Thursday 23rd May

The Pulse

The most important thing

Written by
James Evangelidis

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07
Feb

I’m assuming, if you’re reading this article, that you’re an accountant or at least working in the industry in some capacity. Let me ask you a question … “As an accountant what is the most important thing you do for your clients?” Over the years I’ve been given any number of responses to this question.

Some say, “Keep my clients safe & compliant”.

Others say, “Make their lives easier”.

While many say, “Get them a big tax refund”.

However, the most common response I receive to this fundamental question is, “to add value”. Like most business-speak terms, to add value just rolls off the tongue. It sounds right and makes people who hear it (at least at first) believe that everything is going to be ok and that you’re the right person for the job.

However, what does adding value really mean? We all know what adding means so let’s focus on the value bit. What is value to your client? Is your GEN Y self-employed IT contractor client wanting the same value as your 40+ years TAFE teacher? What about the single mother working two jobs or the construction company owner employing 100 staff?

It’s obvious that value means different things to different people. So how do you determine what is valuable for your clients and prospects? The answer is incredibly simple – you ask them.

A few months ago Thomson Reuters published a book I wrote titled, What do Accounting Clients Really Want?. The book is a series of 20 interviews of people who buy accounting services for their respective businesses. Statistically, of course, a pool of 20 interviews means nothing, however, 20 in-depth personal conversations does. Overwhelmingly, the people I interviewed want their accountants/advisors to invest in a meaningful relationship with them. They don’t mean the odd lunch and/or drinks after work; but rather a relationship that tells them (i.e. the client) that you have their best interests in your mind and heart. By having a close relationship you can truly determine what is of value to them and what isn’t.

Kym Warner is the CFO of The Coffee Club – a national chain of coffee franchises generating over $320m revenue annually. When I asked her, “What is the most important quality or attribute you look for in an accountant? Her reply was simple

… for me it’s about the relationship. I want to know that I can build a relationship with them…

Kym relayed the story of her first day as CFO for The Coffee Club and her relationship with her new external accountant.

It’s the relationship that we’ve built. I think the fact that when I started, my second day was the first day of our audit partner; we’ve really built a bunch of knowledge together. We’ve shared the improvements in the business, so she understands where we’ve come from. The partner herself is a lovely lady. Very professional, knowledgeable and commercial. If we have any toing and froing, I can talk openly and honestly with her, which is great, because everything they do has to be reported to their sister firm in Thailand, which is where our investors are based. I think this partner has a real empathy for my position; she seems to understand the pressures I’m under. I want our auditors to be honest and ethical, and sensitive enough so my role is not undermined with the board and stakeholders within the business.

It’s the relationship rather than the process that means more to your clients than anything else. What they are really after is someone who can connect with them. A conversation with a client over a cup of coffee will do more to deepen the relationship than sitting at a computer in your office. Don’t believe it? Why don’t you try it a couple of times – you may just surprise yourself!

For more information please visit www.whatdoclientsreallywant.com

James Evangelidis | Principal Consultant – Envoy Professional Search

accountant, business advice, business tools, clients, competitive advantage, customer service, image, marketing, people, retention, value

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What others are saying

Author

Peter Tracey

February 8, 2012 at 8:16 am

Well said James, could not agree more and relationship is no better modelled than in God’s great sacrifice in Christ Jesus.

It’s pretty obvious what we our creator intended for us in all area’s of our lives including business.

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- Author
  
  James Evangelidis Principal Consultant
  
  February 8, 2012 at 8:47 pm
  
  Thanks for the comment Peter. The model you quote between God & Jesus is the ultimate. Cheers, James
  
  Reply
Author

Lisa Cahill

February 8, 2012 at 8:26 am

I own and manage a small accounting practice (10 staff). When I think of the service providers that we use, and in particular the firm of solicitors we refer our valued clients to, the two lead partners have spent the time to build a personal relationship with me, and they are at all times professional, knowledgeable and commercial. This has built the trust that now exists between our respective firms, and has led to a more rewarding relationship, and better outcomes for our clients. Simple stuff James, but so important to come back to basics, in this crazy busy world we live in, because it really is about doing the basics right. Thanks for this important reminder.

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  James Evangelidis Principal Consultant
  
  February 8, 2012 at 8:51 pm
  
  Many thanks for sharing Lisa. Accountants & lawyers (by and large) are intelligent and capable people. Why is it that so many professional services firms – both & small – don’t seem to have the basics of relationship initiation & building in the front of their minds? Am I missing something! Keep well, James
  
  Reply
Author

Clive Nelson

February 8, 2012 at 8:30 am

James, I whole heartedly agree. It is all about developing the relationship. We can all attend to ensuring that the client maintains all compliance matters and we all want to ad value to a clients business but all this is particularly enhanced by the relationship. Particularly with small business it is about providing someone who has time to listen and to gain an understanding for how the person is feeling and hearing their concerns and hopefully proving solutions.

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- Author
  
  James Evangelidis Principal Consultant
  
  February 8, 2012 at 8:54 pm
  
  So true Clive. I really like your statement “… it is about providing someone who has time to listen and to gain an understanding for how the person is feeling and hearing their concerns and hopefully proving solutions” It shows that you really get it. Treating clients like human beings who (like you & me) have feelings. I appreciate your insights. All my best, James
  
  Reply
Author

Paul Vanderlight

February 8, 2012 at 9:00 am

I totally agree with the comments. By knowing your client, you can determine what their needs and wants are and can determine how to add value. Where better to add value but by improving an existing client relationship in the process.

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  James Evangelidis Principal Consultant
  
  February 8, 2012 at 8:56 pm
  
  Good stuff Paul. Keep on building those relationships! Keep well, James
  
  Reply
Author

Antoni

February 8, 2012 at 9:08 am

I like your advice on finding out how to add value – “Ask them” – but what if they don’t know the answer?

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  James Evangelidis Principal Consultant
  
  February 8, 2012 at 9:05 pm
  
  Thanks Antoni. You raise an excellent point. How can the client answer the question if they don’t know the answer. Often professionals, be they accountants, lawyers, consultants etc … try to unravel the client’s thinking by asking a question like “what keeps you up at night?”
  
  For many years I thought the question was fair enough to ask since it had been used in sales and business development contexts for many, many years. However, a few weeks ago I read something that completely changed my mind on the whole subject.
  
  I read the blog of well-known and respected management journal that blew my socks off. They claim that the worst possible question a professional could possibly ask of a client or prospective client is I fact “What’s keeping you up at night?”
  
  They claim that such a simple question that has been asked countless thousands of times all around the world for the last few decades is not only so completely wrong and but can and will simultaneously prevents sales while also destroying customer loyalty?
  
  Harvard Business Review (no less!) posted a blog that i think Antoni will help you get to the hub of the great point you raise. Here is the link – http://blogs.hbr.org/cs/2011/10/the_single_worst_question_a_sa.html
  
  Thanks for a great thought prompter!
  
  Warm regards,
  
  James
  
  Reply
Author

Scott Harrington

February 8, 2012 at 10:10 am

I agree James, while my overall approach is to make sure that all we do with our clients is to continue to grow their business, whether that be profits or business value, the key to “adding value” is to understand what the clients key driver is as if we miss this, we are unlikely to be as effective as we can be.

Taking the time to speak to clients about their business, rather than about the latest set of accounts or tax return will always pay dividends. During these discussions, from my perspective its all about listening.

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- Author
  
  James Evangelidis Principal Consultant
  
  February 8, 2012 at 9:08 pm
  
  Great stuff Scott. Listening is what it’s all about. As a famous old Greek bloke said many years ago, ““We have been given two ears, two eyes and one tongue.This means that we should hear and see more than we speak.” Socrates (469–399 BC).
  
  Many thanks,
  
  James
  
  Reply
Author

Helen Ali-Haapala

February 8, 2012 at 1:08 pm

Insightful as always James.

It is easier to understand the “numbers” and get it, when you have a good relationship with your client. Then you can add real value.

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- Author
  
  James Evangelidis Principal Consultant
  
  February 8, 2012 at 9:09 pm
  
  Nice one Helen. Thanks for the comment and encouragement. All my best, James
  
  Reply
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  John Manjariotis
  
  February 9, 2012 at 10:12 am
  
  Couldn’t agree more, James. Advice is much more useful when it is designed to respond to someones precise needs. The one size suits all solution is not going to be the best solution for everyone. It may still add value but it won’t maximise value!
  
  Reply
- Author
  
  James Evangelidis Principal Consultant
  
  February 10, 2012 at 10:14 am
  
  Thanks Helen. You’re right … the numbers bit is so much easier that’s why so many more accountants are comfortable with it and work in that zone
  
  Reply
Author

Mike Healy

February 8, 2012 at 4:38 pm

Thank you for the posting, James. I agree that the relationship and the ability to bounce ideas off an independent 3rd party, who knows your business, is a tremendous value-add to the business!
Mike Healy
CFO, Apotex Pty Ltd

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- Author
  
  James Evangelidis Principal Consultant
  
  February 8, 2012 at 9:11 pm
  
  Many thanks for the posting Mike. It’s always good to hear that a real live CFO (aka CLIENT) appreciates the importance of a knowledgeable 3rd party. Apotex is in good hands!
  
  All my best,
  
  James
  
  Reply
Author

Robert Lojszczyk

February 8, 2012 at 7:35 pm

In the first couple of weeks I caught up with the external auditors where they ran through the issues they saw in the business and what were some of the opportunities. They also introduced the team and advised where the relevant skill sets lay if assistance was needed

Robert Lojszczyk
CFO Vinidex

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  James Evangelidis Principal Consultant
  
  February 10, 2012 at 10:15 am
  
  Nice one Robert – thanks for the comment.
  
  Reply
Author

Craig Stanmore

February 8, 2012 at 9:25 pm

Good to see your wisdom is getting a birth at MYOB James! Ive read your book ‘What Do Accountants Really Want?’ and thought it was great. In fact some of the insights you provided in your book have found an out working in our practice. Look forward to the next instalment of wisdom!

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  James Evangelidis Principal Consultant
  
  February 10, 2012 at 10:16 am
  
  Wow – I’m humbled Craig. Many thanks for the encouragement. You can comment ANYTIME you like!
  
  Reply
Author

Karalyn Brown

February 9, 2012 at 10:08 am

I like the question “what keeps you up at night?” as James writes. I haven’t read the article referred to but I suspect that a really good consultant should be able to sift through the answer and determine whether what worries the client, is what they should be worried about – without going into fear based selling.

Great post James.

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  James Evangelidis Principal Consultant
  
  February 10, 2012 at 6:52 am
  
  Thanks Karalyn. You’re absolutely right. Fear-based selling is usually used by professionals who are not strong at the art of a conversation through which they should be able to sift through the noise and get to the heart of a client’s challenge/situation.
  
  Nice one,
  
  James
  
  Reply
Author

Doug McCluskey

February 9, 2012 at 6:09 pm

James – it’s always been about relationships – trust, empathy etc. Clients want long term relationships and this can only happen in an environment of mutual respect and trust.

So- well done you’re absolutely on the money !!

Doug

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  James Evangelidis Principal Consultant
  
  February 10, 2012 at 10:17 am
  
  Many thanks Doug. Mutual respect + trust = a long term mutually beneficial relationship.
  
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Author

Marina

February 9, 2012 at 11:57 pm

Hi James! I agree with you that there is nothing more important than the established relationship and ability to listen and understand people. As an auditor that comes for a couple of weeks I sometimes get to know people more that their close colleagues. When you are geniunly interested in people and what they think, you are always know how to help them.

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  James Evangelidis Principal Consultant
  
  February 10, 2012 at 10:18 am
  
  Thanks Marina – you’ll go far. Man alive an auditor that has a genuine interest in people!
  
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Author

Vanessa

February 10, 2012 at 5:19 pm

I hope Kym Warner’s accountant, shouted her some good quality Coffee Club coffee!

Too right James, accountants/tax consultants always fret over the technical side that they forget being human!

Now, how do we get the word out to every accountant out there to remember this ALL THE TIME?!

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Author

chrisbritton

February 13, 2012 at 7:20 pm

Hi James – Welcome to the Pulse. I am really enjoying reading the conversation you have started here about the relationship between accountants and their clients.

I have also really enjoyed reading your book. The MYOB Team will actually be giving away a couple of copies at each of our Roadshows that are happening around the country. The first one kicks off in Perth on the 24th of February. Click here for more information on the Roadshow: http://myob.com.au/roadshow

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- Author
  
  James Evangelidis Principal Consultant
  
  February 15, 2012 at 11:29 am
  
  Thanks for the warm welcome & encouragement Chris. All the best for the upcoming roadshow events. Look forward to catching up with you & the MYOB team in Sydney on 29 Feb.
  
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Author

John Green

February 16, 2012 at 12:21 pm

I can totally relate to what you’ve expressed James as it really gets down to creating trust which for some “technical” advisers is more difficult to achieve. Capability is normally a given when clients engage with an accountant (or for that matter any profesional adviser) but what distinguishes a truely engaged adviser from others is their ability to genuinely (without any manipulative intent) get to know their clients on a more personable basis. To engage at more deeper levels which in most cases creates better and more relevent advice being given.

I commend your thoughts on this often talked about but sometimes rarely implemented skill.

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  James Evangelidis Principal Consultant
  
  February 16, 2012 at 1:28 pm
  
  Thanks John. You are obviously a person who gets it! Keep up the good fight
  
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Danny Gompes

February 20, 2012 at 8:56 pm

I’ll go one step further. For the Accountant to be the “trusted adviser” requires the Accountant to be one or more steps ahead of where the client is, anticipating the way forward, navigating the options, asking the really challenging “what if” questions that no one else is prepared to ask. To my way of thinking, the relationship piece is a given. Without it, the value cannot be as effectively added.

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- Author
  
  James Evangelidis Principal Consultant
  
  February 21, 2012 at 12:05 pm
  
  Thank you for the comment Danny. You’re spot on. What use is a “trusted adviser” to a business owner if he/she can’t anticipate and guide their client in the right direction? Thanks for contributing, James.
  
  Reply