Defining and delivering value to business clients is of crucial importance for accountants in Conwy and business advisors alike, however, it is something many struggles to do. With that in mind, what value can a good advisor add to your business?
In reality, the answer will be different for everyone as you, the business owner, each has unique needs, however, the bottom line is your advisor should support you when you need it and help you maximise the returns you get from your business endeavours.
Some key areas of value that an advisor can add to your business are listed below. Please note that whilst we’ve used the term advisor and accountant interchangeably here, a good accountant will usually also be a good business advisor, but a good business advisor won’t necessarily be a qualified accountant.
Complying with your business’s legal obligations can be painful and distracting for an owner wanting to get on with what they do best. A good accountant can alleviate this pain by offering a quality compliance offering – this should really form the basis of any accountant’s offering. It will include things like:
BAS/IAS preparation and lodgement
Income tax preparation and lodgement
Timeliness – ensuring the above is all done on time!
Helping with Growth
A great advisor will help you define what you want out of your business and then assist you to achieve those goals. They can do this by providing a wide range of services such as:
Increasing profitability via process improvement
Creating and fine-tuning a solid business plan
Finding and securing outside investment
Reliable financial reporting to help with decision making
Job management and reporting systems
Staff performance and rewards
The End Game
Many business owners are working along happily enough without any real thought being given to the end game. They haven’t asked themselves the question – why am I working for myself? Your accountant or business advisor will be able to help here. Things to look at include:
Creating a long-range business plan
Maintaining a ‘lifestyle business’
Succession planning amongst family or key staff
Valuing your business
Assisting with a trade sale
Your advisor should be able to provide the service you need when you need it. Some key items of value to look for include:
A commitment to return your calls and emails quickly
They have a team of people with unique skills so that you’re getting the full service you need to be delivered by the most appropriate person
They embrace the latest technology so they can advise you with the first-hand experience what would be the best solution for your business
Being clear and upfront about the fees they charge so you can be confident in knowing there are no surprise bills lurking around every phone call or email.