4 tips every accountancy practice needs to consider when working with SMEsPublished on 30th August 2018 2018-08-30T14:58:49+00:00 - Last update on 11th September 2018 2018-09-11T15:33:51+00:00
Managing your client’s financial affairs and adapting to their individual requirements has never been a simple task. But when working with SMEs, the pressure to provide a service that constantly adds value and takes into account the many unique challenges they face can be intense. However, by taking the time to form a closer relationship with your SME clients and learn more about their day-to-day operations, your ability to highlight their concerns and develop a bespoke service will develop as a result. So if you’re wondering how your accountancy practice can do more to assist SMEs with their struggles, here are 4 useful tips you need to consider.
Provide guidance on how to overcome red tape
Whether they trade regionally, nationally or on the international stage, your clients’ day-to-day operations could cause them to run into any number of red tape issues. Having to contend with excessive amounts of bureaucracy and regulations is an unwelcome burden for SMEs, leading to unnecessary delays and additional costs, piling further pressure upon their already-squeezed working capital. But as an accountant, this is where you can help. By researching their sector and forming a comprehensive understanding of the regulations your client’s business needs to comply with, you could remove the obstacles standing in their way or find creative ways of moving around them. After all, this is all money that could be better spent in your client’s business, helping them achieve their short and long-term goals.
Use your experience to become an introducer
In business, being able to form successful relationships is crucial, regardless of whether this involves external professionals, new clients or other businesses operating in the same sector. This is why, if you’re looking to further support your SME clients in their aspirations, you could use your experience and existing contacts to become an introducer. Doing so will enable clients to become part of a larger network of talent and industry expertise, allowing them to acquire the knowledge and services that your accountancy practice may not be able to provide.
Enhance your existing services
Of course, adapting to each one of your clientele's concerns and providing a service that suits their needs isn’t easy. But rather than overstretching the capabilities of your accountancy practice, refining the services that you currently provide could be the way forward for the time being. Naturally, SME owners primarily desire high-quality services that save them money and keep their finances in order. Once you’ve achieved this and have earned an excellent reputation, deciding to incorporate other aspects of the financial services sector into your offering might be an option worth exploring.
Advice SMEs on what Business Finance solutions they may be eligible for
In order to grow and further enhance the capacity of their day-to-day operations, SMEs are always on the lookout for more ways to raise funds for supporting growth, innovation and long-term sustainability. However, many SMEs are unaware of what solutions are available or may feel nervous about exploring this path if they’ve been rejected for business finance in the past. But, by expanding the services of your accountancy practice to include advice on matters of business finance, you could help your clients navigate the landscape and discover which funding opportunities are suitable for their individual requirements. With the Alternative Finance Industry seeming to grow constantly by the day, your SME clients have more finance solutions available to them than ever before, but this can also become an obstacle in itself. Fortunately, there is an invaluable resource that can help you and your clients move past this issue.
Adding value to your accountancy practice
Providing high-quality services to your clients is, without a doubt, a principle that sits at the very heart of your accountancy practice. But, like any business operating in the UK, you must be constantly looking for more and more ways to develop and enhance your services. This is especially true when dealing with SMEs, who often face many challenges whilst having to manage a tight budget. One area of concern that SMEs regularly seek guidance on is business finance which, at such an early stage, can feel like an intimidating avenue to explore. However, that’s where we can help.
At Rangewell, we’re an Access to Finance specialist who’s mapped over 400 lenders to offer your clients an overview of more than 23,000 business finance products. Our services are free to use and we’ll also guide them through the application process. So if you’re looking for a suitable finance solution for any of your SME clients, apply for Business Finance today or find out more with Rangewell.
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