What do your accounting clients really want?
By Liza | Categories: Career advice, Insurance and accounting job market | 1 Comment
They want you to be bolder when it comes to business development.
Does this surprise you?
This comes from James Evangelidis’s new book – what do accounting clients really want? He interviewed CFOs of 18 private companies and two not for profits.
One CFO he interviewed with more than 25 years’ experience said he used three separate accounting firms, one for audit, one for tax and one for consulting.
This CFO said that in the 10 years he had been using these firms, never once had his accountants asked him for an introduction or referral. He would have happily provided it, however. He was satisfied with the services they offered.
This CFO suggested that two things get in the way of accountants developing more business – insecurity and how they see their role as technicians.
Here’s what he said:
“Most accountants are, by nature, not comfortable with moving outside areas they either don’t have much experience in or have not been specifically trained for. The classic example here is business development, sales and marketing. Accountants of course have to do it, but they don’t like doing it, and unfortunately it shows.”
“The majority of accountants in public practice see themselves as technical and subject matter experts, as highly trained professionals who are paid for their expertise and advice. A lot of them see “selling” as being too crass and beneath them. Such an attitude can sometimes be clothed in arrogance and an inability to reach out to clients.”
With economic uncertainty looming, the operating environment will become more competitive. James suggests accountants simply cannot afford to wait for the phone to ring. He says the successful firms of the future will be fuller advisory shops, rather than siloed services.
And business development is not necessarily all about knocking down doors – it can be about being a well rounded professional. According to James, your clients will want five key things – that you are proactive, you ask better questions, you listen, you are more human and that you are honest.
Here’s our take on what he means.
Being proactive – so you take the time to research your clients’ businesses and offer advice that develops systems that can reinvest money back into the business
Asking better questions – do not just accept information your clients’ provides or the services they request from you at face-value. As a consultant you need to question why they are asking for that particular service so you can better understand how you can help. That also gives you the opportunity to cross-sell your firms services.
Listening more effectively – there’s an art to being a good listener, and that’s listening completely. It’s a cliché to say that we were given two ears and one mouth for a reason, but we mention this as you’d be surprised at how easy it is to let your ego and emotion get in the way of genuinely listening.
If you are a good listener, then there is nothing else going on in that meeting room except you understanding the needs of your clients. You’ll often find clues to your client’s bigger picture when you listen for the nuances in their tone, or the language they use to qualify a statement.
Being more human – this means you are a whole person, not a technician. Referrals fall out of relationships. People want to work with people they trust and like.
Being honest – if you make a mistake tell your client sooner rather than later. Similarly if you are not able to deliver, or do not have the capacity to deliver what you promise, then let your clients know.
We know business development is not the reason many of you commenced your career in accounting. Typically you may have found a talent for numbers and accounting seemed a stable and lucrative career.
However from our perspective people who are easiest to place with our clients, and who enjoy successful careers, are people who can communicate that passion in a way that’s meaningful to the business they serve – right down to the risk that they minimise, the money that they’ll save their client, and the money that they’ll make for their client.
Have a read of James’ blog for some insights straight from clients’ mouths about what they really want from their accounting professional
It has some interesting and sometimes painful truths.
We’d love your take – please feel free to comment below.
