The way in which many small businesses are getting their bookkeeping and accounting done is changing. With the convenience of online technology and the Internet making the world a smaller place, you may find yourself feeling like this colleague. He emailed me asking how can we compete…
“I received an email from an Indian-based company offering all things accounting / bookkeeping via internet at £6 per hour. So as we are going more and more automated and not requiring to live local to clients, how can I compete?”
Have you been trying to move toward that highly exalted ideal of ‘Trusted Advisor' and come up with advisory service packages to attract more clients?
If you've felt stuck and not sure exactly how to do this, you're not alone. Embracing change amid the disruptive changes in our profession is not easy.
In fact, this is the question that was asked in one of our All Access Pass member meetings recently. Here's a 3-minute video clip where you can listen in. It may spark some ideas on where to begin when you want to create truly effective advisory service packages that will distinguish your practice from the competition.
Advisory Service Packages Notes:
Member Question:What Would You Include in an Advisory Service Package?
As an accountant or bookkeeper who wants to be seen as a trusted advisor, are you helping your clients choose profit over cash flow?
It may seem like a simple distinction to us, but likely a large proportion of your small business clients don't consciously know the difference. For example, with just a few of your clients in mind, what would their behavior be in the following scenarios:
Do they pay more attention to their current bank balance or the ‘bottom line' on their Income Statement?
When you share the news of increased profit (and the subsequent tax due), do they scratch their head and wonder where that money is?
Both of these are signs that your small business clients really don't understand the difference between profit and cash flow. Yet this knowledge can help them focus on what will help them grow and build a stronger, more stable business.
Situations like this are opportunities to provide your value and grow your own practice at the same time.