Helping clients by providing reliable business advisory services is, undoubtedly, a win-win situation.
Similar to other lines of business, accounting is also one that is fairly evaluated on the rates and prices of the accompanying services. To put forth simply, when competitors offer the same products and services, the one carrying the lowest figures in the rate card always wins. So, if your firm is operating in an extremely competitive market and offering a common range of services like bookkeeping, tax preparation and payroll, you can earn or lose potential customers on the basis of the price prevailing in the market. However, by adding some value added services to your portfolio, you can put your firm in a unique position in the market.
As per a recent study conducted in the US business world, accountants and accounting firms are looked upon as the most reliable and confidential business associates. It is this high level of trustworthiness that provides you the opportunity to move ahead of conventional accounting and offer trusted business advisory services to existing as well as potential clients. Adding quality business advisory services to your portfolio will certainly help your clients in the long term success of their business.
There are several different kinds of advisory services that one can offer to their existing as well as potential clients and some of the most important ones are related to:
- Risk Management
- Finance and Accounting
- Human Capital
- Information Technology
There are a number of reasons why offering value added services to clients will bring success to your accounting business in the long run.
No Price-based Competition
Higher rates are justified only when you can bring more services to the table. Offering business advisory services would certainly put an end to the need of justifying higher rates. You can very well control the rates and demand more by offering quality business advisory services to your A-List customers, and others who can afford quality services.
Business advisory services are capable of adding a couple more figures to the existing revenue numbers of your accounting firm. As they are based on the level of confidentiality and trustworthy services offered, you can enjoy more returns in comparison to the traditional and agreement-based accounting outsourcing services.
Better Relationship with Clients
It is an age old rule of doing business that ‘help your customers do wonders with their business, lock in a loyal customer for life. Offering reliable business advisory services will certainly help you forge stronger relationships with your clients, along with a great deal of word-of-mouth positive publicity in the market.