In a world where traditional employment models are being redefined, fractional workers exist as pioneers, embodying the spirit of adaptability and resilience. Sometimes referred to as fractional, freelance, or contract support work, this part-time expertise role is changing the way businesses operate. To navigate this newer and ever-changing landscape, we’ve compiled a few recommendations to help you stand out. Our unique perspective approaches this topic with accountants in mind but most of these apply to any fractional professional.
1. Be A Strong Partner
It’s important to establish yourself as a trusted partner, a knowledgeable advisor, and someone who is more than just another outside contractor. Be someone your clients can inherently trust and consistently deliver high-caliber work. Companies are looking for individuals who can carry their weight and don’t need to be overly managed.
To illustrate your partnership mentality, here is an example of invested communication. While it’s just a shift in the way you address the owner/company, it positions you as an active participant. Amidst your normal conversation, utilize pronouns like ‘we’, ‘us’, or ‘our’. This expression establishes yourself as part of the team and not an outsider. For example:
“I wanted to highlight a variance in your financial statements for the month”.
vs
“I wanted to highlight a variance in our financial statements this month”.
Can you sense a difference in tone when you utilize “our”?
There are a number of other ways you can establish yourself as a strong partner as well:
- Tailor your offerings to meet clients’ specific needs rather than providing generic solutions.
- Be nimble and be empathetic. Let your clients know they are seen and heard.
- Anticipate their needs and proactively provide solutions. Look for opportunities to fill in the gaps in their collective skillset.
2. Be Responsive
You will be shocked to learn how quickly you can set yourself apart from the rest of the herd just by being responsive. It sounds simple, but responding to an email within 48 hours signifies to your client that they are important and not just another number.
You don’t have to be a slave to your inbox though. The response can be as short as:
“I saw your message. I’m working on a time-sensitive deliverable, but I will respond by Friday”.
It’s as simple as that. Acknowledge you saw their correspondence and set expectations when they will get your full attention. Uncertainty breeds discontent, so be responsive and let them know their needs will be attended to.
3. Perform 'RQW': Referral Quality Work
RQW refers to work that is of such high quality that it prompts clients to recommend or refer you to others. Keep in mind, your best leads will come from referrals as it’s a testament to your excellence and professionalism. Here are some markers of RQW:
- Excellence: Your work meets or exceeds expectations and demonstrates a high level of skill, attention to detail, and expertise.
- Reliability: You are consistently reliable, deliver on time, and meet deadlines without compromising quality.
- Problem-Solving: You show a consistent ability to anticipate and address challenges or issues that arise during the project. This demonstrates aptitude and adds to the overall quality of your value-added services.
- Continuous Improvement: You show commitment to ongoing learning and improvement, staying updated with industry trends and best practices.
In essence, Referral Quality Work is about consistently delivering excellence, meeting or exceeding expectations, and leaving a positive impression that encourages others to seek the same level of service or product in their own business needs.
4. Add Value
Not everything you contribute has to be outlined in the Statement of Work. Going above and beyond basic expectations will provide extraordinary customer service and set you up for long-term success. We recommend you look for areas to provide insights and save your client time and/or money.
Saving Time (Efficiency)
Time is one of those resources we never seem to have enough of in business, and that is even more so for business owners wearing multiple hats.
- Improve operational processes – look for areas to streamline tasks when possible. Often business owners are too close to their businesses and default to what has always been done out of habit vs intentionality. Equipped with a fresh perspective and experience, you are in a prime position to zoom out and assess the business more holistically.
- Take on recurring tasks – manage the repeatable and easily contained tasks. Learn their schedules and their pain points. What task(s) are recurring and within your skillset that you can offer to assume? [ie: paying vendors, sending invoices, running payroll.]
- Recommend tools and software – use your experience and skillset to offer improvement opportunities. Consider software that will reduce or eliminate time-consuming tasks. This can be industry-specific (ie: payroll or bill paying software) or general business (ie: video messaging or project management software)
Saving Money (Effectiveness)
One primary place to look for cost savings is an audit of their expenses:
- Software subscriptions – Are they still using the software subscription they bought last year? What is the timing of their recurring charges? Can they cancel before the anniversary date?
- Software tiers – Often owners over-subscribe to higher tiers for fear of missing out on features they *may* need. Once you understand their business and what features/functionality they are using, you might be able to select a lower-priced tier and cut costs.
- Debt management – Businesses often acquire debt over time and on an ‘as needed’ basis. As a result, they frequently have varying balances and interest rates at different institutions. Using your outside perspective, you can analyze the outstanding balances/rates and advise them on the best approach to consolidate and potentially reduce their obligations.
- Fees and bank charges – Given your role, you can zoom out and assess all their banking and credit card accounts through a different lens. Annual fees, monthly minimums, interest rates, etc. can quickly add up. These are easily overlooked without the specific focus you offer.
5. Be Supportive
As a fractional professional, it’s important to support your clients outside of your engagement. To put it frankly, if they go out of business, you will lose a customer! Support can come in several ways:
- Buy their product/services – whenever possible, become their customer too! Buy their goods for yourself or as gifts. Purchase gift cards to their store and gifts to your other clients. Utilize their services if you can. But whatever you do, please don’t ask for a discount.
- Spread the Word – As you know, referrals can be the lifeline of small businesses. Be an evangelist – tell your friends, family, and colleagues about clients and encourage them to use their goods/services.
- Leave Reviews – Positive reviews on platforms like Google, Yelp, or social media can help boost a small business’s visibility and reputation. Take a few minutes to leave a glowing review of your client’s business.
- Engage on Social Media – Follow your clients on social media and engage with their posts/events/promotions by liking, commenting, and sharing. This helps increase their online presence and reach new customers.
6. Build a Bench
Using a sports metaphor, it’s wise for fractional workers to build a strong “bench” of professional contacts. A “bench” means they are on the sidelines and ready to be called in as needed. In conversations with your client, you will quickly learn their pain points and where they need additional support.
A referral coming from a trusted resource like yourself is a huge asset. It will save both time and money, as they can avoid having to source and vet using other avenues. Additionally, once you develop a network of professionals who perform complimentary services, you will find an incredibly powerful referral stream.
Examples of complementary professions that you would benefit from having on your ‘bench’:
- CPA / tax preparer
- Insurance provider (ie: Errors and Omissions, Liability, Cyber-security)
- Lawyer (ie: contracts, employment law, copyright, etc)
- Medical Benefits provider (ie: medical, dental, life, vision)
- Financial services (ie: financial advisors, retirement plans)
At Empower, we believe that when you bring a qualified accounting professional with a dedicated, supportive community to a business owner with a clear vision, their businesses grow faster and healthier, and entrepreneurs thrive.