[vc_row][vc_column][vc_column_text]As you make the move into offering value-added advisory services, there are a number of obstacles that may appear. Clients may not see how an accountant could offer business advice, or they may be overwhelmed by all your offerings. So, what do you do?
Here are three top tips for making a smooth transition into the advisory space.
1. Establish a good relationship
When it comes to running a successful practice in which your clients trust you to provide them with advisory services, it’s important to establish a good relationship with them. As Syft Analytics CEO, Vangelis Kyriazis, says:
“The relationships that you build with clients is key to a long term relationship. If they love and trust you, they’ll refer you to their friends and family, and the conversations will be more meaningful.”
Part of building this relationship is reliant upon empathy. Every client will have unique needs and goals and it’s your job to find out what these are.
If this were a movie, you would not be its star. Not because you aren’t skilled or interesting, but because, in the story of the business, the business owner is the star. Donald Miller speaks about this in Building a Storybrand. If you consider your client’s experience as a journey in which you are their guide – the Merlin to their Arthur – then you are in a much better position to help them achieve their goals.
2. Act as translator
It’s crucial to speak to clients in language that they can understand, rather than the language that feels most comfortable to you.
The accountant’s job is shifting from one of number processing to translation. It’s key to find a way to communicate financial information in language that your clients can understand. To this end, it can help to share visualizations with them that may be easier to understand than a profit and loss statement or balance sheet.
3. Value your services based on outcome – not time
Price can be a touchy subject, and the idea of changing what and how you charge can provoke a great deal of anxiety. However, charging by the hour might not be in your best interests – especially if you are moving into a more advisory space.
Simply put, people don’t view time as value when it’s not their own time.
However, ultimately, what clients want from you is a certain outcome, not your time. If you can make it clear that you charge for the outcome – be that business advisory services, a cash flow forecast, or tax returns, you can shift to a different pricing model that is more beneficial to you.
Taking the leap
The most difficult part of trying something new is always taking the leap. It will take time to move to value-added services and educate your clients on what these are and why they need them, but why not give it a go?
Syft Analytics will be exhibiting at Accountex London on the 11-12 of May 2022 at stand 1033. You can register for a free ticket here. [/vc_column_text][/vc_column][/vc_row]
