8 Steps to “Future Proofing” Your Accountancy Business
Accountant's Minute 159
Welcome to Accountants Minute.
Happy New Financial Year!
I think it’s appropriate at the start of the new financial year to discuss a very important issue for the accountancy profession and that is how do you respond to:
- disruptive technologies
- changing market demands by SMEs
- new market trends
- commoditisation of taxation returns
This is all about “future proofing” your accountancy business.
Step 1 - Implement a “Future Proofing” Strategy
By identifying a “range of new services” that your firm could introduce.
(The Comm Bank Accounting Market Pulse June 2018 report identified that of the firms they surveyed, 44% indicated that they were developing “new services”, whilst 64% also indicated that they were pursuing “organic growth” within their firms).
Step 2 - Identify the Clients
That you could offer additional services by using a service matrix to:
(e.g. companies trading for more than 3 years with turnovers over $1.5 million ($750,000 in Northern Australia) in the growth sectors identified by the Australian government.
- businesses that have developed new products, services or processes
- businesses with high debtors’ days outstanding
- businesses working as subcontractors
Step 3 - Train Your Accounting/Marketing Team
On a range of new skills required to successfully deliver a range of business services as distinct from compliance services:
(Getting organised to deliver business advisory services)
- team training to deliver business advisory services
- leadership strategies for the delivery of new services
- training on the new services to be delivered
- identifying client needs by utilising the SME Needs’ Analysis
Step 4 - Training/Briefing of All Staff on the “Future Proofing” Strategy:
(So they can communicate with clients/prospects about the new range of services that your firm is offering)
Step 5 - Series of Small Seminars/Webinars
To communicate to your clients the “new business services” that your firm is offering:
(No more than 10 businesses at a time – enables discussions and prompt follow up)
Step 6 “One on One” Meetings with Clients
(Utilise the SME Needs’ Analysis to help in identifying services in which your clients, who participated in the small seminars/webinars, are interested, e.g.)
- business planning, budget/cashflow forecasts, business valuation
- preparation to raise capital as a Crowd Sourced Funding Equity Raising Company or Early Stage Innovation Company
- reduction in debtors’ days out standing
- risk management – registration on the Personal Property Securities Register
Step 7 - Implementation
Promptly submit a written proposal and quotation to your client.
(Don’t delay in getting the proposal to your client quickly and when they have signed off on the proposal, get started on the project)
Step 8 - Ongoing Marketing
Update your website, social media, brochures etc., to continually inform your client/prospects of the services that your firm is providing
(Prepare videos, webinars, media releases (as appropriate) to inform your market that your firm is aware of SMEs’ desire for a broader range of services to be offered to them)
