kless wastes no time challenging one of the industry\u2019s longest-standing practices: billing by the hour. “it\u2019s an absolutely dead model, and it\u2019s a problem not only for accountants but also for their customers,\u201d he argues. by emphasizing efficiency over effectiveness, kless says hourly billing creates a barrier to innovation and true client satisfaction. “think about it\u2014if you had a brain tumor, would you want an efficient surgeon or an effective one?\u201d he asks, underscoring the need for quality service over rigid time-tracking.<\/div>\n
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according to kless, small shifts in language can significantly impact client relationships and the overall perception of the accounting profession. instead of referring to clients, kless suggests calling them “members,” creating a sense of community and belonging. “if you treat your clients as members of a club, it changes your mindset,\u201d kless explains. this mindset shift, he believes, can lead to more meaningful interactions and foster stronger loyalty among clients.<\/p>\n
kless highlights the potential for subscription-based accounting services inspired by businesses like fender and tesla. he suggests that accountants should think about the experience they\u2019re offering and aim to sell peace of mind rather than simply a balance sheet or tax return. he states, \u201cwhat accountants are really selling is transformation\u2014a sense of stability and reassurance.\u201d<\/p>\n
kless believes this shift could set a new industry standard, where clients pay for a more continuous, supportive relationship rather than isolated transactions. “the subscription model allows firms to constantly enhance what they offer, creating a more dynamic, client-centric experience,\u201d he explains.<\/p>\n
for accountants uncertain about where to start, kless offers practical advice: \u201cit can be something as simple as the language you use.\u201d he encourages firms to \u201cplus\u201d their client experience by introducing small, regular improvements. one example? “make a point to celebrate your clients\u2019 birthdays or show personal interest in their family milestones,\u201d he suggests. these small gestures, he believes, can transform the client experience and strengthen long-term relationships.<\/p>\n
as tech giants and non-traditional competitors enter the accounting space, kless warns that \u201cthe thing that\u2019s going to be a problem for accounting firms maybe isn\u2019t another accounting firm\u2014it\u2019s something outside of the profession entirely.\u201d he cites jeff bezos\u2019s investment in accounting startup pilot as an example of how powerful players are making their mark in the industry.<\/p>\n
in a parting message to listeners, kless emphasizes the importance of mindset: “just begin to think about changing. although they may seem small, language changes and incremental improvements can have a transformative impact on your practice.\u201d<\/p>\n<\/div>\n
5 key takeaways:<\/strong><\/div>\n\n- the traditional billing model of charging by the hour is no longer effective in today’s marketplace. instead, firms should focus on delivering value to their clients and pricing their services based on that value.<\/li>\n
- innovation is not just about technology but about bringing disparate things together to create something new. this includes innovative business models, delivery methods, packaging, pricing, and language.<\/li>\n
- social capital and networking are important for building connections and helping others. even weak connections can be valuable and lead to new opportunities.<\/li>\n
- subscription marketing can be a powerful tool for firms looking to provide experiences and transformations beyond the product itself. the key is to focus on what customers are ultimately after, whether it’s peace of mind, experiences, or transformations.<\/li>\n
- the power of language should not be underestimated. using language that focuses on the benefits and outcomes of a service or product can change clients’ mindsets and lead to increased sales.<\/li>\n<\/ol>\n
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