Entrepreneurs deal with uncertainty, all the time. And they look to accountants to deliver them some kind of certainty in those uncertainties. When accountants consistently deliver an ability for entrepreneurs to navigate their uncertainties in a better way, accountants earn their trust.
There are only three ways accountants earn entrepreneur’s trust…..
Past: When You Help Entrepreneurs Know How They (Really) Did
This is the traditional financial statements and tax services outcome.
Entrepreneurs hire accountants to get an unbiased and compliant view of their business. It is a “rearview mirror” action but entrepreneurs want to know from an expert that their numbers are accurate and whether they are going to pay only the fair share of taxes. They rely on accountants to ensure that satisfaction.
Entrepreneurs trust the accountants to do an unbiased job, in accordance to the law.
Present: When You Help Entrepreneurs Manage Their Reputation and Continuity in Business
This may sound strange at first.
But when entrepreneurs want accountants to help them with budgets, cost accounting, cash flow planning and management, tax planning etc., what they are actually seeking is to protect their reputation and manage business continuity.
No entrepreneur worth the salt will ever want to have continued delays in payments to vendors and employees. They know an impeccable financial reputation in the market brings them advantages of lower interest rates, better pricing from vendors and attracting talent to their companies. It has a direct impact on their bottom line and the money they make at the end of the day. For example, they want to know what they need to do to ensure they remain in business e.g. reduce slow-moving inventory to release operating cash etc.
Entrepreneurs rely on accountant’s ability to drive the business by facts, not just by passion and feelings.
Future: When You Help Entrepreneurs Navigate it Better
Let’s face it. Entrepreneurs are in business to make money.
They are making a critical decision every moment i.e. of the opportunity cost. They want to pick better opportunities to make the investment of time, energy and capital.
And to make those optimized investments, they need precise measurements of costs and profitability i.e. a true measure of the return on their resources. Accountants themselves drive their firm’s performance based on metrics such as “utilization percentage”. In other words, “inactivity based costing” can be a make or break factor for businesses with thin margins. Make or buy decisions are made based on those measurements and entrepreneurs want accountants to deliver those insights to them.
Entrepreneurs navigate the future based on the intelligence that accountants can discover from the accounting information.
Boost The Success of Your Practice:
Focus on helping your clients with their past, present and future. When you deliver these three results to your business clients, you almost automatically ensure the success of your practice.
How Pransform Helps You Deliver These Three Outcomes to Your Clients:
Each of the three “responsibilities” mentioned above involve your ability as an accountant to invest time and knowledge into analyzing and interpreting your clients’ business situations. You, therefore, need to devote more time to discovering intelligence from information than in creating the information yourself.
We add that precious time to your life. Actually, we add life to your time! So that you can add life to your clients’ businesses. Discover how accountants like you have achieved more success working with Pransform. Contact us now.