Do not confuse account planning with accounting. Account in account planning refers to key client accounts that generate or have the potential to generate significant revenue. For instance, a government contract or an order from a multinational company could be a game changer for a small business. Even a fast-growing client or an influential one could bring good growth opportunities. Smart account planning revolves around identifying such clients and building a strategy to leverage the client’s strengths to grow your business. In this article, we will discuss how small business owners can develop their smart account planning strategy.
How to Develop a Smart Account Planning Strategy
There is no one-size-fits-all approach to smart account planning. However, you can build a structure to streamline, identify, and review key client accounts using different quantitative and qualitative factors. So let’s see how a business owner can build and manage key client accounts smartly.
Identifying Key Client Accounts
The first step is to identify key client accounts whose business goals align with yours and you see scope for a long-term collaboration. You can set various parameters to shortlist the clients, such as revenue, profitability, the extent of usage of your product/service, geographic outreach, and market share. You can do client profiling with publicly available data such as future growth plans, current financial standing, challenges, and obstacles.
The next step is to identify the organizational structure, key decision-makers, and their role and influence within the company. Understanding this structure is crucial to map your relations with key personnel of the client’s company.
The above information can help dedicated account managers devise strategies to build and enhance work relations with clients.
Understanding Client’s Needs
Once you establish contact and build strong client relations, you can do primary research. Talk to them and understand their goals, needs, and challenges. Listening carefully to what clients say can give you good insights into your products or services and their evolving requirements. This could help you upgrade your offerings and achieve client trust in your business.
Facilitating a Seamless Communication Process
You could consider creating a team and account manager dedicated to that account. They could facilitate collaboration between relevant departments such as sales, marketing, operations, and customer support. Seamless communication with the right person can ensure faster implementation. You could instruct your employees on prioritizing clients based on your analysis of your key accounts so that the most relevant account gets the most effective services.
Creating Customized Solutions
Key clients need special care. You can leverage the understanding you have built on the client to craft a customized solution that addresses their needs. You can analyze the client’s strengths and weaknesses and identify areas to explore cross-selling opportunities. Such analysis can help you make targeted and time-specific goals for the accounts.
As you are already working with the client, a customized solution could enhance customer satisfaction and win you some brownie points. These clients could recommend your business in their circle. Word-of-mouth publicity is one of the most effective solutions.
Review and Update Account Performance
While the account manager is managing the key accounts, consider conducting a periodic review of the performance and matching them with the goals you have set for that account. A review could give you an idea of where you are headed and change your strategy for effective account planning.
Developing smart account planning strategies should have a 360-degree approach towards the business that focuses not only on prioritizing relationship building but also on sustainable revenue growth, stability, and profitability.
Contact Black and Gill LLP in the GTA to Help You Develop Smart Account Planning Strategy
Talk to a professional business consultant to help you identify your key accounts, and design and review the strategy adopted to approach them. To learn more about how Black and Gill LLP can provide you with the best business consulting expertise, contact us online or call us at 416-477-7681.