The role of the accountant will never be the same. Cloud accounting and Making Tax Digital have caused many businesses to take on board their own bookkeeping, VAT and tax returns. The needs of business owners are changing in terms of the support they need from their accountant. Now more than ever your clients need you to step away from compliance work and be more of a part-time FD.
Many firms are already doing this and being very successful as a result. Whilst the compliance aspects will always be needed to ensure accounts are filed correctly and the relevant accounting standards and tax regulations are being adhered to, these services are becoming less of the ‘bread and butter’ of the practice. Business consultancy and detailed tax planning experts are where the future lies.
The communication contradiction
Whilst many firms accept that their clients want them to be more part-time FDs and business advisers, the messages which they send out can contradict this.
Take a look at your website, brochures, social media, adverts (pretty much any marketing activity which your firm has done n the past 12 months), how much ‘space’ do you take up promoting your accounts prep and tax returns services and reminding people to file on time or incur penalties etc?
Compare this with how often you demonstrate how you are helping businesses with their plans, cashflow, day-to-day management, tax planning strategies, growth and development plans, mergers and acquisition etc.
Are you guilty of thinking that you’re operating as a part-time FD, but in reality your marketing and client communications are stuck in ‘compliance’ mode?
How to move from compliance to part-time FD
When repositioning the firm as business advisers or a part-time FD, you need to think about who you are targeting and what would appeal to them. Here are some suggestions for the type of marketing activities to cover:
- On your website make your business advisory/FD services more prominent than your compliance services.
- Add client testimonials and case studies, using video interviews with the relevant clients which demonstrate how you have helped their business from an advisory stance.
- Demonstrate the regularity of the work you do, it’s not just about helping businesses on one-off assignments, show that you are working on their businesses weekly or monthly and that by doing so, you have been better placed to help them make the right decisions.
- Show how the time and expertise you have put into your client’s businesses has been a great investment for them, with the results vastly outweighing the costs of your time.
- Invite clients and target businesses to webinars that will motivate them into making changes in their business and how you can help them achieve that.
- Use all marketing channels to communicate the above messages including:
- Client newsletters
- Letters and emails to clients and prospects
- Website
- Social media
- Brochures and leaflets
- Networking events (online and face to face)
- Adverts in local papers and magazines or trade journals
- External adverts – on buses, radio, display boards, etc.
- And so on.
If you want your firm to be known as the ‘go-to’ business adviser in your area, everything you do and say needs to communicate that message.
It is taken as read that all accountants know how to prepare accounts and ensure businesses comply with the relevant tax and accounting (and auditing) legislation. What isn’t as widely communicated is the fact that you can make a massive difference to the future success of a business. So, what are you waiting for?
If you need advice on how to reposition your firm, you can contact me at: vicki@momentumforprofessionals.co.uk or call 01822 833300.
