How accountants can miss obvious opportunities
Taking calls from accountants as I do every day and listening to their answers to my questions, here is an all too frequent dialogue (but I love accountants really).
Me: How many clients do you have?
Acct: 150 but only 10 are any good. That’s why I’m talking to Runagood®, I need better clients.
Me: How do you think we could help you in that?
Acct: Well, if I could offer business advice as well as financial advice I would attract a better type of client, don’t you think?
Me: Why not offer business advice to your existing clients?
Acct: Well, I wouldn’t want to upset the 10 good ones nor waste my time with the other 140.
Me: Why would giving business advice upset your favourite clients?
Acct: They are used to buying my financial services which they appreciate and in which I’m competent and confident. If I also offer them business advice, I fear that they wouldn’t see me as credible and damage the relationship. So, it makes more sense to make mistakes with new clients!
Me: Really? Surely one or two would agree to be your free learning curve?
Acct: Hmm. I could try that I suppose…
Me: Look, understand that when you are providing Financial Compliance and Admin services you are the expert to whom they turn. But when it comes to Financial and Business Management services you are applying process skills to find answers and improvements between you. Like a part time Finance Director, does that make sense?
Acct: Sort of. I suppose what you are saying is that I would need to wear these two hats:
The expert – leave it to me
The advisor – let’s work on this together
Me: Exactly, experts deal with the past to keep clients out of trouble with the Authorities whilst advisors deal with the future to help the client achieve their goals, collaboratively.
Acct: Hmm. It’s a big difference. How would I make the transition?
Me: By starting with personality profiling where you learn how to spot which type you are dealing with and how best to manage them. It’s really all about relationship development. Is that unnerving?
Acct: Yes, it is. Don’t you give me software that automates all that?
Me: Software is a vital part of what we do, making business consultancy fast, thorough and affordable. That gives you quality time with your clients, building forever, dependent relationships, elevating you to ‘Trusted Advisor’* status.
Acct: I see, so where would I begin?
Me: Not by looking for new clients for business advice…
But by working with existing clients to scale up their existing services based on your knowledge of them and their trust in you. You will master it quickly because we work together doing that, gaining real experience, confidence and credibility and a far closer relationship with them than you ever had before.
Acct: So, in real terms how would we get that started? What are the steps to take?
Me: We will start by doing what you don’t want to do. We will together, carry out a 30-minute Business Dashboard® assessment, starting with your worst. Then we will present it to them showing where they are now and where they could be.
Acct: I don’t want to waste that amount of time with most of them.
Me: Listen, you are taking their money, so they deserve your attention. If they refuse, they have no interest in their business, in which case you should charge them a new rate for their compliance work which makes you a decent profit.
Acct: Most will leave!
Me: Half will go and the half that stay will make up for what you lose. You will then have more time to sell to the ones that are prepared to invest in you for a better future.
Acct: I love the idea but find it scary!
Me: Actually, it isn’t because after the first 3 we’ll start to see the way it’s going and adapt the strategy accordingly. And I’ll do the talking initially while you watch. Then you’ll take over once you see how it’s done.
So what do you think?
Acct: Ummm. Can I think it over? Give me a brochure? List of people already doing it?
Me: Come on, it’s £250 +VAT month by month, don’t intellectualise. The only way to know is to try it!
Acct: Errr…I’ll get back to you!
Me: Hmmm?
*A trusted advisor is given a seat at the customer's table, considered a strategic partner and an asset to reach their goals.
Footnote
In the end they do (get back to me) our most recent new Partner first spoke to us in 2018 saying “I decided it was time to join because you are still here, so I thought it must be OK by now…”
By Duncan Collins
Founder of Runagood.com Ltd