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A prospective client hands you two $1 bills and tells you his is on the top. Why is it better?
All accountants basically compete with all other accountants, yet we all do pretty well. Part of the reason is that we do a reasonably good job of applying our knowledge and experience to provide value to our clients. Some might have more experience, some have more knowledge, and some less of each but a great ability to apply what they have to add value to the client.
What clients want to know is not how much we know or how much experience we have, but how well we will do for them. No one could ever know this until situations arise and they see us function under fire, the press of deadlines, and the need to pull rabbits out of a hat. What they don’t want is to find out, too late, that they made a terrible choice. Personality, how well they like and get along with the accountant, the great meshing of feelings and social outings, and possibly the low fees, won’t mean anything if the deal doesn’t get done the way it needs to.
My imaginary client devised a test to see how an unprepared accountant he is interviewing would respond. Is she or he quick on their feet, do they grasp the big picture, are they goal oriented, are they creative and convincing, and do they offer suggestions to expand the discussion so they could get enough information to focus on the right issues and not get mired in unimportant details?
If a prospective client handed you two $1 bills and asked you why theirs is better, how would you respond? Prepare your response, but as unlikely as it is to be asked this question, it is likely you will be put on the spot and need an immediate and appropriate response. Further, apply this process to your current clients and provide them with value-laden solutions to the questions they haven’t asked you yet, but might someday, provided you are still their accountant.
Do not hesitate to contact me at emendlowitz@withum.com with your practice management questions or about engagements you might not be able to perform.
