Accountants evolving into L.E.A.D. Advisors for their business clients
Ninety percent of accountants state in benchmarking surveys that they want to grow their non-compliance and business advisory services, yet industry data shows only one in ten firms is achieving this to any significant degree. This progressive ten percent of firms have worked out how to cross ‘The Value-Add Chasm’.
Most accountants are what we term, ‘LAG Advisors’, merely reporting on historical financial measures and ensuring their clients’ compliance-related obligations are met. And that’s important work, don’t get me wrong.
But it’s work that’s diminishing in its returns—both financially and professionally—for accounting firms. You know this already: Automation of lower-level compliance is happening more and more; outsourcing compliance to lower labour cost countries is now common practice; legislative changes also loom as a threat in some bread-and-butter lower-level compliance areas for accountants.
We’re starting to see more accounting firms getting serious about evolving into being more than LAG Advisors for their business clients.
And it’s not about “being proactive”. That’s a vague motherhood statement. You can “be proactive” around compliance and tax. Evolving into a having meaningful advisory relationships with your business clients is about something much more specific than “being proactive”.
The 4 Elements of a L.E.A.D. Advisor
Systematically providing more value to your business clients is about focusing on four key areas as a business advisor:
- L: Leverage
- E: Education
- A: Accountability
- D: Direction
Business advisors who have worked out how to market, sell and realistically scale and deliver their advisory services by focusing on these four areas are L.E.A.D. Advisors. What drives us at PARADOX is helping accountants evolve from being everyday run-of-the-mill LAG Advisors, into progressive and profitable L.E.A.D. Advisors.
There’s a framework for being an effective L.E.A.D. Advisor for your business clients. It involves:
- a shift in mindset,
- development of new skills around the ability to communicate value so you sell your value-add advice, and
- use of systems and tools to facilitate the process.
Are you a L.E.A.D. Advisor or a LAG Advisor?
The first step is to understand the differences between LAG Advisors and L.E.A.D. Advisors. That’s what we covered in this webinar, the recording of whichis free for you to watch now:
Feedback after the webinar included this email…
Hi! I just attended your LEAD Advisor webinar – it was AWESOME – I wish I had had a few of my clients on board / listening as well – I can see this vision working really well particularly with a Barrister client of mine who specialises in Employment Law.
Chris T. — Tauranga, New Zealand
If you’d like to know more about our Modern Marketing ImpleMENTOR program for Accountants and Business Advisors and your clients, get in touch with us here and we’d be delighted to speak with you.
And if you have questions or comments about what you’ve seen in the webinar recording above, please enter your comments below.
We look forward to helping you evolve your accounting and business advisory firm to the L.E.A.D. Advisor level…