Do you understand what your customers are wanting? Really?
There is a lot of noise (especially in the accounting press) about the move from the classic compliance offerings from accountants into more advisory work. All the industry pundits are saying that the accounting profession is going through a period of change and we, as professionals in the industry, need to adapt. I fully agree with them.
The issue seems to be though that many of our colleagues are fearful of the change. I believe this has a lot to do with the type of people who have been attracted to and trained in the profession.
The following is a short list of adjectives that can describe the approach adopted by a lot of people in the profession:
- amiable (nice people to have a chat with)
- good listener (wanting to get to the heart of the issue)
- loyal (will “go in to bat” for their clients)
We can couple these with a few more for the real technocrats in our industry:
- fact finder
All absolutely perfect for an accountant preparing your financial statements and assisting you with your taxation and compliance matters.
Contrast those traits with the approach required to help a customer in the advisory space. Adjectives we might use to describe people in this arena include:
Mixed with a few of the following:
Now when I look at the lists above, I see polar opposites. The “traditional” accountant approach and style can be somewhat disconnected with the “advisory” accountant style.
When you look at the changes that are imposing themselves (being imposed?) on the profession at the moment, consider whether your mindset and approach is what is truly required to deliver the service your clients want. Having worked as an accountant for over 20 years, I know a hell of a lot of my colleagues are very precise, accurate and cautious. And that is a great thing. In the right area.
I find the same issue crops up with the firms who move proactively into issues like value pricing and changing the way they engage with their clients. The more conservative, “classic” accountants do the whole fear and attack response when challenged. They will generally evade the issues and resort to “the rules” rather than assess the opportunity on its merits. They will, politely, pay lip service to the idea while telling you it cannot work.
The transition in the accounting profession is therefore going to be quite painful for many of our colleagues. Their natural style will make it incredibly difficult for them to make the move. In effect, they want to see a lot of other firms make the change before they do. This will, in their eyes, reduce the risk of such a move.
The challenge with this approach is that they will be starting well behind the game and therefore struggle to catch up.
There are piles of surveys and reports indicating what it is that clients want from their accountants. The problem is a lot of accountants are too busy being focused on the compliance aspects of their businesses, and they will miss the significant opportunities that lie directly under their feet.
We have had some success of late by talking with clients about what they are wanting. They really want support to think and act for the future – not tell them what happened last year (which you cannot do anything about).
Many younger practitioners are “getting” the whole idea, but they are more focused on marketing than delivery. With this situation, a melding of the old and the new – marketing with the “young guys” and delivery (with experience) from the “old guys”, can be a powerful combination.
When you next have a conversation with an accountant, ask them how they are going remaining relevant with and for their clients. If they say that the industry transition doesn’t apply to them or their clients, ask them just one question. Really?