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Become a trusted business advisor – 3 ways

Libby Sharman
August 1, 2012
Read Time: 0 min

When a business owner is searching for an accountant, his or her choice is not so simplified. Financial services—despite what some of your tax-only clients may believe—is far from a commodity. And in many cases, location and even price are immaterial. What, then, is the best way to acquire clients and improve client retention?

Providing quality work is part of the battle, but when everyone in the industry touts their “excellent customer service,” you need a clear differentiator. One proven way to add value to professional relationships is to become a trusted business advisor, which involves helping the management team make better-informed business decisions.

Here are a few points to consider when planning a visit:

1) Provide explanation

Do not just provide data and hope your client will be able to interpret it—especially if you are not meeting with the client to present their financial statements. Include a written report that explains in plain language the financial metrics most important to the success of that company. And with this narrative summary, length is not the goal; keep it succinct so the client is more likely to read it thoroughly.

2) Connect the past to the future

Connect historical financial data with its impact on future company plans. Brian Hamilton, CEO of Sageworks wrote, “Numbers are not just numbers—they tell a story of how the company is moving towards or away from its strategic objectives.” Historical numbers can provide the context needed to look intelligently forward and avoid repeating past mistakes.

3) List key performance indicators

Focus your conversation on the few, key performance indicators of that business and its wider industry. Determine the most relevant metrics and then explain to the client how those metrics impact revenue and cash flow because those are two indicators the business owner definitely understands.

Interactions with business clients can and should be informal, so they feel welcome to ask questions. Then based on their questions (or lack thereof), you can gauge whether or not they are just seeking data or substantive advice to help grow their business. And this more engaged communication will help you, too. In relationships where you do become a trusted business advisor, you’ll see higher client retention, uncover additional consulting opportunities, and your clients will be much less likely to view your firm as a commodity.

About the Author

Libby Sharman

Libby Sharman is a Vice President of Marketing at Abrigo.

Full Bio

About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

Make Big Things Happen.