As lockdown restrictions start to be eased, businesses will need the help of accountants and other professionals more than ever. Proactivity will be the key driver in coming out of lockdown.
The next few months will be some of the most important months in your client/advisor relationships. Now more than ever you need to be proactive, you will need to focus on the business advisory aspect of your business, not just the compliance.
How to be a proactive accountant
Firstly, being proactive is not about being helpful to your client when they ask for your advice. Being proactive is taking the initiative and contacting them first. Our blog ‘The success of your firm after COVID-19’ sets out ways to enhance your communications with clients and staff, helping you to be more proactive.
The second step in being proactive is to ‘listen’. Have you spoken to your key clients in the past few weeks? Who did most of the talking – you or them? Ideally it should be them talking and you actively listening so that you fully understand their concerns, before suggesting possible solutions.
There will be some clients you have had lots of discussions with and you will have given them lots of support and advice over the recent weeks. However, there are likely to be others who you haven’t heard from. These clients may be fine and are just getting on with things. But conversely, they may be so overwhelmed they don’t know how to ask for help because they assume they can’t be helped. These are the clients you need to be contacting. Don’t assume they are ok because they have been silent. Ideally, ring them, ask them “how are things?” and then listen. If nothing else, they will feel valued by you and welcome the opportunity to talk things through. However, by the end of the conversation they may realise that they, with or without your help, can access support to help their businesses.
Ideas for helping clients pre and post lockdown
In addition to helping clients access any of the COVID-19 business support measures, here are some suggestions for other activities you can do to help your clients in the coming months.
You’ll probably read down the list and say, “Well those are obvious we do all (or most) of those.” They might be obvious to you, but your clients might not be aware that this is how you can help them. So be proactive, let them know this is how you can help:
- Updating and analysing the latest financial information to help them make better-informed decisions on the future of their businesses.
- Putting together business plans and cash flow forecasts, whether for internal business planning purposes or to send to banks and other funding providers.
- Advising on and helping to restructure their businesses.
- Helping them identify new markets to sell into, perhaps looking at exporting in the future.
- Discussing new products or services they could offer.
- Reviewing their current personal and corporation tax positions and identifying ways to reduce future tax liabilities.
- Partnering with local HR, IT, or marketing specialists to provide advice and support in these areas.
- Reviewing IHT plans, estate and succession plans.
- Reviewing (not necessarily writing) their Wills making sure that all aspects of their personal and business lives are covered.
In short there are lots of things which you can do to help your clients as we come out of lockdown. You just have to be proactive in contacting them and helping them achieve that.
Not only will that help your clients, but it will also strengthen your relationships with them. However, it will also be a powerful way to show other businesses how you could help them if their current accountant is not being as proactive as you.
Remember, you’re not just an accountant. You’re a counsellor and a confidant. You’re a trusted advisor sometimes discussing finance, HR, sales, systems and processes, IT, etc. You’re a friend. A good friend doesn’t wait to be asked for help, they will be proactive and step up when needed.
