It’s undeniable that the COVID crisis has been tough on small businesses. However, many are showing resilience with an increase in the amount of businesses trading in the UK since June, according to the latest Government data.
Growth in new businesses
As with past economic crises, it also brings the potential for new businesses to be born. People have used furloughed time or redundancies as an opportunity to start a side business, or to make their passion their full time job. Online selling is thriving, there are opportunities for innovation and working from home has become the new normal.
Although these businesses may start small, there is always the potential for growth. This offers a great potential client base for accountants, as new business owners are often in need of accounting support.
How to reach smaller clients
Micro clients can often try doing their accounting themselves until they realise they need some help. Joining the new Bokio Partner Program is a great way to help find micro clients, especially those who have recently started their own business.
The Bokio Partner Program is offered by Bokio accounting software. When you have 5 or more clients using Bokio, you can be listed on our website. Our user base of small businesses and sole traders can reach out to you directly to become clients. You’ll also get personal support to help you use Bokio in the best way to support your clients, and a Bokio Accounting Partner logo for your website.
We want to help you work with small businesses and sole traders to ensure they have the advice and financial help they need to make running their businesses easier.
How can you support small business owners?
Small business owners have a specific set of needs, especially during times of crisis.
Advice and coaching
One of the most valuable things you can offer micro clients is advice and support. Whether they’re starting a new business or trying to make it through the current climate, they need an expert they can rely on. Offering tailored advisory services and coaching can ensure your clients feel supported and their finances are on the right track.
Regular contact with micro clients is a must, even if it’s just to check in and see if any of their needs have changed. Simply offering your clients reassurance can be valuable too.
Financial support
While newer businesses may not be eligible for government support, it’s important to know of any financial support options they may not be aware of. There are also options to defer tax payments if they are unable to pay due to coronavirus that could be helpful to keeping small businesses running.
Help reduce costs
While you may not be able to lower your fees, there are other ways to help small business owners reduce their costs. Looking into their expenses could provide valuable insight into where they can cut costs to increase their profits.
Working with micro clients
Micro clients are more engaged with their businesses, and could be more willing to be hands on with their accounting.
Collaborate with your clients
While small business owners may lack experience in accounting, you can help them learn by actively involving them. Collaborating with an online accounting software like Bokio is one way to make sure that everything is in one place so you have the information you need to do their accounts.
Use technology
Technology is a great benefit here. Accounting software features like receipt capture apps, bank feeds and integrated invoicing and expenses help make your job easier by having current information. Plus, when your clients use invoicing and expenses to run their business, they have a one stop shop for handling finances on their side too.
You can also automate repetitive tasks to help you save time and offer advisory services instead. Bank feeds, bulk recording and automated VAT Returns generated from bookkeeping can help make day-to-day tasks quick and efficient.
Supporting micro clients during COVID not only gives them the security they need, but also offers you a client base with great potential to grow into profitable businesses long term.
You might also be interested in
