Accounting
Refresh Your Payroll Offerings in the Fall
Sep. 12, 2014
Fall is usually a calm, relaxed time of the year – the business of the summer activities are coming to a halt and the madness of the year-end hasn’t quite started up yet. This makes it the perfect time to examine your firm’s payroll solutions and services. Companies, including your existing clients and potential clients, are likely to reassess the vendors they currently use as the end of the year approaches, when they start their year-end activities and budget planning for the upcoming year. Payroll practitioners will want to be sure they are ready to market their available solutions and services when this time comes.
When reviewing your present services, consider your current position as a company as well as your goals for growth. An accurate assessment will consider how well you are meeting the needs of your existing clients. Are there features that your solution is missing or areas of payroll service that your firm currently does not provide? Consider the reasons for not providing these services or features. Is it strategic or due to inefficiencies within the system and/or structure? Review feedback you've received from your customers. Look for ways that you can improve upon what they are already happy with. At the same time, identify solutions that solve their biggest pain points or payroll issues.
During this fall examination, payroll practitioners should also consider expansion of their plans. Some firms may contemplate expanding coverage to clients in other industries, while others may decide to hone their focus in on a particular niche market. Whether your firm is expanding service or specializing in a specific market, the key is to identify your target audience. Not only will this determine to whom you market during the end of the year, it will also help you avoid any misguided marketing attempts.
Take a close look at your client lineup. Is every client a perfect fit for your firm’s mission and strategic growth plan? During the examination, you may find that not every client is a perfect match. Perhaps they don’t fit the target audience you are trying to reach, or maybe your solutions and services aren't the best fit for their business. While you are examining your own services and solutions, it’s important to take a close look at your current and prospective clients. Take the time to look at their current payroll solutions, the present state of their business and their strategic plans for the future. Are you both on the same path?
It’s imperative that payroll practitioners stop to reexamine their overall strategic plan from time to time. September is a great time to reassess how your current solutions, daily tasks and current clients fit into the bigger picture. Reassessing your services and solutions in the fall gives you plenty of time to make the necessary changes before the year-end – when many companies are looking to upgrade and/or change their payroll solution provider.