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Shake Hands Agreement
There’s no denying that the bulk of business owners rely on the expertise of their accountant to make pressing financial decisions. And budding businesses are arguably the ones in need of the most help. Because when serious money starts rolling in, so do a variety of unexpected challenges.
Tax concerns. Employee and customer disputes. New revenue goals and targets.
Although your business clients might realize that working with an advisor is a no-brainer, it’s crucial as accountants to signal your professional and personal value ASAP. This leads to a meaningful, long-term relationship that’s lucrative for both parties.
In most cases, this means asking the right questions of your clients that’ll have the most impact on their bottom lines. Because the answers you hash could ultimately be make-or-break for their company moving forward.
What sort of questions are we talking about, though? The following eight points should be addressed ASAP to determine whether or not your clients’ businesses are set up for success as they grow.
“Can We Work Out an ‘On-Call’ Fee?”
One way to make the most of your client relationships is by offering your services on a sort of “on-call” basis.
For businesses juggling lots of legal queries or customers, this is a smart alternative to having to pay per point of contact.
Although this sort of arrangement might not make sense for all of your clients, it’s definitely something worth offering. As noted by the popularity of services such as LegalZoom, business owners are oftentimes in desperate need of legal advice on-the-fly. If you can establish that sort of rapport from the word “go,” it’s a win-win for both parties.
“Are You Structured Correctly?”
LLC? S-Corp? C-Corp?
From tax specifics and salaries, to more detailed record-keeping, how your clients structure their business has both major and minor implications for any given business.
Of course, they might not know that.
Especially for clients starting small as an LLC or sole proprietorship, changing structure may never have crossed their minds. Offering a structuring suggestion upfront based on their needs immediately signals that you have their best interests at heart.
“Do You Know What You Need to Break Even?”
Keeping your clients’ expectations rooted in reality is always a plus.
Before anyone begins obsessing over record profits, businesses need to start thinking about their baseline. The sooner you understand your clients’ break-even point, the easier it is to keep your clients in the black. This also encourages better bookkeeping on behalf of your busy business accounts.
“Do You Know What Your Revenue Goals Look Like?”
Setting realistic growth targets is something a lot of business’ struggle with. Serving as an objective set of eyes, you can frame better goals for your clients and help them get where they need to go.
After all, businesses need to look toward the future with some sort of endgame in mind. Especially if your clients are already profitable, goal-setting is going to keep your relationship moving forward, in a positive direction.
“Are You Up-to-Date on the Latest Legislation?”
Financial rules and regulations are constantly changing, especially in the face of the most recent tax reform bill. These fine details are a lot for anyone to keep up, especially someone who’s busy running their own business.
Of course, such regulatory red tape and legislative changes are your bread and butter.
Keeping your clients in-the-loop about such changes highlights your expertise while also finding ways for them to save and adjust.
“How Do You Plan to Reduce Your Tax Burden?”
On a similar note, your clients can’t always be expected to understand the country’s ever-so-complicated tax code on their own.
Deductions are constantly changing, including those which directly impact small businesses. Suggesting actions to bring down a business’ tax burden is a great way to stress that your clients are getting a solid ROI for bringing you on board.
“Where’s the Waste?”
While thrifty businesses owners might be tempted to slash and burn waste on their own, cutting costs strategically means look at expenses objectively versus making any gut decisions.
That’s where you come in.
Assessing discretionary spending again requires your objective input. Whether it’s a service or role or anything in-between, finding necessary expenses makes your client relationship seem more lucrative.
“Can You Help Me Out?”
Finally, consider what your clients can do to make your life easier as you work to help them operate at the best of their ability. Because sometimes if you want something, it’s best just to ask.
Requesting your clients to keep better financial records is a good place to start, especially as you’re search for cost-cutting measures or make projections for the future. In a world where business owners are often unorganized, anything you can do to wrangle the chaos of your day-to-day paperwork is a plus.
Building better relationships means that you’re asking the right questions before your clients even think of them. The questions on this list ensure that you leave no stone unturned when it comes to your clients’