Moving From Generic to Industry-Specific Engagement Letters: How Software Helped Us Specialise
Gifted with this essence of an engagement letter that puts us miles above the competition, we are a small bookkeeping practice in Manchester. The limit that generic document forms from this model have for us made losing out on our existing connections with niche clients inevitable. This was certainly our first step toward specialisation; that is the moment we installed FigsFlow’s engagement letter software for bookkeepers. We have completely turned around our whole way of communicating how we sell our expertise to prospective clients.
Our practice serves primarily creative agencies and digital startups, but to read our engagement letters, one could well think they were for any business in any sector. We saw this clearly when we realised that potential clients found it difficult to envision how what we had on offer fit in with their own unique needs. Standardised language and broad terms in our letters failed to convey a deep understanding of their industries.
The change started with the customisation of engagement letter templates within the software. We customised them for the different creative sectors using sector-based terminologies and addressing issues of common concern. For example, if we were dealing with a digital agency, we would include sections on project-based accounting and management of cash flow revenues. In the case of a start-up, we would highlight experience with investor reports and scaling in finance operations.
Certainly one says about the top-notch features, like one can dynamically modify the scope descriptions according to the client. For instance, when we started our onboarding with a film production company, engagement letters would automatically bring in production accounting clauses and tax credit documentation. It manifests the level of such customised service before we start working with them.
Another amazing thing from analytics is that there are times that specific engagement letters for the industry bring down decision-making among clients and fewer revision requests. One glance and it proves to any prospect that we truly understand their business model and challenges. This cut down an average of three weeks to less than five days, speeding it up to a conversion of 40%.
This specialisation did much more than efficiencies; it actually established a stronger position in the market. We really were no longer just one of those bookkeeping companies but industry experts who truly understood the unique requirements of the creative sector. Our very good reputation brought to us many clients in our target market and charged premium prices for our specialised services.
This showed that engagement letters are not only legal instruments, but they are effective instruments in proving one’s expertise and credibility. With the help of using software to generate targeted correspondence, we not only have improved operation efficiency, but we have positioned ourselves as real specialists in our niche.
