A personal relationship with your client may not be as important as you think.
The main reason clients switch professional service firms – according to accountants recently surveyed by the NAB – is "I didn't have a personal relationship and wanted one." The only thing is, this doesn't at all match the views of businesses.
In terms of reasons for leaving a firm, this "personal relationship" factor came in at number nine according to business, but equal first according to accountants.
So what was the main reason for switching. Well, according to businesses themselves, the main reason was:
"Our business needs changed."
Almost one third of businesses cited this reason for changing firms – making it the most commonly cited reason. However accountants ranked this reason for switching firms at a low number six. This implies that when clients leave, firms may not be sufficiently on top of the reasons why, making it harder to prevent it happening again.
Continuing to understand and meet the business needs of the client may need more attention than it is currently receiving.
Source: NAB SME Business Survey 2018