I first shared a shorter version of this post a few years ago, at a time when businesses everywhere were facing enormous uncertainty.
Whilst the circumstances have changed, the need for good conversations certainly hasn’t.
Many accountants still focus too heavily on historical data. Many business clients especially need someone who will help them think about what comes next. That doesn’t mean pretending to have all the answers. It means asking better questions.
These are ten areas that can help shape more valuable conversations with clients.
Change
One of the simplest ways to demonstrate genuine interest in a client is to ask what has changed in their business and their life since you last spoke.
Of course, the more important question, however, is what changes lie ahead.
Have their customers’ expectations shifted? Have buying habits evolved? Is the business model that worked a few years ago still fit for purpose? How is AI impacting or likely to impact their clients, customers and business generally?
Businesses routinely insure themselves against unexpected events. They should also spend time thinking about how they will survive, or even thrive,as markets, technology, society and the economy continue to change.
Customers
How well do your clients really understand their customers today?
Are they keeping close to existing customers? Are they finding new ones? Have they adapted the way they communicate and deliver their products or services?
Businesses that lose touch with their customers often don’t realise it until it’s too late.
Costs
Most business owners know their turnover. Far fewer have a firm grip on their costs.
Can they distinguish between direct and indirect costs? Are there recurring costs that no longer deliver value? Have they reviewed subscriptions and software that have quietly accumulated over time?
Of course, clients may also be reviewing your fees.
That makes it even more important that you consistently demonstrate the value you provide, rather than simply the work you complete. The cost of changing accountants is often far greater than the saving, but clients need to appreciate why.
Cash
Profitable businesses can still fail if they run out of cash.
Sales are important. Collecting the money matters even more (Turnover is vanity, Profit is reality, cash is King!)
Cash flow forecasting has become one of the most valuable management tools available to business owners. It highlights potential problems before they become crises and provides confidence when opportunities arise.
Many accountants are well placed to help clients build simple, practical cash flow forecasts that become part of regular decision-making rather than an annual exercise.
Cloud computing
Cloud technology is about much more than bookkeeping software.
Online payment systems, appointment booking, document storage, CRM systems, workflow tools and marketing platforms can all make a business more efficient.
The important point is not simply choosing good software. It is choosing systems that work together.
Helping clients think about integration before they invest can save considerable time, frustration and expense later.
Connections
Successful businesses depend on good relationships.
How connected are your clients with their staff? How well do their teams communicate with each other? Are they maintaining strong relationships with suppliers, customers and advisers?
And are you making it easy for clients to stay connected with you?
Compliance
Compliance may not be exciting, but it remains fundamental.
Helping clients stay ahead of changes in legislation and regulation reduces risk and avoids costly surprises.
The best compliance conversations are proactive rather than reactive.
Competitors
Many business owners spend more time looking inward than outward.
Encourage clients to understand what their competitors are doing, how their market is evolving and where opportunities may exist to differentiate themselves.
The objective isn’t to copy competitors. It’s to remain commercially aware.
Communication
Poor communication creates unnecessary problems inside businesses as well as with customers.
How effectively do clients communicate with staff? Are expectations understood? Do customers know what to expect? Are issues dealt with promptly?
Small improvements in communication often have a disproportionate impact on customer satisfaction and team performance.
Crisis management
No business expects to face a crisis, yet every business eventually encounters unexpected challenges.
Whether it’s the loss of a major customer, a cyber incident (hacking), supply chain disruption or reputational damage, having thought through possible responses beforehand allows business owners to react more calmly and effectively.
Planning for difficult situations is not pessimism. It’s sensible business management.
Better conversations create better relationships
None of these topics is about you selling additional services.
They’re about demonstrating that your interest extends beyond the year-end accounts and tax returns.
The question I often ask when working with accountants is this: what conversations are your clients not having with anyone else?
Very often, that’s where the greatest value lies.
When clients see you as someone who helps them think as well as someone who helps them comply, your relationship changes. And once that happens, the conversations become far more interesting for both of you.
