I know compliance is a big concern for you right now. As clients take the plunge and migrate to the cloud, there is no doubt your compliance revenues are going to take a hit. Your focus today, is identifying and evaluating new ways to make up the inescapable deficit. You need to "Wake up and Smell the Coffee"; differentiation must be the key - Technology is here to stay.
The industry has been talking about advisory for many years but still 90% of firms are not providing these services to their clients (Xero research). This is a massive opportunity. Developments in technology and access to real time data mean you are now better equipped to advise your clients than ever before.
You say We are Accountants and Business Advisers
I can show you how to take advantage of this opportunity and make your firm ready for the 21st Century and the challenges you are facing by creating Strategies that will embrace the technology that is here and to engage much more with your Clients than ever before.
Ask yourself when was the last time you provided your Clients with real Business Advice that made a difference to their growth aspirations and worked with them to better understand their economic environment together with how they can take advantage of challenges that they face in their business on a day to day basis.
But we already provide Tax Advice?
Everyone knows advisory is the future, but what can you do to make sure you have the edge in a saturated market? If you continue to provide the same levels of service that you have always done and not listen to your Clients, then expect the rise of the more Progressive Accountants to take your market share.
Differentiation is the key to long term survival together with a holistic approach to Client Management and to develop Sector Specialists within your firm that provide Clients with relevant Business Advice; become a true Partner to your Clients.
There is a big difference between providing clients with ad-hoc tax advice and being able to identify ALL of your tax advisory needs.
To be 100% confident you have diagnosed every single tax issue affecting your client, you would need an army of tax specialists ready to ask all the right questions. I can show you how to have this capability and embrace technology to better advise your Clients.
Clients are becoming more demanding and have greater needs than ever. They are looking to work with their Professional Advisors on a partnership basis and are no longer content with accountants that merely record history.
The rapid development of software solutions for accountancy means that you do have to "Wake up and smell the coffee." In America, small business owners (80% of your client base) are using a software solution and no longer use accountants for their accounting needs. The most popular is Turbo Tax (www.turbotax.intuit.com). In the UK, we already have Quick Books; Xero and many others are being developed.
Why do some firms grow faster than others? Are they more technically competent? Or do they have a magic formula? Consider how you can differentiate and add value to your clients.
Your technical competence is not in question, it is accepted. Therefore, to reel off a list of services will no longer be enough, because every other Accountancy firm does that. Ask yourself, what makes you different from your competitors down the street.
In order to ensure your firm is ready for the demanding modern client contact The Ravens Wood Consultancy to discuss your current situation.