Accountancy is not only a highly competitive market, but also a quickly changing one. According to AccountingWEB, "if your firm only offers commoditized services like tax preparation, payroll, and bookkeeping, you'll win (and lose) customers due to price competition. The good news is that you're in a unique position to offer value-added advisory services."
Gallop Polls and USA Today found that accountants are considered the most trusted business professionals. Since your business clients already have a high level of trust for you, you are able to move towards providing advisory services with ease. These services help your clients, but they will also help you by increasing firm revenue, allowing you to stop competing on price, and strengthening your client relationships.
Traditional accounting services are seasonal, but by offering advisory and consultative services you can keep a steady stream of business year-round. This financial and strategic advice is what your SME clients need to thrive, offering these services on a retainer based fee is more profitable to your firm than traditional services.
Price is only an issue in the absence of value. When your clients understand the value of what you are able to provide (strategic advice, smarter financial decisions, assistance in critical business decisions, etc) you no longer have to compete penny for penny with the next accounting firm. By offering more, your value is higher.
Your small to mid-sized business clients face unique challenges towards financial prosperity. By helping them jump those hurdles and create a better financial future, you become invaluable to them. Not only will this strengthen your relationship with this client, but it will also strengthen your reputation and increase your referrals. With new business knocking at your door, you will continue to increase your firm's revenue.
With all these new clients, you will need to find ways to streamline processes and create efficiencies in providing these services. Learn more about how ProfitSee can help you build your practice, add advisory services, and create efficiencies here!
Read the full article from Terri Eyden on AccountingWEB here