By Carrie Steffen

There is a lot of uncertainty right now, with deadlines shifting and rules changing. There is comfort and security in routine, and that has been disrupted. However, now may be a good opportunity to strengthen client relationships and secure their loyalty. After taking care of your employees and mobilizing for their safety and well-being, your next focus should be clients.

Your clients are your firm's lifeline and, in many ways, you are theirs. When there is uncertainty, people will turn to those they know for help as opposed to seeking out new relationships. They will count on those they trust most. So, if you haven't been checking in on your clients' well-being, it's time to start … really, it’s probably overdue. Do not put it off until you think the economic picture is clearer or the "unknowns" become more certain (this is likely to take a long time). Call or, better yet, video conference with your clients to see how they are faring. Ask how their families, friends, and coworkers are doing. Be prepared to let them to vent if need be.

If you develop a stronger dialogue with your clients, you'll be in a better position to offer relevant help and support as they navigate their way through uncharted waters. And the more they appreciate your support, the more loyal they'll be. They may even recommend other clients to you who are not having the same experience.

Here are several ways to support clients in the weeks and months ahead.

Talk with them – Your clients probably won't know the full impact of the pandemic yet, but they probably have a sense of the immediate repercussions and/or opportunities. Find out what these are and how can you help. Even if you don't have the expertise to help, connect them with a resource. If you can, provide information that will help them access the help they need.

Focus on certainty in the short-term – The world is still turning, and people still have needs for certain products and services. Some of your clients may be offering these products and services. Help them understand how the current environment affects their demand. Also, help your clients think differently about their business and be a resource to them should they need to pivot. For example, are there decisions clients can make now to enable them to move forward down a certain path (maybe without all the information, but with enough) rather than taking a "wait and see" approach to everything.

Support their longer-term and contingency planning – Clients want to reduce risk as much as possible, and having a course of action for various scenarios helps. It's likely there are many ways your firm can help: reforecasting, cash management, financial statement preparation, and other cost accounting and advisory services will be at the forefront. The CARES Act also offers opportunities for specialty services such as cost segregation, nexus consulting and planning, state and local tax, and research and development credits. During the last recession, there was an increased demand for insolvency and bankruptcy consulting. It will be important to find ways to involve less experienced staff as much as possible, so think about what you can delegate to team members.

Stay on top of the issues that affect them – Be alert to how the latest developments may impact your clients so you can offer timely and relevant advice, or support when it's needed. The more you understand about your clients, the more relevant issues you'll spot. Make everyone on your team part of the effort by encouraging knowledge sharing internally and defining a process for how/when/where it occurs. Better yet, let your younger staff define and communicate the process.

Be accessible – If it is difficult to reach you or your team, clients will lose faith in you. Although you may not have all the answers to their questions, being available and listening is important. Especially if your people are working in an environment (remote) that is different from the norm. It's critical to make sure clients know how to reach their primary contacts. A word of warning, this does not mean you must offer 24/7 access. As your people adjust to working from home, it can be tempting to blur the boundary between home time and work time. Let your people set their "office hours"—times in which they commit to taking calls. Establish and communicate (or reiterate) to clients and employees your firm's responsiveness policy. Your people are stressed and worried enough, so don't pile on by making them feel like they are constantly on call.

Do what you say you'll do – Accountability is one of the pillars of trust. Clients want to be able to count on something, and that something is you. Minimize client turnover by ensuring you continue delivering a high-quality service they have come to expect. This is the time to ask your clients what they need from the relationship (not the services they need, but attributes of the service, such as accessibility, being proactive, candidness, etc.). If your definition of what you think they need and their definition of what they think they need are not the same, they may be disappointed with their experience and seek an alternative. Don't assume.

Alternative payment terms – If your firm has practiced some kind of prepayment strategy for services, your firm may be in a better cash situation than firms that have not. However, before clients start asking for fee reductions, identify the "A" clients you want to invest in so you know which clients for which you may be willing to make concessions if the issue comes up. Be ready with a plan to talk with these clients so you are not taken by surprise if they ask. You don't want to discount the fees of a "D" client in bad times and perpetuate the pain going forward. As difficult as it may seem when you are managing cash flow, be willing to let some clients go.

When a client asks about reduced fees, first explore changes in scope that can impact the total fee. For example, will a review be okay for a year or two vs. an audit; can you do a collateral only audit vs. a full scope engagement; or can you arrange a term payment plan for the fees to make it easier?

Most importantly, be willing to talk with clients about fees. Don't hesitate or act angry that they asked. Don't assume the client wants a reduction. Empathize. Strategize. If you have to invest in a client, make sure they know it is a temporary situation and you are willing to do it because they are an important client of the firm and you want to help.

Doubling down on client loyalty will help steady your firm during times of crisis and enable you to deliver the kind of value that ensures clients for life.

Carrie Steffen is cofounder and president at The Whetstone Group in Cedar Rapids, Iowa. She can be reached at carrie@thewhetstonegroup.com.

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