Sherlock Holmes Or Bobby Axelrod? The New Small Business Accountant?

INTRODUCTION:

Almost everyone has heard of Sherlock Holmes but not everyone will have heard of Bobby Axelrod who is a fictional character in the mini series "Billions" (on Stan). He is a self made billionaire who has made his money through hedge funds. Whilst the world he lives in can be murky, his access to knowledge is key to his success. He is a risk taker but also careful not to show his hand to just anybody off the street. He is 'in the know' about most things. OK, so the main problem he has is the suspicion of insider trading from authorities which is one thing you don't want an accountant to have!

Notwithstanding this problem, imagine a small business accountant with the analytical skills of Sherlock Holmes but with the knowledge, drive and risk taking ability of Bobby Axelrod?

So what qualities should a great small business accountant have these days when being compared these 2 characters?

Figure 1: An advisor with drive is just as important as analytical skills.

1. be able to listen

Prescription without diagnosis is an ever present danger to any small business accountants and advisors. It is so important to listen and find out what is bothering the small business owner before jumping in with all sorts of advice. Better still, actually asking what is the biggest single hurdle facing them at the moment will naturally provide a big clue as to what areas they badly need help with.

2. Be able to explain numbers and strategy in non-accountant speak

There is nothing worse than blurting out a heap of numbers which hardly means anything to some people but naturally this will depend on the client.

Being able to explain what the numbers mean in cash flow, targets and business direction will be a much better conversation to have rather than just advising the client how much tax they have to pay which if tax planning had been done before year end should be what they know and expect already.

An advisor who knows how to analyse like Sherlock Holmes will be able to hone in on what is causing the lack of business performance. They will know the personality type of the client which can not only dictate the type of conversation they should be having but also provide clues as to what the client is good at. Are they a details person or are they big picture? Should they have someone who can handle the things they don't have so they can make the most of their strengths etc?

Figure 2: Being able to analyse is important but can this be simply explained to the client?

3. be available

It's no good having an advisor who is hardly available or who you rarely hear from. SME owners want contact and they want real advice not just tax. Getting back to clients is key to a great client/advisor relationship. Leaving messages for an advisor and not hearing back for hours on end is a bit like waiting for a train to turn up that is running late without any indication when it might be at your station.

4. be knowledgeable

The advisor today needs to be using technology to stay up to date. Gone are the days where it was difficult to do this. Webinars, blogs, online training courses are more available than they ever have been & can be watched from the desk via a computer screen or tablet. Being abreast of the latest techniques, what makes small businesses to have higher business valuations (where industry is headed), which businesses are making money and why (through research) is all a bit like quasi insider trading and Bobby Axelrod.

5. BE prepared to make hard decisions

These days advisors can be frightened to advise what they really think that needs to be done. If they see a problem and a solution, they really should be telling their clients what needs to be done and why.

CONCLUSION:

What personality does your advisor have? Are they purely Sherlock Holmes and analyse or do they also have the drive and energy of Bobby Axelrod?

Are they prepared to make a decision and are they prepared to sit back, listen and work out what course of action is required to get you where you want your business and lifestyle to be?