{"id":82369,"date":"2021-07-01t17:30:34","date_gmt":"2021-07-01t21:30:34","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=82369"},"modified":"2022-12-22t00:42:42","modified_gmt":"2022-12-22t05:42:42","slug":"truly-understanding-your-clients","status":"publish","type":"post","link":"\/\/www.g005e.com\/2021\/07\/01\/truly-understanding-your-clients\/","title":{"rendered":"clients: what accountants don&#8217;t understand"},"content":{"rendered":"<p><b>knowing them is just the start.<\/b><a href=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/08\/businessman-thinking-with-pencil-and-question-marks-depositphotos_5966599_xl-2015.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-64409 alignright\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/08\/businessman-thinking-with-pencil-and-question-marks-depositphotos_5966599_xl-2015-424x282.jpg\" alt=\"\" width=\"424\" height=\"282\" srcset=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/08\/businessman-thinking-with-pencil-and-question-marks-depositphotos_5966599_xl-2015-424x282.jpg 424w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/08\/businessman-thinking-with-pencil-and-question-marks-depositphotos_5966599_xl-2015.jpg 300w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/08\/businessman-thinking-with-pencil-and-question-marks-depositphotos_5966599_xl-2015-600x399.jpg 600w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/08\/businessman-thinking-with-pencil-and-question-marks-depositphotos_5966599_xl-2015-768x510.jpg 768w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/08\/businessman-thinking-with-pencil-and-question-marks-depositphotos_5966599_xl-2015-849x564.jpg 849w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2019\/08\/businessman-thinking-with-pencil-and-question-marks-depositphotos_5966599_xl-2015.jpg 1600w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/a><\/p>\n<p><i>by gary bolinger<\/i><\/p>\n<p>you know a lot about your business clients. as a\u00a0 result of the compliance work you do \u2013 tax and financial reporting projects \u2013 you do know a lot about your clients. you know about profit and loss. you know about payroll. certainly, you have some knowledge about vendors and customers, at least from a financial perspective. you have seen marketing budgets, cost of sales and know what occupancy costs are. all of that is good.<\/p>\n<blockquote><p><b>more: <\/b><a href=\"\/\/www.g005e.com\/2021\/06\/09\/is-advisory-a-priority-for-your-firm\/\">why accountants fail at consulting<\/a> | <a href=\"\/\/www.g005e.com\/2021\/05\/19\/advisory-vs-low-value-clients\/\">advisory vs. low-value clients<\/a> | <a href=\"\/\/www.g005e.com\/2021\/04\/28\/what-who-leads-firms-to-better-service\/\">what + who leads firms to better service<\/a> | <a href=\"\/\/www.g005e.com\/2021\/03\/31\/make-disruption-work-for-you\/\">how accountants are profiting in disruption<\/a> | <a href=\"\/\/www.g005e.com\/2021\/03\/21\/ask-the-right-questions\/\">ask the right question(s)<\/a> | <a href=\"\/\/www.g005e.com\/2021\/03\/03\/seven-elements-of-engagement-for-cpas\/\">seven elements of engagement for cpas<\/a> | <a href=\"\/\/www.g005e.com\/2021\/02\/17\/a-rose-by-any-other-name\/\">true advisory work isn\u2019t just consulting<\/a><br \/>\n<strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-49700 size-full\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/08\/yellow_key_clip_art-e1375897299811-36p-hi-1-e1603911598474.jpg\" alt=\"goprocpa.com\" width=\"39\" height=\"16\" \/><span style=\"color: #b79c00;\">exclusively for pro members. <\/span><\/strong><span style=\"color: #b79c00;\"><a style=\"color: #b79c00;\" href=\"\/\/www.g005e.com\/wp-login.php?redirect_to=\/\/www.g005e.com\/2021\/07\/01\/truly-understanding-your-clients\/\">log in here<\/a> or <a class=\"external\" style=\"color: #b79c00;\" href=\"http:\/\/goprocpa.com\/\" target=\"_blank\" rel=\"noopener\">2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n<p>but do you understand your clients? do you understand your clients in ways that can give you the kind of insight that is needed to indeed be a most trusted advisor? in fact, to be the <strong>most valued<\/strong> advisor?<br \/>\n<!--more--><br \/>\nif you are planning a transformation to significant revenue-generating advisory services, you need to be not only trusted in that advisory role, but also valued.<\/p>\n<p>i am reminded of stephen covey\u2019s \u201c7 habits of highly effective people.\u201d the habits are certainly applicable to highly effective firms. i think of habit 5: \u201cseek first to understand, then to be understood.\u201d valued advisors must develop processes to understand clients from a variety of perspectives before clients will enthusiastically accept advisory recommendations. understanding goes beyond the numbers.<\/p>\n<p>some basics here. make a list. you need to understand what motivates business owners. i know that you are thinking profits, and you are correct. but that is far from a complete understanding. a complete understanding might include motivations such as the desire to build a better community. or the business owners may have a desire to create a legacy. perhaps the owner(s) want to provide for a better family lifestyle.<\/p>\n<p>you should work to understand the owners\u2019 motivations. the list could be long or short. but there is a list if you want to provide solid advice. you will learn a lot about your clients in this process.<\/p>\n<p>you need to understand more than how much the payroll and related expenses are. you need to understand how the client feels about their team. are there weaknesses? are there strengths? what are they? does the owner have thoughts about how to improve weaknesses and capitalize on strengths? does the company have a strong training\/development program? should they? what about sops?<\/p>\n<p>physical locations are important. when is the last time you discussed functionality of business locations, whether it is a manufacturing facility, warehouse or retail storefront? it might even be a discussion about how the owner(s) see the future in terms of their online presence and business process.<\/p>\n<p>many companies spend a fair amount of money on marketing and branding. does this business owner feel good about efforts in that area? do they even know how to assess the roi of such efforts?<\/p>\n<p>after you develop a better <strong>understanding<\/strong> of your client \u2013 an understanding that is beyond the numbers \u2013 then you have the information to begin implementation of habit 3: \u201cput first things first.\u201d\u00a0 over the course of what will probably be a few meetings (billable meetings), you will need to help your client prioritize which issues to address first. what is important? what is urgent? in subsequent meetings you will work with the client to develop action plans for issues that are somewhat less important or less urgent.<\/p>\n<p>this approach respects your clients\u2019 feelings and perspectives on operations of the business. it also allows the client to make rational decisions about resource allocation, future business objectives and strategies that you can assist the client with (also billable time). then you will be the most valued advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><a href=\"\/\/www.g005e.com\/2021\/07\/01\/truly-understanding-your-clients\/\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-85510\" src=\"\/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-01-at-9.33.04-pm.png\" alt=\"\/\/www.g005e.com\/2021\/07\/01\/truly-understanding-your-clients\/\" width=\"250\" height=\"102\" srcset=\"\/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-01-at-9.33.04-pm.png 848w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-01-at-9.33.04-pm-300x122.png 300w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-01-at-9.33.04-pm-600x245.png 600w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-01-at-9.33.04-pm-424x173.png 424w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-01-at-9.33.04-pm-768x313.png 768w\" sizes=\"auto, (max-width: 250px) 100vw, 250px\" \/><\/a><br \/>\n<b>knowing them is just the start.<\/b><br \/>\n<i>by gary bolinger<\/i><\/p>\n","protected":false},"author":3864,"featured_media":85510,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1905,1363,3120,3002],"tags":[],"class_list":["post-82369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-clients-and-service","category-featured","category-pro-member-exclusive","category-special"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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