Bstar CEO Grant Bloxham says accountants need to develop service specialisations to grow their practice revenue and attract new clients.
“Accountants need to develop service specialisations based on the key needs of each of their client segments,” Mr Bloxham told Accountants Daily.
“Take the time out to think what your clients need and tailor solutions to those key needs. That’s critical, because each client segment has a different need.”
For small business clients, Mr Bloxham said the key issues are increasing sales profit and cash flow.
“Accountants need to develop solutions for those client groups because they have a lot of those small clients and their key need is to improve their profit and cash flow,” he said.
For medium to large clients, the focus is more on business valuation and succession planning, according to Mr Bloxham.
“As you start to grow your business and you get through the pain of improving your profit and cash flow, the needs change to how can I grow the value of my business, how can I protect it and eventually transition it either to staff or family or sell,” he said.
The other key thing accounting practices should be doing, which goes hand in hand with developing service specialisations, is creating leverage.
“What normally happens is the delivery of advisory services is left to partners and directors, but you can’t leverage that process,” Mr Bloxham said.
“As you develop service specialisations with key needs, then you invest in skills development in those areas so your staff can deliver those services.”
The final piece of the puzzle is marketing the service specialisations to attract new clients.
“To attract new clients, your marketing collateral should target their key needs,” Mr Bloxham said.
“Target these specialised services to new clients because they’re not currently getting it from the majority of their current accountants, and that’s the issue but the opportunity as well.”