RSS feedsOur winners have succeeded against a backdrop of the credit crunch, a banking crisis and a downturn transforming into a recession. They are to be commended for still completing good work.
But it is poignant to note a survey from the Forum of Private Business and Graydon which shows that around 70% of small businesses are turning to their accountants as their most trusted adviser, against 47% going to their bankers.
Bank managers are being replaced by call centres but moreover there is a perception that banks have not offered enough support in recent times. Indeed, the statistics are supported by comments by an HSBC official on our Insider Business webcast revealing confidence had switched to accountants. Anecdotally there is mounting evidence that small businesses have struggled to find finance at affordable rates, if at all, deepening the animosity towards banks.
This is a key moment for accountants. As the recession deepens and relations with banks potentially worsen the profession will be seen as the experts to turn to. It is a position accountants can take and hold if they focus on seeing their clients through these difficult times.
That means seeing the current environment as an opportunity to deliver quality services and to add substantial value to clients. Of course, accountants cannot offer financing, but nor can the downturn just be about tacking an insolvency practice on to your firm. What they can do is build cases to win funding or show clients how to manage their way through the crisis.
It may turn out to be stressful and demand an extra commitment but consider how much better off the average accountant will be if he and his organisation and clients successfully negotiate these troubled times.
The profession’s reputation would never be higher.
