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A lot of accounting firms are failing to take advantage of the connections their clients have, particularly with their children, and risking the sustainability of their firm, says a business consultant.
Kim Payne from 9rok Consulting said a lot of accounting clients have vast networks of potential clients, but it doesn’t occur to the client to share those networks with their accountant.
“If accountants want to start attracting greater numbers of ideal clients, then they need to start doing more proactive work and the best way to do that is to look at their existing client base,” said Ms Payne.
Accounting firms, she said, should also be looking to bridge the gap with the next generation.
“I’m sure that a lot of accountants have clients that are getting a little bit older, and they have children and maybe they’ve got grandchildren, and looking at ways they can now try and bring them into the mix,” Ms Payne said.
“My father for example, he’s had an accountant for ever, I’ve never heard from that accountant and I was actually in the market looking for one 18 months ago. There’s every chance I would have gone with him because of the family history.”
This is an opportunity that accountants are not tapping into, she said, and “it’s sitting right under their nose”.
“If they don’t, it means that the business is going to get much harder in the future so they need to jump on board,” Ms Payne said.