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Developing your “client business centre”

For a detailed list of “Accountancy Business Development” papers refer to Accountancy Business Development.

There is no doubt that the accountancy profession is changing.  Compliance work will become less important in the future as many individual taxpayers, with encouragement from the Australian government, elect to prepare their own income tax returns.  Many accountancy firms are now planning (or already have done so) to introduce new products and services so as to be more involved with their clients in the future. 

One such activity is "Accountancy Business Development".  The key vehicle to delivering practice development strategies is to turn your accountancy business into a "Client Business Centre".

To be able to successfully introduce new products and services for clients, it will require a whole range of other activities to dovetail in so that the grand plan can be properly executed.  These other activities include:

  • staff recruitment
  • staff training
  • partner training
  • getting out of the compliance mode
  • development of a "business development enterprise"; and

then delivering excellent service in the new products and services to be sold to clients.

First and foremost, accountancy practices need to appreciate that they are a business, like any of their business clients.  Businesses need:

  • products
  • services
  • staff training
  • empathy with customers

and then the ability to sell and deliver the new products/services. 

Developing new products/services and the systems that go with them is not easy - but the rewards will be substantial for the accountancy practices that do it correctly.

To produce what the client market wants:

  • information that is accurate, up-to-date, concisely summarised and able to be easily understood;
  • help clients create wealth by being an integral part of the management team;
  • advising clients on major concerns relative to:
  • staffing
  • time
  • costing pressures
  • staying abreast with current issues
  • technology
  • development of the accountancy business as being an "advisory business centre";
  • to remove those clients that do not add value to the accountancy business;
  • for the creation of "specialties" (e.g. business coaching - utilising experienced business persons to assist in developing clients' overall business skills);
  • for partners to delegate all work that could be performed by someone on a lower charge out rate, so that partners can concentrate on developing new business activities;
  • to reconsider the traditional partnership structure and develop a new structure which allows key employees to be dynamic stakeholders in the accountancy business;
  • there is an opportunity for accountancy businesses to add value to knowledge, as long as the accountancy business then adequately communicates the new product/service to potential clients.

Accountancy businesses have a unique opportunity to develop excellent systems for use of the internet, email for communications and transfer of data to and from clients.

The Accountancy Business Development Section is a series of papers produced to assist professional practices develop internal systems and team training so as to enable them to offer excellent "business of business" systems for their clients.

on Wednesday February 21 by danpoole
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