Landing the big fish: what CPA firms can do to bring in lucrative clients.

• Author: Crosley, Gale
• Position: Cover Story

Deep sea fishing is different from catching trout in the local pond. In the same way, acquiring a significant client is different from day-to-day business. Different strategies and skills are needed to bring in such a prize--but the reward can significantly boost firm revenue.

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Today's business environment has compelled many large clients to re-evaluate their CPA firms and consider making a change. This gives other CPA firms the opportunity to go after them. To succeed in landing these new clients CPA firms should develop the skills to identify these opportunities and the tactics to successfully pursue and acquire them.

CPA firms can take a page from their corporate brethren when it comes to successful approaches to acquiring significant clients.

Private industry began to shape business development practices roughly 50 years ago. CPA firms, on the other hand, launched active programs just over 10 years ago. Why don't firms peek over the fence and learn from corporate America?

The traditional perception is that CPA firms are "different," and need a different approach to be successful. A common assumption is that business grows through referral. The firm that convinces the potential client that it is the most qualified often gets the job.

Unfortunately, this is usually not the case with larger clients. These "big fish" are considerably larger and more lucrative than the firm's average clients, or are strategically important to the firm's practice. Significant clients are landed using solid strategies and flawless execution.

The reality is that CPAs can adopt "best practices" from corporate America, and modify them for their environment.

Nowhere are these corporate principles more powerful than in the area of winning significant clients. Whether firms use traditional "rainmakers" or hire full-time business development people, solid strategies and tactics are critical.

Selecting a Casting Strategy

Corporate America long ago learned that landing significant customers calls for an approach that's different from the average deal. Why? These opportunities are more competitive and generally more complex. They take longer to win and require more sophisticated battle strategies.

For example, most CPAs will approach an opportunity head-on--attempting to unseat an incumbent. However, the more prudent strategy in this situation is not a full frontal attack. Success is more likely achieved by pursuing just a piece of the business, known as a "fractional" strategy; or changing or expanding the scope, known as a "flanking" strategy.

Flanking is effective when the firm is strong in ancillary services and able to identify undeveloped needs for services. These needs can then be built into an expanded service solution. However, make sure there is a serious intention to uncover the prospect's needs and not just sell a service. Too often CPAs put the solution first, then try to find a problem to match it because they have a...