Rapid technological change, royal commissions and examples of misconduct in the financial and banking industry has led to increased demand for business to put people before profits.
Or at least be transparent in their dealings with customers. Listening, communicating, building relationships & trust could just be ‘the new black’ of business.
In business, as in life, other people’s situations seem better or more attractive than our own. But perception is not often reality. Here is why the grass is not always greener…
1. ‘Change is as good as a holiday’
If you move out of town or your family or business circumstances change, it’s easy to think that you need to find a new local provider to support you. But ‘new’ and ‘different’ is not always better. Good trusted relationships take time to build and with technology creating a (virtual) connected community we are no longer limited by location.
Whilst you can’t beat face-to-face meetings for effective communication and human connection, technology platforms such as Skype and Zoom can help a lot. Cloud-based software applications also mean that data can be accessed reliably and securely from anywhere – there is no need for actual computers or servers – or your shoebox of receipts!
If you are moving geographically or just feel like a change, have a chat with your existing professional service provider to see how you can stay in touch and best be served.
2. ‘One stop-shop’ solution.
Multi-disciplinary professional service firms are businesses offering many service types (financial planning, mortgage-broking and even legal services) together with accounting under the one roof. Whilst synergies and convenience can exist, for some small to medium size business these big consulting firms are often oversold as a one stop ‘business and personal solution’ with the very best professional expertise and customer experience available.
But it is not the only solution.
If you need additional professional services, we are happy to deal with your existing advisers or recommend and introduce you to a network of local business people we ‘know, like, and trust’. Together we can be your professional team – and ensure you are looked after you on a personal level.
3. Bigger (& boutique) is better.
Sometimes change happens and smaller firms merge with bigger firms. New opportunities, extras, growth, and levels of expertise are promised.
But the top end of town comes at a price. City-based practices have higher overheads and generally pass these costs on to the customer.
Big fish in a small ocean suddenly become small fish in a big ocean and ironically may feel like ‘small fry’.
A niche firm is effectively targeting your profession and should be specialised in understanding and delivering tailored expertise to your industry. Often they don’t communicate or personalise well and overpromise, underdeliver. In accounting, mistakes and oversights in the quality of work lead to financial disadvantage.
A surburban-based business has lower overheads, and the advantage of knowing each and every customer and their circumstances, to provide personalised professional service. Middle-sized practice firms can provide professionalism and personal care. They don’t really compete with the very small ‘tax-only practices’ or the bigger firms in the city. A middle-sized professional practice could be ‘just right’ for your business.
So is the grass really greener on the other side?
As family and business tax specialists we deal with numbers, complexity, and make sense of it all. With an attention to detail and commitment to quality, we achieve positive outcomes for our clients. We are good at what we do and have the professional experience and expertise to help you and your business.
Based on your individual needs we can price our work so that you know what your tax and accounting service will cost upfront, with no nasty surprises!
Let us know your thoughts and experiences.