Steal a march on the competition

A number of accountancy firms are currently making serious steps to race their way out of the recession. While the majority of their rivals are, understandably, focused on current business these rare few are looking ahead and creating a client winning edge.

Their aim is to come out of the downturn faster by marshalling resources and better organising themselves to serve up timely and highly valuable service packages that will satisfy future client needs. Such approaches are providing the forward thinkers with strong platforms for business conversations with both existing and new clients.

The first step these firms are taking is to bring together internal planning teams that draw on a mix of disciplines. These teams are working together to create services, products and business structures that will have more resonance with the firm’s markets in the mid and long-term future. Typically the teams are focusing on forthcoming changes in legislation and what the impact on clients will be; changes to market practices and business attitudes to risk services that, with a different delivery structure, can be “commoditised” to be more cost-effective for the client; and contacts’ changing attitudes to client service needs, adjusting the firm’s approach to better fit with the level of service different clients want.

Already, these teams have led a small number of firms to create more competitive fee structures for their services. It has also led a few to develop practical “thought leadership” activities, which are positioning up-to-the-minute expertise in the context of current and future market conditions. Research, business guides, articles, expert commentary, toolkits and products are being used to strike up business conversations with clients. These are helping firms forge closer relationships with target markets and spot new opportunities.

Some firms are also examining complementary dynamics in their client base and bringing clients together for mutual benefit. In some cases this has prompted st rategic business alliances, mergers and even clients investing in one another when bank funding proves elusive.

The clients of these firms are grateful for the positive interaction their advisers are making in their business and as a result are strongly loyal to and supportive of them.

John Timperley is managing director of The Results Consultancy