There is a well-worn cliche asserting that it’s folly to keep on doing the same, failing actions whilst expecting a different outcome.
Many accountancy firms are caught in this dynamic: they cannot get past the notion that clients won’t pay for advisory services so they plug away at delivering compliance services and struggle to maintain profitability as leaner – perhaps less qualified – individuals offer the same filing and smiling routine for less money.
And let’s be clear, clients will not buy non-compliance services from you unless they can be convinced that the value they attach to the work is greater than the £ cost of you delivering that service.
Therefore, the logical question we need to grapple with is how do we communicate value?
What comes first?
Logically, you need to create and offer a range of services that stand a chance of appealing to your client base. For each “valued” service – non-compliance activity – you offer, you will also need a strategy that convinces clients to part with their hard-won cash-flow; that the value they can expect is more than the investment they are required to make.
Fee Building 2020
One way to tackle this issue is to consider the problems that we are all subject to and then create services that deal with those specific problems. For example, Brexit and the Coronavirus will conspire to damp-down demand for goods and services. Restaurants are already losing bookings and a reluctance to travel is likely to hit the travel industry and airlines.
Landmark is tackling this issue in 2020 as part of its Fee Builder initiative.
Our founder, Bob Edwards, is channelling all his ideas for fee development through this service. Subscribers receive one idea a month that they can consider taking on as a new slant on an existing service or a brand new income stream.
As part of each month’s output, we will be highlighting the problems and issues that our “idea” tackles and how to communicate the value when offering the service to clients.
We will also be including draft emails that communicate these issues: problems addressed, the solutions and value.
Time to fix your attention ahead and try out new ideas
Fee Builder is reasonably priced – just £55 plus VAT per month – no long-term lock-ins and you can cancel at any time. Give it a try, the first month’s copy is free.