Carol McLachlan has an interesting take on the recent AccountingWEB debate: Accountancy – Shape Up or Ship Out:
On the subject of SMEs reluctance to invest beyond compliance, I go with fundamental marketing wisdom, that something must be done to improve the value proposition. If they don’t buy its because we’re not successfully communicating value. And I also surmise that this may be where CPAs have an edge; with their maturer holistic skillset they’re simply better placed on the selling side.
Communicating value – an interesting idea. Do professionals know the value they deliver? I suspect the answer is largely ‘no.’ Could they communicate it if they knew? Again, I suspect the answer is ‘no.’ Not because they’re incapable but because they struggle to identify with the client.
But then there are plenty of voices who will argue that compliance is all the SME wants. If that’s true then professionals need do far more than communicate. They need to understand what they want to deliver and assemble a client portfolio that reflects those deliverables.
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I have tried the Accountants Boot Camp and Added Value Network and have tried Harris Walters Wealth Planning and Strategic Planning and Uncle Tom Cobley's marketing services (joke!) and my view is that >99% of SMEs do not want added value services. They may well bitch about the economy, lack of money, paying too much tax, etc., etc.,… but when it comes down to it they regard an accountant as a necessary evil and will therefore buy on price alone.
This isn't helped by the vast number of non-qualifieds and a not insignificant number of chartered firms who think success is quoting less than the incumbent and/or the competition.
Added to this is the fear of being sold a pup. Witness the number of "consultants" selling snake-oil to small businesses. And I would include the banks in this category who seem to think of a small business as solely a "selling opportunity".
I think the future depends on two things:
1. Being able to sell compliance services at minimal prices but with quality control this will be a nightmare: and
2. Finding enough clients within your practice (