TITLE

A measured view of clients

AUTHOR(S)
Walker, Kevin
PUB. DATE
April 2001
SOURCE
Accountancy;Apr2001, Vol. 127 Issue 1292, p62
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article traverses the effectiveness of maintaining relationships with existing clients. Many professionals view the role of "new business development" as an active one, while client management is seen as a more passive one. However, for most firms, over 90% of fee income each year comes from existing clients, which demands a change in the image and practice of client management. Effective client management is a matter of strategy. This has been brought out by a comparison between two hypothetical firms, "A" and "B." The company believing in "value added" relationship with its clients can potentially translate client management into value addition in its revenue as well. The article also presents a "Relationship Protection Index," an exercise to evaluate the business risk of client relationship. Client loyalty can no longer be taken for granted, looking after the existing ones is as vital as new business development. Firms should target partners and managers with client management responsibility, and feel confident that they can recognize and reward them accordingly.
ACCESSION #
12069624

 

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