Trust and the Liberty Tax Franchise Opportunity
"To be trusted is a greater compliment than to be loved." -- George MacDonald
If you’ve ever taken a management or leadership course, you’ve experienced the trust test. You know the one—a person falls backwards into the arms of another in the class. The purpose of the test is to show the importance of trust.
Trust is a big deal for individuals.
Trust is also essential for franchisors.
Trust and Business Growth
Here’s what trust means for a brand, according to Forbes magazine:
“Organizations with great customer relationships are able to grow their businesses without gimmicks, fee cuts, or special treatment,” the author says. “You have to be good at what you do, of course, but having a truly successful business is based on one simple concept: trust.”
The Forbes article goes on to cite a survey that found that when customers trust a brand:
- 83 percent will recommend the brand to others, and
- 82 percent will continue to use the brand frequently.
Trust and Professional Tax Preparers
Trust is a foundation for building a business and keeping customers. In the tax business, trust is even more paramount because taxpayers give their personal information to professional tax preparers.
In a recent IRS survey, taxpayers were asked to identify the sources they value most for tax advice and information. Not surprisingly, paid tax professionals ranked as the second-most valuable source of advice and information. First place went to the IRS website.
In other words, taxpayers trust paid tax preparers. Year after year, more than half all individual taxpayers pay a professional to prepare their taxes. Tax preparation is an $11 billion industry, according to IBISWorld. And a 2017 article in Entrepreneur found that, along with accounting, tax preparation is one of the most profitable industries for small business owners.
Trust and Liberty Tax
“Customers appreciate honesty and a careful review of their tax returns. Stick with these principles and your business will grow through referrals and good will.”
Those words come from Liberty Tax Chairman John Hewitt. Hewitt founded Liberty Tax in 1997 and built it into a leader in the industry. He shaped the Company into an award-winning franchise opportunity that consistently ranks on Entrepreneur magazine's Franchise 500®. The Franchise 500 recognizes exceptional performance in areas including financial strength and stability, growth rate and brand power.
Those facts alone make Liberty Tax a great choice for franchisees looking to build a business in a reliable industry that has been one of the most profitable for small business owners. But Liberty Tax also scores well in customer satisfaction. In a Company survey of more than 5,200 customers:
- 91 percent said the accuracy of the work was good or excellent;
- 95 percent said the staff was friendly and courteous;
- 90 percent said they were satisfied with experience;
- 74 percent said they definitely would recommend the brand to a friend or neighbor; another 14 percent said they probably would recommend the brand.
Putting It All Together
For more than 20 years, Liberty Tax has been an affordable and reliable franchise opportunity with strong ROI potential. As the surveys show, trust, reliability and customer satisfaction, help make a brand successful and keep customers coming back.
Liberty Tax is powered by those principles, and they have made the brand thrive.
Learn more about the Liberty Tax franchise opportunity. Visit LibertyTaxFranchise.com.
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