It is now an over-used term, but 2020 really has been an ‘unprecedented’ year for many reasons. In many cases, businesses of all sizes have needed support from their accountants as they never have before. And this is likely to continue for the foreseeable future. Whilst this has put extra pressure on accountancy firms, it also presents an opportunity in that helping your clients will also help your firm. Fundamentally you can achieve a win-win situation.
Why do businesses need help?
The coronavirus has unfortunately seen some businesses cease trading, which has been devasting for their owners, employees, suppliers and their families. However, some businesses are adapting and slowly getting back on their feet, whilst others have grabbed opportunities that the virus has created and are thriving.
However, many businesses that are still operating have had to change the way they work. This might include reducing or changing staffing levels, changes in internal systems and procedures, changes in their products and services or the marketplace in which they operate.
When a business undergoes such changes, they are likely to need advice and support from their accountants.
Opportunities to help your clients
The first thing to take on board is, don’t wait for your client to ask for your advice. You need to be proactive and ensure you are in regular communication with them. In doing so you will be able to see and hear what changes they are considering and how you may be able to assist them in making these changes.
But you also need to take the lead in suggesting how you can help them. For example:
- Business strategy and planning.
- Cash flow forecasting and budgeting.
- Accessing finance and any future coronavirus business support schemes.
- Outsourcing various functions such as payroll, VAT returns and filing, bookkeeping etc.
How to suggest ways to help your clients
When suggesting different ways in which you can help your clients, you cannot rely on just telling them the once and expect them to say, “great where do I sign”? In practice, they will want time to think about your suggestions and to mull it over before making any decisions. However, to increase the likelihood of them using you for additional services, you should consider implementing different communication/marketing tools to keep reminding them as to how you can help.
Such tools could include:
- Talking and listening to them, whether over the phone on video calls or in person.
- Personal emails, clearly defining what their issues/opportunities are and how you can help.
- Monthly newsletters, mentioning the different services and how they have helped other local businesses, ideally with case studies or testimonials which demonstrate your effectiveness.
- Website articles which should be a combination of ‘service’ pages that detail what you do and how it can help businesses, but also using client case studies and testimonials.
- Social media posts that link to the relevant pages on your website and perhaps of clients and third parties who you are working with.
- Leaflets and brochures which can be emailed or printed and sent to clients as a reminder of the different services you provide.
More information on ways to add value to your existing client relationships can be found in our article ‘Retaining and developing clients’.
The important thing to remember is that people will only think about the existing services you currently provide them. You must keep reminding them of what else you can do, using a mix of different communication methods.
How can helping your clients help your firm?
Your clients are likely to need your support more now than at any other time of their business life. The more proactive you can be in suggesting ways to work together to help during these uncertain times, the more successful they are likely to be and therefore will want to keep you as their accountant.
Suggesting ways in which you can help them not only brings you closer to your clients but helps you to cement those long-lasting client relationships. In doing so, it enables you to cross-sell other services, thereby increasing your fees and ultimately your profitability. Happy clients lead to happy partners!
