Accountants Daily released a paper on what small business actually want and this is what it said –proactive financial advice for their business: help with business planning, strategy, Analytics, cash flow—all those challenges that are critical for them to master in order to effectively run their business.”

Recently we asked our target audience comprising of Practice Owners who are Silver and above in the Xero Ecosystem, on what stops them in giving better financial advice to their clients and a whopping 61.1% said that it was a lack of commitment because they tend to give their undivided attention to compliance work. Yes Small businesses are looking for accountants to do their compliance work but they also want to be steered in the right direction in the vast ocean of the business ecosystem or they might just press the eject button to escape..

Five Steps to bridge the gap:

1. What do they want: Being a business owner myself, I can emphatically declare this: I would like my financial advisor to ask me “What more he can do to make my business successful?”

2. Value Based Pricing: If you are going to charge by the hour, your small business client is going to have second thoughts about coming to you for advise, but if you have a flat monthly price they can come to you at any point for your valuable advise.

3. Cloud Accounting: Help your clients move their books into Xero, so there are real time updates and your clients can see what is happening and there is complete transparency in the work that you do.

4. Research new tools: I have been on this for a long time, but i am going to say this one more time- find out tools and applications which best suit your client’s business, so that you can help them better.

5. Out-tasking: From the above survey it is clear that time is the major factor which comes in the way from you becoming an awesome business advisor. So share some of the load with a virtual team who can get the work done for you.

If you think you are going to micro-manage then take a look at how we handled it for one of our clients using Practice Manager in this link