The Easiest Way to Double Your Tax Firm Revenue

You probably already know that your client list is the single most valuable thing in your business.

That list represents people that already know, like, and trust you. You have a relationship with them, and they hold you in high esteem (hopefully!). They view you as a trusted advisor, and should generally take any advice that you give them positively.

You can leverage this relationship to double your revenue. Here’s how…

The vast majority of tax professionals are not running what I refer to as a boutique tax practice, which is the type of practice I prefer to operate. What I mean by boutique is a tax practice that offers a singular service to a singular clientele. For example, I built my first private practice by offering state and IRS Collections representation to family-owned trucking companies in five western states with an average of 5 to 10 trucks. I didn’t offer seasonal tax preparation, ongoing bookkeeping service, payroll, etc. Highly focused, highly niched. Boutique.

Obviously, most Tax Marketing Tips readers aren’t operating that way (there are distinct pros and cons to that business model). In general, tax practitioners offer more than just tax prep services. I don’t know specifically what other services you offer, but I’m sure they exist. Here’s the critical question: How many of your clients take advantage of ALL your services?

The answer should be, “…as many as possible!”

So the easiest…simplest…fastest…cheapest way to drastically increase revenue is this: Make more offers.

Your clients love you. They appreciate you. They trust you.

Your tax prep only clients need and trust your tax planning advice. Your tax resolution clients need and want your tax prep, payroll, and accounting services. If your client’s income exceeds that 400% of federal poverty line threshold, they need and want your guidance about navigating the murky waters of health insurance. Your credit-challenged tax clients might need help with improving their credit scores. Clients in their 30’s and 40’s that haven’t saved much, if anything, for retirement definitely need some budgeting and financial planning help. Your clients that rent might need assistance financially preparing for home ownership, and whom better to broker their loan than the person that already knows their finances quite well?

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Whatever the makeup of your current clientele, they are guaranteed to be clients of other services. As their trusted tax advisor, why not broaden the scope of what you offer them? Perhaps you’ll need to obtain additional licenses and establish business relationships, but in the long run it’s worth it. If you already offer multiple services, you must consistently make offers to your existing clients to sell those services.

Not just once a year when they come in for tax prep, but every single month in your client newsletter (you DO have a monthly client newsletter, right???). Every week in your regular email updates to clients. Every few weeks mail your clients special offers on specific services. Once a month hold seminars on special topics, and invite your clients. Bring in other experts that you also know, like, and trust to sell other services to your clients (especially if you can legally collect a referral fee).

Let’s really think outside the box… I usually recommend using a book primarily as a lead magnet and lead generation piece, but how about writing a book specifically meant for sale to your clients? It doesn’t even have to be about tax or finance — maybe you’ve produced the world’s most incredible coffee table book of closeup pictures of tree bark and want to sell THAT to your clients. Or maybe you have another story to tell: You lost 100 pounds, found health through yoga, or love deep sea fishing. Become a weight loss coach and help your tax clients lose weight. Become a yoga instructor and turn your lobby into a yoga studio two mornings a week. Offer fishing trips to your clients.

In March 2018, I’ll be launching a “reboot” of my own tax practice. It will still be very boutique: I’ll be offering specialized tax resolution services (namely, lien withdrawals, subordinations, and discharges ONLY) to a tiny group of people (home buyers and sellers) marketed through a very focused channel (referrals from real estate agents). But I’m going to have an incredibly powerful backend upsell offer to those clients: Showing them how to catch up on retirement savings via the serial acquisition of rental properties.

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The bottom line is that your existing clients are a veritable gold mine of additional profit. And chances are you’re already offering services they could use, but you need to make more offers of those services to your existing clients.