Developing a Relationship
Goals are met and achieved daily. Success can be directly associated with quality relationships from others who provide what you need, personally or in business. But developing a trusted relationship with your financial advisors is not easy to do. Taking steps to determine what you need and what you don’t need will help the partnership progress productively and efficiently.
The top 3 services business owners avoid changing are insurance, banks, and accountants. The process is avoided sometimes to the detriment of the owner. It is time consuming, confusing and often ends in a mismatched relationship, again. We take the path of least resistance, even at the detriment of slowing the pace of reaching goals. We are very human that way.
I receive calls from business owners to discuss bookkeeping and accounting procedure needs. After taking time to understand the business as well as the needs, I listen for the disconnects that have occurred in the current relationship. Financials are very private. It takes a lot of trust for owners to open-up their books. Usually, the call comes due to a referral source. The owner feels if a trusted advisor recommends a service or company, it is a step in the right direction. It is one layer at a time, to break thru, getting closer to a level of trust. However, I want to be sure that we are a good fit, as we do with all long-term successful relationship.
During our conversation, we interview each other to ensure we are a suitable match, needs vs services provided.
If you are making a move to a new provider for your accounting needs, have you clearly stated what you expect? Maybe the list will be a work in progress, developed with the right provider. At minimum, be sure you can check these off your list of requirements before you finalize that relationship.
How often will your account be managed? If there is not a procedure to ensure that you receive or have access to current up-to-date financials, you need to continue to interview for a different provider.
How will you continue to have access to your records if the services are outsourced? Access to payables and receivables is essential to time efficient procedures. Confirm the digital folder system will work with your needs, allowing you to obtain answers and discuss details at the touch of your fingers.
What does the provider need you to do in this relationship? Can you commit to that? I am upfront with my clients. They need to be as invested as they want me to be. This is a partnership.
Do you have a main account manager to communicate with? Is your account managed by multiple individuals, and no one is really ‘in charge’ of your account? When you take time out of your schedule to switch hats to manage or discuss your financials, knowing that the person you need to reach out to is the person who manages your account. This is time efficient for you, as much as it is cost effective for you. You don’t want the clock ticking, charging for 3 people to discuss and bring each other up to speed in order to assist you, resulting in higher monthly costs billed to you.
Interviewing takes time. Think of all the successful relationships in your life and what is the common denominator. You! Take the time that you need to find the right fit for this partnership. This is the foundation your business success is built on.