You might also be interested in
Replies (27)
Please login or register to join the discussion.
I think you're
wrong Mark (no surprise to you). Most client relationships are built on trust and getting on. Accountants do more mixing of business and pleasure than any other trade/profession. So to get to know your client, spend idle chit chat while discussing the accounts and the future. Don't forget, Mark, there are only so many hours in a day when your client will want to talk to you unless, of course, they are a social client as well.
Many years ago, when I was subcontracting to a friend who had a large Accountancy business, he said to me "I envy you". I was astonished. There was this bloke with a really good practice saying he wanted to be me. After the initial shock we got down to brass tacks. Apparently because his business had grown to a very respectable size he was losing contact with most of his clients. Yes he was on the golf course etc. with the bigger clients who were bouncing ideas off him (which very few came to fruition). His point was that he had lost touch with what made him want to be an Accountant in the first place.
In any business there may come a time when you have to make a decision that you either do the work yourself or stop doing the work and concentrate on PRing your clients.
In Accountancy the balance is nigh on impossible to achieve.
So, Mark, I think the opposite is true. Do not spend too much time with key clients, because, like my friend, you will lose your identity.
@Mark
Yes, I disagree with your posts, but only because I disagree with the way you approach what you are doing.
Your post says that the classic mistake made by Accountants is not to spend more unbilled time with key clients. I have tried to show, in my post, that you are wrong and the classic mistake is not to forget what made you an Accountant in the first place. You don't want clients saying "they've got too big for me now".
Our ideas of what an Accountant is and how you develop a practice are very different that's why my posts maybe perceived as a witch hunt. So watch out Friday.
I do not think that the term "return of investment" has any place in the Accountancy profession other than advising clients.
You're quite right
Mark. All you need is the edges rounded up a bit (get rid of the sales patter) and I think you would make that step from being above average to exceptional and could well be the future bridge between HMRC and agent strategy. That's if you allow yourself to take a step back, adjust, then move forward.
@Mark & Secondhand
Have articles got to be agreed by everybody? Mark probably posts more articles that anyone else and as I disagree with some of his comments am I not allowed to say so?
If you don't like criticism, Mark, don't post.
Mark writes an extremely good article but IMHO sometimes loses his way.
@Mark. I think you are wasting your talent on writing these articles when you could be spearheading Accountants push for agent strategy, allowing us to take over the administration of HMRC, leaving HMRC to do what they should be doing and that is catching crooks.
@Mark
I think your idea of a classic mistake is wrong. I have told you why and what I consider to be a mistake that some Accountants can make.
Please tell me what part of that is not a valid criticism and misguided?
Are you that vain that you think I go through every word of every post to find something I disagree with?
I will take you through my thought process. I saw the headline "Don't make this classic mistake". Being an Accountant in practice I thought "perhaps I should look at this to see if I'm doing anything wrong" (I know I'm not perfect and I also like learning and getting other peoples views). The rest is history.
good grief!
Life is simply too short. I don't know either party nor have an axe to grind. Constructive criticism and / or debate is a good thing. However to be picky and argumentative and miss the benefit that others can take away from the article is not.
Lets vote....
John says says....
Many years ago, when I was subcontracting to a friend who had a large Accountancy business, he said to me "I envy you". I was astonished. There was this bloke with a really good practice saying he wanted to be me. After the initial shock we got down to brass tacks. Apparently because his business had grown to a very respectable size he was losing contact with most of his clients. Yes he was on the golf course etc. with the bigger clients who were bouncing ideas off him (which very few came to fruition). His point was that he had lost touch with what made him want to be an Accountant in the first place.
Hands up all those that want to play golf? ( like me...)
Hands down all those who want to be preparing a tax comp?
@Tom
Played the game twice. Spent more time looking for my balls than getting it in the hole.
Doesn't your computer prepare the tax comps these days?
I agree, sort of!
My clients get my attention, not potential clients. I do not network much at all, I'm not a natural at it and small talk, and I do not have much time for it - who does? So why worry about networking? Where do most clients come from? Existing client recommendation. Therefore, I agree with Mark, concentrate on looking after existing clients, not on the golf course, but from the office. Large firms lose the personal touch with clients because clients become a number, whereas small firm partners are able to keep a more hands on approach. Richard
No More Networking
I don't do it any more. Everywhere I go there are too many bloody accountants.
I am useless at networking
I don't do it any more. Everywhere I go there are too many bloody accountants.
I found that either:
the people I met wanted a hefty discount (because they are in the same network)if they gave me a lead they expected one back (not always possible and puts an end to future leads)
It works for some, but not for me. I got fed up of the follow up calls from other networkers trying to get my business and/or referrals from me. The more pushy they got the less likely I was to refer them. I don't want our clients subjected to such pushy people as we promise our clients they won't be subjected to hard sell tactics or persuaded to buy services they don't need.
I found it a complete waste of time, but as I said .... I'm not very good at it.
there's a lot of wasted time that could have been devoted to billable activities.
Tell me about it,is it just me or do others not bill for everything they should do.
@Andrew
You are obviously doing your job as an Accountant properly because there will be unbillable time but it's certainly not wasted.
Unbillable time
Morning John
Thank you for your message, i think sometimes i am to close to the clients and feel un-comfortable about billing, going forward I may step backwards and be more mystique regarding my duties.
Ah the old
"mystique duty" ploy eh. The more you tell me the more I feel you are doing the right thing. Getting close to your clients on a business level(some will naturally turn into lifelong friends) is what being an Accountant is all about. Knowing your client inside out, then when you discuss matters, you're both singing from the same hymn sheet. So the unbilled time spent getting to know your client not only isn't wasted, but your client will be at ease passing your name on to others. Don't look to bill at every opportunity. You will not make loads of money but you will build up a very successful, profitable and highly recommended practice and IMO that cannot be beaten.
Well done
Mark, you nearly made it. The main difference was that you said you should make time for key clients. My point is that time spent, naturally with all clients would eventually bring rewards. Not too far off though.
Attending regular networking events = waste of time...
When I went to the Accountex event a few months ago (v good - worth going) one workshop speaker kept saying that Networking was key to new clients and in particular BNI was the group to join. Trouble is... only one of the same profession can attend. And of course that place will already have been taken by another accountant.
Whatever the networking event you will find that they are full of accountants as TaxTeddy says - same with solicitors.
There is the Chamber of Commerce but you'll find the same there. Those of us who live in the sticks will find only one or two networking groups and at each event you meet the same people..
When I had a moan at BNI about being so many accountants they suggested i start my own group but that would take up all my time such that I wouldnt do any work!