With the challenging economic environment and a shift to more efficient processing across the board, it’s becoming harder for mid-tier accounting firms to compete with larger, global organisations from a variety of perspectives most noticeably on price.
In light of modernisation and economies of scale, accountants have their fair share of disruptive forces to tackle.
In the same vein, intangibles which make up traditional goodwill for independents are increasingly losing their value, particularly when it comes to modelling techniques.
With technological threats such as Standard Business Reporting and Online Income Tax Returns already a reality, it’s naïve to hope that other disruptors are not waiting in the wings for accountants.
BOQ Specialist’s Ryan Painter outlines some top tips on how you can protect and maximise your goodwill in the face of these challenges:
1. Multiply your touch-points
Offer your clients multiple value-adding touch points by linking them to people and services within your network from the outset. By remaining central to your clients’ affairs and their network, they will understand that you are a key part of their journey.
2. Carve out your niche
Become a specialist yourself. Pick your market and become a real expert in that space so that clients can turn to you on those specific issues. Don’t try and be all things to all people but understand that if you are an expert in specific fields, your clients will rest assured that your advice is better than average.
3. Turn into a truly trusted advisor
Ensure that you remain your clients’ trusted advisor by understanding all of their needs, wants, goals and objectives. With a greater understanding of all of their specifics and issues, it makes it harder for them to move elsewhere.
4. Broaden your spectrum
If you are not managing your clients’ investments, make sure you know who is and what activity they are up to so that you can work together on your clients’ long term plan. Take an interest in their credit rating and suggest ways to improve this. When it comes to borrowing money, small things can make a big difference.
5. Proactivity is key
Be proactive and anticipate your clients’ needs which may arise both from an increase or downturn in their businesses. By monitoring their cash flow, their debtors and creditors as well as key industry trends which they might not be familiar with, you can help your clients stay ahead and be prepared.
BOQ Specialist - a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL and Australian credit licence no. 244616 (“BOQ Specialist”). The information contained in this article (Information) is general in nature and has been provided in good faith and has been prepared without taking account of your objectives, financial situation or needs. Whilst all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, BOQ Specialist make no representations or warranties. BOQ Specialist recommends that you obtain independent financial and tax advice before making any decisions.