Accounting practices that want to grow their value added practice revenue should:
- Firstly, procrastinate no-longer. Just get started with one easy to implement value added service first. Once that service has been rolled out and existing clients are starting to use it, the practice can then look at adding a second service. An ideal first service is a Tax Planning Review service. This is an ‘easy sell’ to clients as clients are often asking their accountant how they can save tax.
- Commit the time and dollars to retraining. Fifty percent of an accountants training should be on value added business services, strategies, and ideas. To date, many accountants have focused one hundred percent of their training time on accounting and tax compliance.
- Draw a line in the sand and commit to having a minimum of 10% of the practice’s annual revenues coming from value added services within twelve months. This objective should be committed to in writing as written goals are much more powerful goals (and have a higher achievement rate). This is probably due to the fact it makes you work harder and focus, so as not to embarrass yourself.
- Develop their selling skills. The value added services are of great value to clients but they will not sell themselves. Clients don’t know why they need these services or how they add value to their business. It is the accountant’s role to communicate the benefits.
Value adding services are an opportunity for accountants to make their work more meaningful, interesting, challenging, and profitable.