Shortly after the recent horsemeat scandal broke in the UK, predictable changes in buying behaviour started to surface – such as a 43% drop in frozen burger sales. Now, while the follow up story is hardly surprising, what’s interesting is the speed that this data was captured, analysed and published.
Anecdotal evidence suggests that local butchers are doing quite well out of the whole mess – but that’s all it is – anecdotal. There’s nowhere near the same infrastructure around small businesses to give the equivalent insight. The reasons why are obvious, but it doesn’t mean the need isn’t there among SMEs for up-to-date, contextualised information.
What’s exciting about the space we’re working in, especially as an ex-accountant, are the sophisticated services we can now offer to small businesses – partly through software previously only available to large organisations and partly though accountants no longer working with one hand behind their backs.
Using current affairs as an example, a well armed accountant would be in a good position to give their butcher clients some support right now. Is it right to hire more staff? What do we do with this extra cash? Are we gaining as much business as other shops? What’s the tax hit going to look like and what can we do about it?
The ability to put some meaty market context around your client’s barebones financials will help you find clients represented as Dogs on the BCG Matrix and then find opportunities to help them.
Smart use of tools and creative development of unique services will form the basis for competitive advantage and become a much more significant factor in the success of firms in the future.
We’ve built some new training content for UK partners to help you along the journey, helping you to free up more time so you can spend quality time with your clients. So if you haven’t already done so, take the opportunity to book yourself onto one of our webinars.