and jaded service with little excitement or challenge.
So, what did they decide to do on that fateful morning?
- Decision #1: Only do challenging, interesting work with interesting people.
- Decision #2: Put the customer experience at the forefront of the business.
- Decision #3: Become a business: create a marketing machine that focuses on customer wants and needs and responds with a compelling and exciting offer.
It became obvious to stop charging by the hour and charge fixed price agreements, and to offer money-back guarantees.
‘Fun’ and ‘energy’ had become taboo and everyone had had enough of the dull, boring mediocrity this had created.
It was not all plain sailing. Two of the original four partners became hostile to the New World. They demanded a “financial reward” for their past service; the New World team offered to walk out and take the whole of the ‘A’ team with them.
The Old Guard left quietly to enter the dreary greyness of an accountant’s early retirement. 18 months on and ABC is in a happy place - highly profitable.
The business has sacked customers (the dull and unprofitable ones), put prices up (which means it can offer more value and return on investment to its clients), removed under-performing staff and created a positive, exciting business. It now gets an open flow of referrals from clients. Symbolically, ABC redecorated.
And all it took was one morning to make the tough decisions required to make it happen.
First published in Growing Business Magazine - November 2010
9 comments:
This is very interesting. I will contact you to find out more about this.
Stevie
The idea that a professional service firm can shift its direction so fundamentally makes one wonder if many can actually do this. I am not so sure. The reality is that moast are entrenched in their positions.
Brad
Not sure if this might have been what hacked off the accountants in the later blog (Steve Pipe - later in Feb).
Leaving aside the case study detail... you are asking accountants to fundamentally change how they do what they do. No easy ask of a fundamentally conservative audience.
EM
see Monty Python on the subject
http://www.youtube.com/watch?v=XMOmB1q8W4Y
Accountants are a pet obsession?
Accountants are a pet obsession?
Colin,
I wouldn't describe accountants as a pet obsession. My beef is that I think there is so much potential in the industry and for most accountants to deliver to so much more value to their clients. A win-win situation.
RC
Five Signs You Need a Marketing Makeover - Susan Gunelius - http://www.entrepreneur.com/article/219407
The difficult bits are
1) making the decisions - this is never easy in one's own practice. Maybe you don't understand the pressures and complexity of what we do
2) taking action when we have all the day to day work to do.
3) knowing that we are taking the right action
The brave or foolish may embark on these plans but for many it will and should always remain 'business as usual'
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