Biding for major accountancy services means battling competitors. Without the need to instil investor confidence via a Big4 brand, less flamboyant services can attract a lot more competition. Clients want cost containment, reductions and premium services. But with no discernible difference between bidder’s ability to deliver, price remains the target. Existing client relationships may get you to final negotiations, but there’s no escaping ‘more-for-less’ expectations. So what
As Partner in a top ranking accountancy brand, you’re already a master at networking for business development. Your network was established over many years, built upon foundations of professionalism, integrity and sometimes friendships. It probably ranks as one of your most valuable assets. It’s responsible for large chunks of revenue. It’s contributing towards the careers of your team, the firm’s financial wellbeing and obviously, your family’s aspirations. The flip side how
You won the client. Now you’re on the hook for two promises, not just one. 1. Deliver on client expectations, and 2. Deliver on firm’s profit revenue expectations. Maintaining services profitability becomes more challenging each year. During the last decade off-shoring was a big profit generator for early movers. They had a great run. As it became more common, competition started driving down client rates. Today, with off-shore client data theft, cyber , pandemic production r
How to motivate potential clients to focus less on rates reduction, yet view your offer as more valuable. Extra service inclusions or bundling lifts perceived offer values and makes pricing less comparable against competitors. The finesse is to include enough value to win, without materially damaging margins. However, margin retention is tough with competitors offering similar services and also willing to discount and bundle. But not all bundled inclusions are of equal value.
“Highly educated, skilled consultants were concerned as to their future relevance” In Tim Ryan’s (PwC US Chairman) interview on ‘upskilling’ he outlines an initiative born of their consultant’s fears, that as automation claims more accountancy and financial functions, their future career relevance becomes uncertain. PwC's response was to improve their tech skills and understanding of how technologies can bridge markets, integrate into business models and resultant outcomes. W