What’s stopping you from becoming a better advisor?

Over the past 10 years, accounting firms have taken control of tax compliance work through the development of strong internal systems and processes supported by qualified and trained accounting and administrative staff.  Regulatory requirements have also helped to create a structured and efficient compliance platform.

With the increased commoditisation of tax compliance, firms are directing attention to advisory services, particularly business development and succession planning, financial planning, risk management and transition to retirement.
To effectively provide advisory services, staff of accounting firms must move away from a compliance focus in the way they work with clients. In the short term, resistance is likely as concerns about the client relationship and existing fee base appear. The best way to overcome this resistance is to establish clear systems and procedures and ensure that they are followed – in the same way that the firm manages compliance.

The personal skills required to develop a strong advisory focus include:

1. Strong active listening skills
2. Ability to inform and persuade
3. Ability to overcome client resistance to change
4. Ability to coach and direct clients to achieve results
5. A good understanding of business strategy and operations at a strategic and operational level.

Do your partners and managers have these skills? How are you going to develop this capability in your firm?

As a first step, you must make time to actively engage clients by talking with them about their business and personal issues. Ask them ‘how’s it going?’ Develop a list of powerful open-ended questions you can use to open up discussion.  Use health checks to engage clients. Run this meeting independently of your discussion about tax and accounting issues. By engaging your clients, you’ll learn more about them and show that you’re interested in helping them to achieve their goals.

How can you develop a strong business advisory capacity?

For further information about how we can help you and your team develop a strong business advisory capability, click here.

If you’re looking to develop the leadership skills of your managers, click here, or visit www.trainingbeyondaccounting.com.au

Dale Crosby, Director, Business Aptitude Pty Ltd | 1300 883 789