Developing a virtual firm

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#1
smtcpa  
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Has anyone set out to develop a firm where you are 100% virtual - meaning you never meet the clients and there is no expectation of ever meeting a client other than through video conferencing? Was developing an industry niche an important part of that growth strategy? I am comfortable on the technology, just looking for experiences on bringing on new clients.
 

#2
makbo  
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Most of my clients are "virtual" by your definition, but not all. There are also some clients I met once, at the beginning of the relationship, but who have been virtual ever since. But I have never used video conferencing, only phone calls on speakerphone if needed. One client wanted me to remote access his computer to see some brokerage details (which I did).

This wasn't a growth strategy; it simply keeps my overhead way down. As to bringing on new clients, this is where referrals are most effective -- clients comfortable working remotely are mostly likely going know others who are the same way. Or in my case, a financial planner who works with such clients often refers them to me. If you start with providing an online (paperless) engagement letter, right there you are going to find out a lot about whether or not the engagement is going to work out the way you want.
 

#3
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makbo wrote:This wasn't a growth strategy; it simply keeps my overhead way down.


Same makbo. I work from a home office currently and do most work "virtually". Phone calls, client portals for document exchange, Skype for international clients, etc. It's to keep overhead extremely low while I scale.

Long-term plans do include leasing office space once certain revenue goals are met. Looking for 1000-2000 sq ft initially. I guess I'm a little old school but I think it does lend an air of legitimacy. I also like to get out of the house, I'm not going to lie. ;)
 

#4
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I'm in process of going virtual. I am 95% there, and am structuring myself to basically never see clients except electronically (a few exceptions, of course). It is more efficient, keeps fees lower, and my profitability high. I have clients that I have not seen in years.

I do so little with paper, I buy perhaps two cases of paper a year and most of it actually ends up being shredded once scanned or otherwise used for working papers. Sometimes it is easier to have paper in front of me than another screen.
 

#5
ATSMAN  
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With Cloud computing becoming popular by the day, I can see a day when tax prep will be done in a virtual environment. My only concern is security :ugeek:
 

#6
irc162  
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My practice is 99% virtual and has been for almost ten years. One thing I have learned is not to make assumptions about which potential clients will be open to this type of arranagement. I have at least 5 clients who live over 1000 miles from me and do not own a computer. The phone, the fax and the USPS work just fine. I probably have another handful of clients that are comfortable with email but will not go anywhere near a client portal or skype. When you go virtual, it is important to give your clients options---even if their preferred option is to go old school and use the phone or USPS.
 

#7
smtcpa  
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Thanks for the comments. Lots of comments about going virtual and the benefits. I know that already. I am looking for input as to how to grow it:

How do you grow the virtual client base? Is it all referrals?

Do you promote the fact that you accept only virtual clients on your website so as to keep those wanting a local person from contacting you?

What makes you different versus finding someone in their hometown? Is it a niche?

Thanks!
 

#8
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Realistically, we are all going virtual. Any firm that doesn't start leaning that way will eventually start to fade away, because it is becoming a mandatory adaptation. Same with the client base; they will inevitably be forced to use technology.

I believe the growth of virtual services is not any different than in-person. Referrals are the best way, other than acquiring a company (which is not always realistic or possible). My clients certainly appreciate that I still offer all options, but nearly all of them opt for virtual, whether that is communicating via e-mail or phone, or exchanging files via e-mail, fax, encrypted e-mail, or my encrypted portal (same platform as my encrypted e-mail).

I created a page on my website dedicated to virtual services. I am pushing it, and I make it known to clients--current and prospective. I would not consider it a niche, but it is an adaptation--it is different working with a client you never see vs. one you can see in person, especially on the billing side. I am more likely to require retainers with people I never see, unless I also have signatory rights on their bank accounts and an agreement that I can pay myself.
 


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