I have worked in Business Advisory / Consultancy for over 25 years and it has always been a challenge to Find, Get, Keep and Develop clients. After all the main role of a Business Advisor is to do so well that the client doesn’t need you anymore!
However things are changing. The advent of new technology, the affect of Covid driving the change to online work and most importantly of all the good old Government introducing Making Tax Digital (MTD) so that SMEs will be required to file tax returns online via Cloud Based Accounting Software. Cutting out the need for an Accountant!
That in turn is having a major impact on the Accountancy world and as a result many of them are now looking to replace lost compliance work and grow their range of services by providing business advice.
Now we all know that Accountants are great at their job but they are not Business Advisors, outside of dealing with finance. Do you know any Accountants who can provide Sales Development, Customer Service, Marketing, Social Media, HR, Cyber Security, Operations et al as one of their skill sets?
We certainly don’t!
It is the nature of accountancy that they have a “rear view mirror” looking at a client’s finances. Some have invested a great deal of time and money creating forecasting models which, because of cost, they can only provide for their very top clients.
So if Accountants are focused on their most lucrative clients who is looking after the rest?
Whether you have been in the business advisory world for some time or are brand new to it there is always the challenge of finding and working with business owners who value what you do and who are prepared to pay for it. Add to that the opportunities that lie within the client base of Accountancy practices and you have a potential “marriage made in heaven”.
If only it was as easy as asking an Accountant to introduce and recommend you to all of their clients! But why not? If that is the problem then Business Advisor has the solution.
Successful business advisors are few and far between, but their income is capped and for the vast majority, they lack the ability to scale and exit profitably…
Partnering with accountants who wish to help clients, but don’t have the time or pre-requisite experience is the solution to everyone’s problem…
We have put together a cost effective development programme to give you the solution to the problem Accountants are facing right now.
Accountants have survived for over 200 years providing compliance and this is being eroded by Making Tax Digital (MTD) and their clients are becoming more demanding and seeking more help and support.
Put simply their “bread & butter” work is disappearing and they need help to replace it with fee based advisory services,
In the Autumn of 2019 Xero, the cloud bases accounting software company surveyed business owners about their relation ship with their Accountant.
Just about all said they wanted more proactive advice and support
- 67% said they wanted to grow but needed reliable financial performance
- 27% said they were likely to switch to another Accountant
- Most shockingly of all a massive 70% said they would not recommend their Accountant to others!
In summary Accountants have a tremendous opportunity to develop and grow their practice, to stop the churn of clients and build new services.
However they cannot do it without the help of good quality Business Advisors to work with them and their clients.