Are all accounting firms created equal? (3 of 3)

We now move on to the 3rd and final installment of what makes a great accounting firm. Of course there are many, many factors which contribute to the greatness of an accounting firm and the people within. The 3 I’ve chosen simply appeal to me – that’s all.

3. Going the extra mile.

I’ve heard many stories throughout the years of business clients telling me about outstanding experiences with advisors. In the case of accountants, the common thread of these experiences seems to be the tendency of the accountant to more often than not leave something on the table. This means that the accountant always does that little bit extra and goes the additional mile when providing a service. It might be some extra service you don’t charge for or some market news you heard that your client may not be aware of.

A good example of that little bit extra is a partner friend of mine traveling to the store opening of one his clients at his own expense. He wasn’t invited or expected to be there – he just turned up. The client saw him in the crowd and just smiled. My friend had traveled from Brisbane to Melbourne to go and show his support for the thirty minute launch. A big deal? Perhaps not – but it meant a lot to my friend’s client.

Incidentally, it might interest you to know that this particular client is a member of the Australian BRW 200 rich list (he is worth about $400m +) and has used my friend’s services for many years. This client has been so impressed by my friends attitude that he has recently asked my friend (and his staff) to personally mentor and coach his three children (aged in their twenties) in the ways of business, finance and personal wealth management. Not a bad gig.

Simple rule: Leave something on the table = the table will get bigger!

See you next post.

James E

Are all accounting firms created equal? (2 of 3)

Following on from our last post, here is the 2nd feature of great accounting firms.

2. Asking questions and listening.

Great accounting firms seem to have a higher proportion of partners and staff who ask good questions and really listen to the responses given. You would have read in my posts before the statement – if you want a better answer, then ask a better question then listen to what the client or prospective client is saying.

Here is the true story of a friend of mine and the question he asked and how it changed the way he sold his services in the future.

As an adviser to the SME market, I often tell others about an event that occurred with a potential new client back in 2008. It was a busy time of the year, and I had been referred a potential client from another professional to assist with a transaction. Needless to say, I had a busy few days leading up to meeting with the potential client and was unable to do my usually pitch approach.

When meeting a potential new client for the first time, I often do research about them (where possible) and the industry that they service to get a better understanding of the client and the market that they trade in before I actually meet with them. I would do this to assist me in identifying potential talking points. Unfortunately, or fortunately as it turned out, I didn’t have the time to do the usual preparation and was actually 10 minutes late to our meeting. I was so unprepared that the first thing I said after introducing myself was to say, “How can I help you?”

It wasn’t until the potential client spent the next hour telling me about their business that I realised how important those words were to them, and that they were actually looking for an adviser who would listen to their needs fi rst and then see where (if at all) they could add value to their business. I must admit that this changed the way I sold my services, from identifying what I could do (talking points), to actually seeing if there was a need for my services in the first place (listening points). This ensured whatever services I sold were valued. As an adviser I keep reminding existing clients that I need to know how I can help them before I can actually help them.

Tune into the next post to read the final installment in what makes an accounting firm great!

All my best,

James E.