Brand loyalty starts from birth in some industries but sadly, kids don’t tend to grow up inspired by their local accountants. It’s been reported that larger banks can earn tens of thousands of pounds per customer, per lifetime from targeting children. Having a position like this in people’s lives certainly gives banks a head start in terms of customer retention. But how do we determine why people leave brands? Let’s discover the main reasons clients switch accountants….
Accountants not understanding the client’s business
How can you properly advise a client and add genuine value to their business if you don’t understand what they do? As a business investing in a professional accountant, you should expect them to ask questions, listen and remember! This should be continuous and if you’ve had an accountant for a few years and they’ve never done this – then you need to be asking yourself if they’re the one for you. The questions don’t need to be complicated, they just need to be asked: How is your forecast looking this year? How did you perform against it last year? Can you give me an idea of your sales targets this year?
So many businesses are let down by their accountant – asking a few questions provides insights that can be unlocked and transformed into informed action to drive real results with the help of a good advisor.
Not being visible
How often do you see or speak to your accountant? If you only hear from your accountant at the end of the year, it is unlikely that they will be tuned in to your business. No one wants to be a box to tick.
A lack of communication with clients is a very risky strategy in 2017 and will only become more so. Combine that with a bill that lands in your inbox for, erm, what was that for? What did my accountant do this year? Before the cloud, the world was different and a time-delay was commonplace but, as more firms move to the cloud and adapt to the market, your choices as a client are endless.
Being unable (or unwilling) to explain things simply
It’s not true that all accountants are poor communicators. It is true that some accountants use industry jargon as a way of keeping their clients in the dark and making themselves seem more valuable.
You have to make sure that your accountant is on the same page as you – do you really understand your way around a P&L and Balance Sheet or do you need their help? If they’re filling your head with words you don’t understand it is counterproductive. You’ll feel less connected to your finances than before the meeting, a good accountant wants to make you feel safe, secure and protected not confused and apprehensive. Keep things simple is our motto – there’s no sense in confusing people just to make ourselves seem more impressive.
So there we have it, the top reasons why business owners choose to leave their accountants – one thing is for sure, it’s worth asking yourself if you’re getting everything you could be from your accountant?
Whether you’re starting off, established or looking for an exit we have all the services you could ever need. We’ve been supporting Scottish businesses to grow and prosper since the 1920s. Get in touch to find out how we can help you feel more in control of your finances and spend more time doing what you love. For further information on how our team of specialists can help you, please contact us on 01383 721421 or email email@example.com.