CCH research says SME’s want you to use cloud accounting apps or they’ll do it without you and expect to pay a lot less for compliance!
There’s no doubt the internet based technologies are transforming business sectors throughout the world. Just look at how you do your banking, travel and entertainment bookings, wine purchasing, book and music purchasing etc etc. Not to mention keeping grandparents up to date with family activities via social media.
It is predicted this change will now revolutionise how professional advice is delivered across the globe. In fact, many firms have already gone paperless and that includes how they communicate and interact with their customers via email, secure portals and teleconferencing.
Some firms have got rid of their servers altogether and now operate totally in the cloud.
What will this mean for Australian accounting businesses?
Your customers will expect you to be on top of these changes and to be competitive. They will want you to deliver improved assistance in achieving their goals…called adding value by the spruikers!
The way your customers see this is getting help to improve business profits and cash flows; paying less tax; creating more wealth away from their business; protecting families’ lifestyles, incomes and assets; and helping them deal with compliance.
So it is predicted that compliance revenues will experience severe competitive pressures and that developing new Business Advisory income streams will be vital to retaining your better customers.
This is nothing new to us. We have developed the EnablerTM Business Advisory process to assist firms achieve this change to their service offerings and the way they assist their clients. In fact, it might be a blessing in disguise for you to lose some compliance clients so that you have time to Needs Review some of your better clients and begin to proactively offer more assistance to them.
Perhaps it would be prudent to review your current business plan and develop a new one with your senior management team so that you are getting the benefits of these opportunities?
If you simply keep doing the same work in the same way, you might find the world changes around you and your business contracts both in profits and revenues.
Do you want some help in creating a detailed new Business Plan for your firm?
With input and guidance from 3 specialists with practical experience from hundreds of Aussie firms?
Using our Best Practice checklist:
- Review your current service offerings and use of cloud based apps and plan for the development of new service offerings utilising new apps
- Identify clients who would benefit from a formal Needs Review interview and who might be looking for more assistance (many of our firms are kicking goals with this simple approach)
- Create a skill development plan for each team member including ability to use cloud based apps and to conduct Needs Reviews with clients (sales and marketing skills)
- Create a new marketing program featuring your website as a query funnel that attracts hits and turns them into jobs by smart email newsletter campaigns and social media profile activity
- Improve your leadership of this re-invention of your business model by involving your team and ensuring actions get done through better weekly action planning and monthly review (better accountability through improved governance)
- This whole process of leading the creation of a new business plan might deliver you a succession solution should you be nearing that stage of your business life!!!!
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