Accounting firms must embrace a more client-centric approach to doing business if they are to prosper, grow and remain relevant into the future.
The Accounting Segment Head of Macquarie Group, David Clatworthy has over 18 years’ combined accounting & finance experience from sales and service through-to business management. Here’s his 5 client-centric strategy tips all progressive accounting firms should adopt:
1. Eliminate Barriers To Change
Evolution is a necessity to survive and thrive in the modern accounting world as client demands and expectations change. Traditional business models can often hinder this evolution, weighed down by outdated methods and tactics creating siloed units and fostering an ownership mentality which results in other services being withheld from the client.
Progressive firms are transforming how things are done by:
- Changing lines of reporting.
- Revising equity models.
- Fostering a more collaborative, client-centric work culture with a clear focus on meeting client needs while growing total revenue.
2. Value Your Employees, They Are Your Greatest Asset
The other important consideration aside from whether a person has the ability to perform the job, is whether they are the right fit for the team and if they can offer the same high-level of service and client-centric focus the firm is known for. Consistency of experience is difficult to maintain as firms deal with increasing technological disruption and staff turnover. What can be done to improve consistency?
- Training and mentoring is an excellent method of getting all staff on the same page when it comes to client-centric interactions and ensuring consistency is instilled across the board.
- Unique and helpful individual skill-sets should be recognised and people’s strengths played to, increasing employee confidence.
- Creating, or broadening new client acquisition roles along with widening certain client services which are already in use.
3. Diversify!
Diversification can create competitive advantage by synergising a range of unique, complementary skill-sets to inspire creativity and spur innovation. Diversity of thought can produce strong results quickly and quite productively.
4. Technology Is Integral
Technology such as specialist data management systems are vital to the accounting profession these days. Firms should invest in proven technologies which allow them to get the most insight from their data, while allowing them to work more efficiently, productively and securely without compromising their level of service.
5. Evolve!
Only those firms who keep ahead of the pack, seeking to continuously improve, innovate & differentiate will flourish into the future.
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