Which Stance Is Your Firm Taking?
As an accountant, clients of the information age can be approached with one of two mindsets; Open for change or closed for business. The chosen mindset will dictate the success of creating or maintaining a successful accounting firm over the next 1 – 5 years.
Despite the clear signs presenting themselves in today’s market, some firms are still choosing not to be open for change.
The present tense is displaying clear necessities which clients are beginning to yearn for. The early adopters within the accounting industry are making moves on these opportunities and they are taking the lead (in YOY growth) with force!
If you have not yet positioned your firm for the future, that’s okay; that’s why this article was written.
Think of the following as a join the dots exercise. You know, the ones your kids would have been occupied with at pre-school or maybe even the doctor’s office?
Picture this, the future client is a kid joining the dots and your firm is the piece of paper the dots are printed on. The future client knows the image which they are trying to create, but unless it is mapped out clearly on the piece of paper, that kid is going to give up before they even get started.
Picture this, the future client is a kid joining the dots and your firm is the piece of paper the dots are printed on. The future client knows the image which they are trying to create, but unless it is mapped out clearly on that piece of paper, the future client is going to give up before they even get started.
When the client can join all of the dots correctly, and with ease, you’ve got yourself a future client.
Here are the dots..
What Future Accounting Clients Seek
Software Experience
Clients are seeking accountants with experience in the relevant software that their business employs. The type of accounting software that the firm is an expert in should be displayed on your website, in your social media feeds and any other promotional materials.
Business Advisory Roles
Do you advise or comply? Clients are looking for an Accountant who advises on the business and does not simply confine them to compliance every financial year. The new style of advisory is not just business structure advice and strategic planning either; it’s systems, software, automation as well structuring and planning.
Varied Client Base
Do you have a client base that varies in size? Clients are looking for an accountant who can handle their business when it’s small and continue to provide sound advice while it grows.
Market Sector Knowledge
Are you an expert or a generalist? Clients are looking for an accountant who has detailed knowledge or experience dealing with their industry. For the perception of industry knowledge to occur, sound knowledge of the industry should be evident on your website in a variety of different formats. Going one step further, be proavtive and post this in your newsfeed too.
Ability to Grow A Business and Be A Lifelong Partner
Have you proven to be a crucial figure in the growth of past businesses? Are you still a part of that business or were you able to create a successful exit plan? Clients are looking for someone who has the capacity and know how to look after them in the long term.
Certification
Are you CPA or CA? Assuming you’re not a book keeper, you will be. Make that badge stand out because it’s one thing that your client will be looking for. Certainly, at the very least, pin the badge to your LinkedIn profile.
Someone Who Presents Well On Social Media
Do you display an outgoing and client centric attitude on your social media? Be it LinkedIn or Facebook, your business, and clients, should share the spotlight in your life. Display enthusiasm for the results you get for clients, passion for the work that you do and recommendations from past and existing clients all play a role in your client’s perception.
Someone Who Is Well Connected
If you can’t do it, do you know someone who can? Accountants have always been the trusted advisors in business and more often than not, the first point of contact. If you can’t advise on a particular subject matter, do you have a reliable source who can? Once again, at the very least, this should be evident on your LinkedIn profile with your existing contacts. You can also display associations on your website and social media.
A Proactive Personality
Clients are looking for someone who is going to help them make money and save money, not someone to sit back and enjoy the wave of compliance and book keeping while it’s still strong.
Going forward, what steps do you propose for your client to succeed, even before they have the opportunity to ask? Knowing what they need even before they ask is key for future clients.
Tech Savvy
Business of today is practically ruled by technology. Clients are looking for someone who understands technology and uses technology. They might even be looking for someone who engages them with technology. This can be displayed in your processes (CRM), software and marketing messages.
What Future Accounting Clients Don’t Seek
Business Location
Clients are not looking for a convenient business location. With the transparency of the web, clients no longer need to physically see your practice. They simply need to see tangible results.
An Hourly Rate Accountant
Clients are not looking for an accountant who only charges an hourly rate. Fixed fee accounting is rising in popularity for both the accountant’s convenience and the client’s convenience.
The Cheapest Accountant
Are you cheap? Does that mean your advice is cheap? Clients are not looking at price tags when they seek out an accountant, they are seeking out value! What value do you provide and how is that communicated to the client? This is especially true for business clients on a growth path.
Old School Practices
The only place old school is still cool is at a 90’s rock concert.
Action plan
If any element of the above article resonated with you, I invite you to take action. Start by selecting one category a week for the next 10 weeks and work on it. Work on this category by reviewing, planning or implementing how to make a change inside your accounting firm. This could involve 30 minutes of reflection, putting in place your very own action plan, or it could be as simple as placing the Xero, MYOB, CPA or CA logos on your social media cover photos. Whatever it is, incremental improvements each week will amount to large success over the long term.
For more information, Chris Evans can be reached via LinkedIn.
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