Co-founder of The Outperformer, Brad Eisenhuth, spoke to Accountants Daily about how the accounting industry is responding to the new needs of SMEs.
Mr Eisenhuth said that while SMEs sometimes don’t know what they want, firms can stay one step ahead by offering more than just accounting services as part of a hybrid model.
“A hybrid type model is starting to evolve. What the hybrid model offers is a conglomerate of accounting, marketing and technology; and if you consider the small to medium market, the three go hand in hand,” he said.
Mr Eisenhuth said the hybrid model is attractive to SMEs because it’s more of a one-stop shop for all of their needs.
“When you think about an SME, they're time poor. They’re out there trying to scramble business. They haven't got the ability to attract the high-performing staff as much as large companies do. So when I look at a hybrid model, it reduces the number of touch points, and actually can be really beneficial,” he said.
“[For SMEs], there’s usually more than one issue and because there's a single relationship, it's actually a lot easier for some organisations.”
However, Mr Eisenhuth said the risk involved with a hybrid model is that all areas must be providing the same level and quality of service to retain clients.
“The downside of that is let's say, for example, marketing doesn’t perform, then they potentially lose the entire client,” he said.
“So there are risks associated with it.”