How to Reach a Much Bigger Client Base

Accountants tell me the question they most dread from clients is “how do I get more customers?” 

And it usually hits them when presenting accounts and tax returns.  

It goes to the heart of the biggest challenge facing small businesses. And they look to their trusted accountant to give them ideas. But it puts you on the spot doesn’t it! Along with other trick questions like “How do I deal with unfair competition?” or “My staff are out of control”, “I can’t make a profit”, “what technology should I be getting?” etc. 

If you say “I don’t know” your credibility suffers. 

If you say “I suggest you do xyz” and it doesn’t work, their problem is now your fault.  

Or to get rid of the responsibility you refer them to a consultant and cross your fingers. Because if that doesn’t go well (and usually it doesn’t) it’ll reflect badly on you.  

So, you might have a meeting about it, having done some research and leave the client with some ideas that he can implement. And because you got the ideas from sources you share with him – the sources can take the responsibility away from you.  

And I know a number of accountants who do exactly that and then anguish over how to get paid as the client sees what they’ve done as part of the accountancy service.  

Another approach is to buy supercharged accounting software that gears you up by adding business advice to your service portfolio. But when you try it there are lots of pretty number displays and graphs pointing out areas for attention with links to fact sheets and consultant websites that suggest a few things your client could do or sign up to.  

It all looks impressive but leaves the client with his/her original question “so exactly what (affordable) actions do I need to take?” 

You might call it the (a) accountant dilemma.  

So, what does this have to do with ‘Reaching a Bigger Client Base’? 

Well, this dilemma has led many accountants to explore diversifying the practice into business advisory work (the term appearing on most websites), to seek a way to combine what they already do into a holistic service. And in so doing, widen their appeal to the business market. 

The vision being a one stop shop for business advice in all its forms. 

And the rationale goes like this: 

  • That would stop my clients speaking to any other business advisor 

  • They will come to me for all their problems

  • I can secure more new clients because when my referrers speak to prospects, they’ll be able to say that I can fix anything from compliance to marketing advice, to people problems 

  • It gets rid of the client loss problem to online compliance software 

  • It stops my compliance work being undercut by cheaper accountants  

  • It gives me client growth from added services  

  • I can offer what no other local accountant can so I can price for profitability  

But there are always buts. Like…  

  • I don’t feel comfortable with forecasting a client’s future – and getting it wrong  

  • I’m not comfortable selling  

  • I don’t have a way of combining accountancy work with business advice to make a holistic product  

  • I don’t have a source of detailed action plans that I can give to clients  

  • I’m not sure I have the right skills for consultancy, coaching, mentoring 

  • I’ve always got clients by referral, so I don’t know how to do marketing  

  • Where do I begin? 

And these are the issues that stop accountants scaling up into whole business advisory work.  

What’s the answer then? 

It’s back to school I’m afraid: 

  1. Personality profiling

    …to learn the different business owner types and how to match those to your own type to get a sale and keep your clients committed to you

  2. Marketing plan 

    …with detailed resources:

    • CRM system

    • Database of all local businesses 

    • Competitor SWOT analysis

    • USP identified

    • Dedicated website focused on your performance improvement services

    • Automated weekly emailing

    • Smart offers

    • Social media posting

    • Events

    • Networking

    • Case studies from existing clients who’ve converted

  3. Consultancy training  

    …in how to: 

    • Analyse a complete business

    • Benchmark its business streams

    • Identify its key weaknesses

    • Forecast its £ potential

    • Build a recovery plan

    • Identify the detailed action steps needed

    • Sell it to the client  

  4. Coaching training 

    …in how to  

    • Get your client focusing on plan implementation

    • Overcome their roadblocks

    • Keep measuring performance trends

    • Adjust priorities as the business and owner shift around

    • Keep the client motivated

    • Reach the end of the project i.e. no cancellation

    • Maintain long term subscription income   

How long will all that take?  

I don’t know any consultant who successfully acquired these skills in under 5 years of practical experience and on the job training.  

Paying to join a good consultancy / coaching network can compress the learning curve to one year.  

And cost? 

Fees range from £5K-£70K and require a full-time focus to be successful. 

So is it a hopeless cause? 

Not if: 

  1. The marketing could be provided as a readymade package, and

  2. The consultancy processes could be automated, and  

  3. The products were integrated with accountancy, and   

  4. The training provision was practical and incremental, and  

  5. Everything was online, and 

  6. The pricing in the £hundreds  

Then: 

Most accountants could be affordably competent within in 3 months, part time, seeing new revenue from new clients, like this for example.

by Duncan Collins

Founder of Runagood.com Ltd  

Runagood Ltd