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Do firms still need a high-street presence?

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The pandemic has brought about many changes in the way we do business, especially how and where we meet clients. In the second of this three-part series, Norman Younger looks at how far firms are moving away from geographical ties.

29th Apr 2022
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Theresa May famously coined the phrase “citizens of nowhere” and it was a hotly debated and highly charged point that she raised, albeit totally unrelated to accountants and their clients. However, that speech does raise the issue of people and their geographical ties regarding the traditional accountant-client business model.

Post-Covid it has taken on more than a passing relevance for accountancy practitioners, especially those seeking to expand beyond their immediate locality without the headaches and costs of a second physical location, and more so for newbies seeking to escape the shackles of employment and turbocharge the growth of their part-time or “bedroom” practice.

As firms were forced to interact with clients over the ether during the pandemic, it rapidly became clear that it suited both parties. What was not, however, immediately understood was that if clients do not need to actually sit across the table from their accountants, then why did they need one based nearby. 

Beyond geography

So, if geography no longer matters and traditional high-street accountants face the same fate as high-street bank branches, what’s to stop you reaching out to new business throughout the country? Nothing, save for a robust digital marketing plan, decent hardware, software and know-how.

Of course, it’s easier said than done but there are firms streaking ahead in this area and there is robust demand from buyers seeking these types of clients, often keen to learn the secret sauce of success from the sellers to be able to roll it out themselves.

No doubt if you needed to visit your GP during the pandemic, you settled for a virtual consultation, albeit possibly with reluctance and resentment, at least initially. Ultimately you realised it saved you a lot of time and actually makes sense, certainly most of the time. The NHS imposed these long-overdue changes and as a business person cannot do that, but it has changed mindsets.

Hybrid model

It is likely that we’ll see a hybrid model, where most firms do have a physical presence, even if it is a shed on an industrial park, giving local clients the option for a face-to-face. But in the main clients will be serviced remotely, wherever they are located, with a large cohort of those who don’t mind having to travel the length of the country on the odd occasion where nothing beats being in the same room.

For some practices the only compelling reason to maintain a high-street presence is to maintain a semblance of the traditional shop-front model that aims to catch passing trade, whatever might be going on behind the scenes. High-street practices may not be the in the vanguard of the virtual revolution but I wouldn’t write them off yet!

Replies (2)

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By Hugo Fair
29th Apr 2022 11:43

Two comments:

1. "No doubt if you needed to visit your GP during the pandemic, you settled for a virtual consultation, albeit possibly with reluctance and resentment, at least initially. Ultimately you realised it saved you a lot of time and actually makes sense, certainly most of the time."

I know of no-one for whom this experience 'made sense' - and I speak as someone who had several medical 'major interventions' in the last couple of years. Everything other than ambulance-level emergencies has to be funnelled via your GP ... difficult when they're inaccessible.

On one occasion I was phoned by the surgery receptionist who informed me that the Dr would like to have a phone appt with me - after a pause I said that I had my diary to hand so when would suit him? - "Oh no", came the reply, "you'll have to phone to make the appt" - "But I'm on the phone because you called me, and I can never get through to you when I call" - "Well you'll just have to keep trying every day until you do" was her response. [This by the way was related to biopsy results determining my need for potential major and immediate surgery].

2. ".. their geographical ties regarding the traditional accountant-client business model."

This (and the rest of the article) might be true for the OMB style of business, but face-to-face with the client is only one (relatively minor) aspect of whether or not an office is required - which in turn seems irrelevant to the title's reference to the High Street.

An office (or work facilities of any type or location) has many other purposes ... many of which may be more important than the client interface. For starters - pools of specialist knowledge with co-workers rather than silos of expertise, and the ability for (good) management to spot the early signs of stress (individual or systemic) and deal with it before it festers or cracks.

Also, the cavalier reference to "decent hardware, software and know-how" is facile at best. If you are not an OMB then your investment (in time as well as money) to get this right will be substantial - and ongoing (it doesn't look after itself).

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Norman Younger
By Norman Younger
09th May 2022 11:57

I have experienced the GP mullarky but I also had virtual meetings with 2 consultants during covid and it saved me a lot of time. The first sent me for a raft of tests and the second did not need to progress as this condition resolved itself prior to a second meeting to consider minor surgery. Last year I required surgery on a different matter and this consultant met me throughout face to face, as the complaint did require a good old poke and twist.
Most of my and my wife's GP interactions since covid have been by phone and it worked well avoiding the need to sit for a long time in a waiting room where one can catch all sorts.

The article was clearly aimed to cover the client aspect of things rather than the staffing / teamwork aspect although that is of course a consideration. especially beyond the OMB. Meeting points or serviced offices might work well form a team angle but how would a client view it?

IT costs are a fact of life for all of us in business so I think your statement is a wee bit disingenous

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