Values, advice and then compliance

Adrian Dixon and Lyn Cheyne challenge accountancy firms in New Zealand to become more values focused.

Traditionally most SME business owners ask their accountants for business advice – both from a financial and strategic viewpoint. But with the increase in automation, Xero-type software and simplified tax returns in widespread use, business owners are engaging less and less with their accountants unless they are connecting in other ways.  
The irony is obvious – it’s now the accountants who urgently need advice on their business model, marketing and strategies for growth. So what are the first steps?

A good business is one that focuses on people – staff, customers, and the community in which they operate. Many business owners say “our people are our greatest asset”. Actually they are more than that – they are your business.  
This is especially true for a professional services business and there is no escaping it.
Actual people and relationships need to be the focus for professional services rather than “things” or “billable hours” or “ranked A, B or C clients”. It will be individual people, employees or clients, who continue to force this change.  

For talent attraction, more and more individuals are not just looking for the right job, but for the right working atmosphere and culture as well. People regard “get-rich quick, make a profit at any cost” values as old and outdated – they’re less motivated and less willing to work for those reasons.
Overheard from a 30-something accountant recently – “Sure, you can make good money here.  But there are happier and more satisfying ways to do it”.  
These sentiments aren’t just coming, they’re here.

If accounting firms of today are to survive and prosper they will have to address the challenge of making profits and creating vibrant, honourable organisations with a commitment to the community.  
This is good business – having a genuine focus on the people in our companies and our communities connects and builds loyalty from our customers.  
Profits are generated not just from what we do but how we make people feel engaged and satisfied with the relationship they have with our organisation and the individuals who represent it.

Potential employees, partners, customers and stakeholders are no longer evaluating a business solely on their annual report and accounts. They want to engage with a business on a personal level. 
Along with the standard financial profit and loss statement, accounting organisations now must offer more. People also want to know about the environmental and community profit and loss. Or the contribution made to the disadvantaged or developing nations.  

Fundamentally, a good business is one that does not allow growth to compromise values.  And these values are what every business needs to market and promote.
New Zealand’s economy will truly grow and prosper for all if we align the pursuit of profit with upholding the values we want for New Zealand’s future. Our businesses will be more profitable, create more employment and contribute to the environment and the communities in which they operate.   

Accountants will provide relevant services, adding value beyond compliance and reporting.  
Ways to achieve this are through partnering, strategic alliances, and relationships.  Accountants must seek strategic marketing advice to help them communicate the values they share and provide for their clients.
They will also need to communicate via the channels potential employees, clients, community and stakeholders use. And understand the value proposition each audience is looking for. 

A quick Google search for “accountancy firms NZ” shows 831,000 results – on the first page there are 17 items, 7 advertisements and 5 accountants listed. Only one of the “big five” shows up and none communicate values – you can see what they do, what they have, who they have and who they serve. But not what they believe in. 
One even boasts their size “by fee income”.  

Trying instead a Google search for “business advice NZ” provides not one accountancy listing.  Facebook shows some better examples from a few of our accountancy firms but can they quantify why they are using this channel?
The role and responsibilities of individuals, businesses and governments (central and local) needs further debate. On the surface we seem to live in a world where individuals and businesses have forgotten the values that are important in creating the communities we live in. 
Have we really transferred all responsibility to government?

Give your business a value audit. What do you believe in? What do you stand for? Where are you contributing – to your staff, your stakeholders, your clients and your communities?  
Are your marketing and communication strategies communicating these values? How much of what you’re telling the world is what they really want to hear? Can they easily distinguish what makes you a better choice than your neighbour?
Regional economic development, thinking local and acting globally, walking the talk and serving our people and clients are all great catch phrases for becoming a better business.  

This is the next challenge beyond being business coaches, mentors and educators. It’s not a new concept – there is increasing recognition of the economic value gained from actively engaging with our communities.To do it means holding fast to your values and making it known.  
And it’s value for all of us.

Adrian Dixon ([email protected]), pictured below, is an experienced business awards judge and consults in business strategy and management. Lyn Cheyne ([email protected]), pictured above, is a consulting marketing strategist with expertise in regional development and service industries.