Turning Loss of a Client Into a Gain

Source: CPA Practice Management Forum

Losing a client -- especially a large one -- is always bad news. But it's particularly devastating when times are tough. According to author Angie Grissom, too many CPA firms react by putting the loss behind them and moving on. But that can be a dangerous mistake. Firms that fail to investigate the reasons clients leave risk losing more clients.

In addition to regularly monitoring client satisfaction, a firm should have a process for "debriefing" departing clients. Grissom provides a sample Lost Client Analysis questionnaire you can use. In her experience, past clients are usually willing to help, and often provide valuable information that can be used to improve the firm's overall service level and potentially help retain other clients.

What's more, when departing clients are asked whether they would be willing to use the firm again in the future, the majority said yes. It's unlikely that a firm would discover these opportunities to win clients back without taking a proactive approach to lost clients.

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From CPA Practice Management Forum, CCH Incorporated, 800-449-8114, May 2010, p. 12, "What Happens When You Lose a Client?"