providing value added services to clients by accountants in practice
TRANSCRIPT
Manager,
Audit Quality Monitoring
ICAG
byAccountants in Practice
Belinda Odonkor
La Palm Royal Beach Hotel – 25 November 2014
Expectations?
What is Value Added Services?
Providing Value Added Services as a process
Skills needed to provide value added services
Ways to bring Added Value Services
Costs, Benefits and Challenges of Providing Added Value Services
Key Discussion Topics
• What value do you place on your self as a professional accountant and your firm?
• Are you devalued?
• Core Services and Value Added Services?
• Are you providing value added or devalued services?
• Added Value and Value Added. Any difference? Additional Services?
Preamble
Taking your client service to the next level
Solving problems you’re not expected to solve or beyond the adequate solution
Soft terms – the way it resonates with the clients’ internal and emotional world
Definition - What is it?
Definition - What is it?
• Different for every client depending upon his goals (Differing needs and priorities). Value perceived by each stakeholder is different
• Value you bring clients goes far beyond just doing the job you were contracted to do.
• Behavior or service beyond their expectations (Going beyond what is realistically expected of you i.e. the norm)
• What is your “service or product” ?
Providing Value Added Services is a process…
• Starting point (Your firm)
“Before thinking about value-added, it is important to make sure that your current level of service is at least as
good as your competitors. Otherwise, no amount of value-adding will keep your clients from shopping
around”
Providing Value Added Services is a process…
• Not a one time or one off exercise. Continuous process of consciously seeking ways of adding value . Takes a lot of effort. Need to know client inside out.
• Needs to be revamped and adapted to changes in client’s objectives, concern and business environment. Proactive
• Providing value is a principle that you need to drive your business with.
Importance of providing value added services. Why?
• What are you doing differently? Actively look for ways tobring value to your clients
• Provides you the opportunity to differentiate yourselffrom other practicing accountants?
• Creates lasting memories in the minds of clients
• Clients would sing your praise to their colleagues whoeventually are potential clients
Importance of providing value added services. Why?
• Rise up to the challenge. Keep up with the pace.
• Provides the opportunity for you to demonstrate yourother capabilities to your clients.
• Demonstrates your understanding of the clients business
needed to provide value added services
• What skills do you bring to the table. Thinking global or acting in your comfort-zone
• Think outside the box or remain clogged inside
• What will make you a practisingaccountant of value?
Skills needed to provide value added services
• Must be a total breed
• Ethical, Integrity, Build relationship with your clients based on trust
• Software applications that matter to the business of your client.
• Knack for Business Development
Skills needed to provide value added services
• Street Wise: Ask questions, be witty, generate ideas, be curious about events around you.
• People skills. Don’t lose out on the social side of life and become an introvert.
• Thorough understanding of client’s stakeholders, business, technology and operations as a whole
Ways to bring added value to clients.
• Networking - Do you have clients that might mutually benefit from meeting each other?
• Share Knowledge (Articles, Publications, Facts/News Items, Presentation Material), Interesting and relevant articles
• Take your clients to interesting events that might benefit them for networking or exposure to other clients
Ways to bring added value to clients• Participate in clients events
• Have you noticed any events that you could notify your client about?
• Or seen any business opportunities in the local paper? It’s simply looking at opportunities that might be useful to your client.
• New and interesting ideas based on your experience.
• Providing cutting edge service to their clients
Ways to bring added value to clients
• Listen and Observe carefully. Client should define the added value. No two clients are the same.
• Appearance is important. Dress professionally for the occasion.
• Serviceable – Availability, First point of call, Interesting and relevant articles
Ways to bring added value to clients
• Create real relationships – get real and personal (TLC); personal approach
• Don’t just ask questions about clients business but ask questions about themselves and their lives
• Ask real questions, honestly care about the answer and create a real connection.
Ways to bring added value to clients
• Good Communication. Pick up the phone. Do not be unresponsive. By hearing your voice clients will feel more connected to you.
• If you can show your clients that you are thinking of them, even when they aren’t directly paying for it, they’ll probably think of you first when they do need a service.
Costs of providing value added services?
Time
Money
Human Resources
Benefits of providing value added services?
Sets you apart from the competition
Boosts client relationships and client retention
Advocate for your business among other potential clients. Extensive referrals and growth
Value added resonates the idea that you are providing quality services. Positive correlation between quality services and value added services
Challenges of providing value added services?
The position of your firm
Sole/Small Practitioners
Part-time practitioners
Type of clients
Value added services
Are you providing value added services
without realizing it?
What examples can you share of how you
provide value added services to clients?