D. Rhodes, CPA, Writer and Editor
In our blog post "All You Need Is 90-seconds" we discussed the importance of implementing the GND (Golden Nuggets of Data) strategy, so let's address the elephant in the room...
...The 90-second investment at the start of each client interaction creates a ripple effect that allows you to proactively understand and cater to your clientele like never before. But here's the hard truth - for this strategy to pay off, you have to conquer one of the industry's biggest client experience killers: lack of timeliness.
As the old saying goes, "Being early is being on time and being on time is being late." Guess what? Research actually proves it - data from the University of Mississippi shows that even minor delays of 6 minutes or less can significantly impact how customers perceive and rate a business's service quality.
You know income tax, property tax, sales tax? Well this is called 'timeliness tax' - when either your chronic lateness, mismanagement of time or looseness on disciplining late clients, eat into your bottom line.
Professionals from elite consulting firm Bain & Company found that every 5 minutes of lateness leads to a 25% decrease in productivity over the course of a day. For someone running 10-20 minutes behind, that's a
devastating tax being paid on your effective service rate and revenue-generating potential. So having funding to grow your business or paying yourself to support the lifestyle you want will be extremely difficult and physically taxing - that's another tax you just introduced into your business.
So while the GND strategy is a powerful tool, it's just one piece of a greater commitment to punctual, respectful client interactions from start to finish.
Whether it's spacing out bookings, enforcing check-in/cancellation policies, or simply improving your personal time management habits, prioritizing timeliness allows you to:
Provide a best-in-class experience primed for capturing accurate customer data
Maximize your productive output to earn what you're worth
Build a reputation for reliability that keeps clients coming back
Transforming your business goes far beyond just implementing new tactics. It starts with living out the basic principle of respecting your clients' time, from the second they walk through your doors.
With timeliness in place as the sturdy foundation, that's when simple strategies like the GND strategy can flourish into game-changers for understanding your audience and delivering more value.
So reflect on this question and answer to yourself or below in the comments.
What small, immediate adjustments can you make in your daily operations to start building or maintaining a reputation for reliability and respect for your clients’ time?
P.S. - If you were a client waiting beyond your scheduled appointment time, imagine what would be your thoughts and feelings and use those thoughts as a starting point to address these in your business practices.
Remember: Our ultimate goal is to help you save time and money, while building wealth and legacy.
The choice is yours, but the clock is ticking. Reach out today so we can help get you from where you're at, to where you want to be. Your move boss.
*This article provides general information, not individual tax advice. Tax situations vary; consult with a qualified tax professional, like myself, for advice specific to your circumstances.
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