Do businesses need more advice?
The ‘Big Four’ Accountancy firms invoice more Management Consulting than Audit work. Their collective fee income now exceeds the ‘Big Four’ Management Consultancy Firms: BCG, Bain and Co, McKinsey and Accenture. What’s stopping you doing the same?
How are you addressing the challenges facing the profession?
Business Owners need and want more pro-active help and advice from their accountant and they will gladly pay for advice which helps improve profitability.
The Big Four: This is clearly so for the ‘Big Four’ accountants and corporate clients, does it apply to SME’s?
There is ample evidence that SME’s are ‘happy’ to pay others for Business Advice, it is a whole industry, big players like Vistage, Action Coach, plus thousands of individual Consultants, Coaches and Business Advisors.
Offering Business Advice: What about accountants, many claim to offer ‘Business Advice’, but what is the reality?
What do clients think? Do Business Owners believe they receive valuable advice from their accountant? After all, most accountants hang the sign saying ‘…and Business Advisors’ above their door.
When asked by an independent 3rd party, clients of the average accountants report the following:
- 26% state ‘Communications’ could be better.
- 23% raise concerns over the ‘Relationship’.
- 19% feel they receive poor ‘Value for Money’.
- 8% say they want more ‘Proactive Advice’.
Clients will pay for ‘Proactive Advice’; which in turn improves the ‘Relationship’ and ‘Communications’. Clients perception of ‘Value for Money’ improves, making it a Win-Win proposition for all parties.
How to do it? Delivering ‘Proactive Advice’ is fine in theory, but how do you make it work in practice?
- Implementation: As every Business Advisor knows, no matter how great the ‘Advice’ if it is not ‘implemented’, it adds no value. When it comes to new business, most businesses, (and advisors), focus on Lead Generation and Conversion, in other words “selling to strangers”, which isn’t smart…
- Retention, Cross Sales, Referrals: …what is smart is fixing the ‘leaky bucket’ acting to minimise ‘Client Attrition’, ‘Cross Selling’ and working to ‘Maximise Referrals’.
- Making Tax Digital: It would be remis if we fail to mention MTD. Proactive advice is a Value Add service you can sell to clients to mitigate the potential risk presented by MTD.
- The Solution: Enquir3 provide a total ‘Turn Key’ solution for accountants to monetise Business Advice over-night. This is what forward looking accountants have to say:
Enquir3 take care of all administration and implement on behalf of clients so all you need to do is identify clients most likely to benefit from, and pay for the process.
All you need to do is raise the invoices, increase fee income and enjoy improved client relationships.