Listen to what comes next

A client might say, “We are thinking about taking on another employee.” That could lead to a discussion about affordability, payroll costs, cash flow and whether the additional employee will generate sufficient extra income to justify the cost.

Another might say, “My business partner is thinking about retiring.” Suddenly there are questions about succession, share values, funding a buyout and the longer-term ownership of the business.

Or perhaps a client mentions that someone has approached them about buying the company. That potentially opens an entirely different conversation about valuation, preparing the business for sale, tax consequences and, perhaps most importantly, what the owner actually wants to achieve.

Even a relatively straightforward comment such as, “We need to replace some equipment”, could lead to discussions about funding, cash flow, available tax reliefs and whether buying or leasing is the better commercial option.

The opportunities are often already there. The difficulty is discovering them.

You do not need to sell

Many accountants are uncomfortable with the idea of selling advisory services to their clients, but fortunately they do not need to. Asking a client about their plans is not selling; it is simply taking an interest in their business and what they are trying to achieve.

Nor does every answer need to result in an assignment. A client may tell you that nothing much is expected to change, while another may mention something that does not require your involvement. That does not matter because the objective is to create a conversation in which clients become accustomed to discussing the future with their accountant rather than only talking about the past.

Over time, that can change the nature of the relationship and, importantly, the client’s perception of the value their accountant provides.

Try it with ten clients

There is no need to launch a new service, buy software or organise a marketing campaign. Instead, start with ten clients, perhaps people you speak to regularly, businesses that are growing, or simply clients you think would benefit from a wider conversation.

Ask each of them:

“What is likely to change in your business over the next 12 months?”

Then resist the temptation to immediately offer solutions. Ask another question instead. Find out why they are considering the change, when it might happen, what concerns they have and what they hope to achieve.

Most importantly, listen carefully to the answers because one comment may lead to another and reveal an issue the client had never previously thought to discuss with you.

You may discover that some of the best advisory opportunities in your practice are not opportunities you need to create. They are already sitting within your client base, waiting for someone to ask the right question.