It was interesting reading the latest Accountant’s Report 2016 prepared by Bstar. This report listed the four top business concerns facing accountants in 2016. These concerns are listed in order of priority as:-
- Attracting new high value business clients
- Transitioning from a compliance to an advice service business model
- Declining fee growth rates and profit margins
- Capacity and time constraints
In the coming weeks I will address each of these issues in order and will also offer solutions to overcome each challenge. So, here we go, week two will cover transitioning from a compliance to an advice service business model.
Transitioning From a Compliance to an Advice Service Business Model
- From the accountants surveyed for the Bstar report there were 50% of accountants that believed major changes were required for their practices to grow but did not have a plan to implement those changes.
- Accountants want to grow and improve their practice. The next step is to achieve it – and accountants are not sure that they will succeed in taking this step.
- There are 58% of accountants that believe that they are OK in offering advice services to their clients, while 33% stated they are not so good.
- Accountants don’t have the tools to deliver advisory services.
- Accountants don’t have a system to ensure the consistency of advisory services.
- Accountants just don’t have the time or resources to deliver advisory services.
Accountants need to differentiate themselves from all other accountants that offer the same vanilla accounting services. Differentiation is the key and accountants must create an apples vs oranges comparison between themselves and their competition. They must do something different and unique and it must be something that the small business owner wants…and simply cannot live without.
There are clear opportunities for the accountant to satisfy the needs of small business owners by offering advisory services. Let me explain…
When you ask small business owners the two things that could really help them with their business right now: they almost always respond with:-
- More customers and…
- More revenue
And if accountants want to help their clients to increase their customers and revenue they need to offer more than just compliance services. Compliance is not going to help their clients to grow their business and take it to the next level…marketing advisory services will. When accountants help their clients to increase revenue and profits and improve cash flow, they will have loyal clients for a long time.
Have a think about it… why would any small business owner even consider leaving an accountant that helps them to grow their business year in and year out.
And addressing the final challenge – Accountants are also time poor and don’t have the time or the resources to deliver advisory services… Solution – joint venture with a marketing strategist/ business coach to do all the heavy lifting and deliver these services.
Go to www.bizconnectionsjointventures.com for more information on accountants offering Marketing Advisory Services to their clients.