Budget 2017 - Tax & Rate Updates!

Corporate Tax Measures

The Chancellor announced that the Government is committed to continue to have the lowest corporate tax rate of the G20 major trading nations.  As already announced the corporation tax rate reduces to 19% from1 April 2017 and then to 17% from 1 April 2020.

The corporation tax rate for small and medium sized companies trading in Northern Ireland will be reduced so that such companies can compete with those in the Republic where the rate is 12.5%.

The Government is also keen to continue to encourage investment in research and development (R&D) and the Chancellor announced that the R&D tax credit claim procedure would be simplified.

Tax Free Childcare Scheme Starts 2017

The chancellor also announced that the new tax-free childcare scheme is due to start in 2017.

The scheme will provide up to £2,000 a year in childcare support for each child under 12 where the parents save in a special account. If they save £8,000 the government will top up the account with 20% to a total of £10,000 which can then be used to pay for childcare costs.

Business Rates Relief For Small Businesses

There has been much lobbying from the small business sector to reduce business rates. The Chancellor stated that 600,000 small businesses currently benefit from small business rates relief.

He also announced that no small business that is coming out of small business rates relief will pay more than £600 more in business rates this year than they did in 2016/17.

In order to support the licenced trade from April 2017, pubs with a rateable value up to £100,000 will be able to claim a £1,000 business rates discount for one year.

Advisory Fuel Rate For Company Cars

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 March 2017.

Engine Size	Petrol	Diesel	LPG
1400cc or less	11p		7p
1600cc or less		9p
1401cc to 2000cc	14p		9p
1601 to 2000cc		11p
Over 2000cc	22p (21p)	13p	14p (13p)

Where there has been a change, the previous rate is shown in brackets.

You can continue to use the previous rates for up to 1 month from the date the new rates apply.

New Vat Limits

As mentioned earlier, the VAT registration limit increases by £2,000 to £85,000 from 1 April 2017. At the same time the de-registration limit increases to £83,000.

Contact us if you need more information or business help:
APJ Accountancy | ☎ 020 89310165 | ☏ 07900537459 | ✉ info@apjaccountancy.com

Attack On Self-Employed In Budget 2017!

In his first Budget on 8th March, the new Chancellor Phillip Hammond announced that he would  level the playing field between employees and the self-employed by increasing Class 4 National Insurance Contributions (NICs) from 9% to 10% from 6 April 2018 and then to 11% from 6 April 2019. His justification is that the self-employed are now entitled to more generous state benefits than in the past and thus NIC rate should be increased towards the 12% Class 1 NIC employee rate.
Note that the flat rate Class 2 NIC contributions, currently £2.80 a week, cease on 5 April 2018.

The chancellor stated that only the self-employed with profits in excess of £16,250 will pay more national insurance.

Tax Free Dividend Allowance To Be Reduced To £2,000

The Chancellor also announced measures to limit the rise in tax-driven incorporation. The £5,000 tax free dividend allowance introduced by George Osborne will be reduced to just £2,000 from 6 April 2018. Mr Hammond claimed that many smaller owner-managed businesses have incorporated as limited companies mainly for tax reasons. Typically the director/shareholders of such businesses have paid themselves in dividends and paid less tax than similar unincorporated businesses.

Currently, once the dividend allowance has been used the remaining dividends are taxed at 7.5%, 32.5% and then 38.1% depending upon whether the dividends fall into the basic rate band, higher rate band or the additional rate. There are rumours that these dividend rates may also be increased in future years.

Although the cut in the tax-free dividend allowance is clearly aimed at owner managed companies, it will also impact on those with substantial share portfolios. Mr Hammond reminded us in his speech that the annual ISA investment limit increases to £20,000 from 6 April 2017 and that dividends on shares held within an ISA continue to be tax free.

Start Of Digital Reporting Delayed For Smaller Businesses

The Government is committed to the "Making Tax Digital" (MTD) project which is scheduled to start in April 2018 with the first quarterly updates being submitted by the self-employed and property landlords in July 2018.

Many business owners, professional advisors and the Treasury select committee had

expressed concerns about the timescale for the introduction of MTD. The Chancellor announced that there will be a one year deferral in the start date to 2019 for self-employed businesses and property landlords with gross income below the VAT registration limit.

Contact us if you need more information or business help:
APJ Accountancy | ☎ 020 89310165 | ☏ 07900537459 | ✉ info@apjaccountancy.com

Solving Problems Not Just Symptons

Regardless of the type of business that you manage, problem solving is undoubtedly part of your day job. However are you solving problems or just the symptoms of problems?

No matter how good a manager you are, nor how hard you work, you’ll end up in trouble if you spend your time solving symptoms rather than actual problems. It is often not easy to determine when an issue is in fact a problem that needs to be solved and when it is a symptom of deeper trouble in the business.

What’s the real problem?

A problem is a holistic failure of something you are trying to accomplish. Treating symptoms wastes time, money and resources. In the business world of problems and symptoms, often what you first think is a problem, is really only the symptom – it’s not the real issue. If you focus on that symptom without uncovering the real problem you are wasting your time. You need to discover what’s causing the issue.

To find this out you might need to discuss the issue with different people across your business. Keep in mind the focus of the conversation is to find the root cause of the issue, rather than find “someone to blame”. The goal must be to strengthen the business by eliminating a problem or making a system or process better.

How long has the problem existed?

Problems usually occur in one of three ways; the same old problem, something brand new or the old problem but manifested in a different way. If the problem’s been around for a long time, perhaps there’s a deeper issue embedded within your business. If this is the case you need to deal with the underlying issue.

Does the problem serve a function?

Is the problem worth fixing or is it just a mild annoyance that doesn’t really impact the way the business functions? If it is worth fixing then you should do that as soon as you can realistically do so.

Once you understand the real, underlying, root cause of the issue, you can begin to design a solution. That solution may require rethinking the processes and procedures in your business. It might even entail a reorganisation of aspects of the firm. Whatever the solution you develop, you will need to think through the steps required to successfully implement and evaluate it in order to eliminate the problem.

Contact us if you have any questions or need business help:
PJ | ☎ 020 89310165 | ☏ 07900537459 | ✉ info@apjaccountancy.com

Developing A Culture Of Accountability

One of the toughest balances to achieve within any business is between building a culture that gives people the autonomy to get on with their job while maintaining an environment of accountability.

There is a fine line between managing and micromanaging  and it tends to be quite subjective. Some team members will welcome day to day management and guidance while others might rather be left alone to get on with their job. As such, it is necessary to create systems and processes which allow the management team to maintain awareness of what is going on across the business without people feeling like someone is constantly checking on them.

Everyone in the firm should have annual goals which align with the overall objectives of the firm and are communicated to everyone across the business at the start of the year. Each individual should then be tasked with agreeing what their personal goals should be with their manager. These should cascade down from the overall objectives of the business. Ideally you should aim to agree between five and eight goals for each team member.

Once everyone’s objectives have been set, you and your management team should set up quarterly meetings with each of your staff to discuss progress towards achieving each objective. You should let your team member lead the meeting, explaining the progress they have made towards each goal and what they intend to do in the next quarter in order to keep moving forward. As a manager you should ask open questions such as “What went well? Which areas could be improved upon?” or “Do you need any additional resources in order to achieve your goals?” This will provide the opportunity to assist the individual towards successfully achieving their goals but in a way that doesn’t feel like they are being micro managed.

Finally, each team in your business should have a weekly meeting with an agenda designed to allow everyone to update what happened last week and what is planned for the next week. This provides an opportunity for managers / team leaders to drive objectives forward. In order to encourage accountability, at each weekly meeting, every team member should be required to give a 3-minute update on where they are against their objectives.

In order to make this approach work, the managers in your firm should be accountable for the objectives and their teams should be responsible for delivering them. In order to communicate progress across the business and increase transparency, each manager should produce a quarterly update, which can be shared across the firm. This could take the form of a simple email to all staff. This type of communication also allows the managers to outline what is coming up in the next quarter and solicit help / resources if required.

What to consider while scaling up your small business?

Increasing the scale of a business is easier said than done. If your business objective is to scale up, you need to consider the people aspects, strategy and financials.

People make the firm

People determine a company’s success, and hiring the right people is critical. Hiring a team of great people will help to solve most of the problems the business encounters as it increases in scale. As such, you should invest time and money into the hiring process to find the best professionals to take the company to the next level. Screen candidates not only for their skills and knowledge, but also for their personality and how well they fit the mission, values and culture of the firm.

Once you have hired the best team, you need to make sure that you keep them. You and your management team should communicate openly, recognise and reward their achievements, and give them the tools and training they need to succeed.

Follow a simple strategy

In the words of Albert Einstein, “Everything should be made as simple as possible - but not simpler.” Businesses need a strategy to succeed, but it shouldn’t be complicated. The very best strategic plans are 1 page of A4.

The strategy should include the strengths, weaknesses, opportunities and threats of the business, the company’s core values and mission. As the focus is to scale up and grown the firm, the strategy should include high-level goals for each quarter, and year. Once you have finalised the strategy, ensure that you communicate it effectively so that everyone in the firm understands what the objectives of the firm are and what they need to do to achieve the overall goal of growing the business.

Manage risk (and cashflow)

Like anything in life, businesses encounter unexpected storms from time to time. As such, the management team should manage risk effectively in order to ensure that the firm’s growth strategy isn’t derailed by unforeseen market forces.

Cashflow is very important when trying to increase the scale of a business. As such, unnecessary outlay should be avoided. Instead, the firm should focus on building up cash reserves which can be used from time to time to assist the business in achieving its growth strategy.

Contact us if you have any questions or need business help:
PJ | ☎ 020 89310165 | ☏ 07900537459 | ✉ info@apjaccountancy.com

CMA Report: Impact on SMEs & The "War on Talent"

CMA Report:

Many of us will have listened to the national TV and radio coverage on the Competition & Markets Authority’s (“CMA”) report on retail banking and how proposed changes will affect personal banking. It was all about making it easier to switch bank accounts and using common technology.

The initiative however also applies to SME’s. The report advocates:

• Better information about what different banks can offer a small businesses - comparison web sites

• The publication of SME lending product prices

• Standardised business account opening requirements 

• Soft search credit searches that do not affect credit ratings

• The secure sharing of information with potential lenders

The CMA have also decided that lenders must provide SME’s with the APR rate of products as they do with personal finance on products up to the value of £25,000.

The CMA’s orders come into force from the first quarter of 2017 and if you need advice on finance and banking arrangements, we can assist you in this process.

APJ Accountancy | ☎ 020 89310165 | ☏ 07900537459 | ✉ info@apjaccountancy.com

The "War on Talent"

The "war on talent" seems to be raging on. Large businesses are competing to recruit the best graduates straight from university and many firms are prepared to pay well for the most experienced candidates. As a result, all businesses need to manage the talent they already have.  Talent management is often considered to be an HR matter but the management team in any business should be involved in managing the firm’s most valuable resource – its people. Start by identifying the high potential people in your firm and work towards developing them and retaining them in the business.

Talent Development.

Create a strategy to hire the best people and nurture them throughout their careers. Managers should set the tone and work to develop employee’s skills and knowledge to help them to realise their potential in the firm. Your firm’s talent development programme should include theory and practice as well as coaching and mentoring sessions for your high potential employees. If your team feels like they have an opportunity to develop at their current firm, they are less likely to look for opportunities elsewhere.

Learn from Others 

Consider what talent management looks like at other firms within your industry sector. What do the biggest international firms do well and what could you offer to your team members that would differentiate your firm from the competition? Even if you run a smaller business, you can learn from the market leaders and implement some of their ideas. 

Recognition and Reward

Consider the skills, knowledge and performance of employees and identify those who are high performers and/or exhibit leadership potential. Formal performance appraisals should happen at least annually and “top talent” within the business should be sufficiently challenged with objectives which will encourage them to perform, while retaining their commitment to the firm. The appraisal process should be transparent in order to avoid any potential conflict between employees.

Continuous Professional Development

Good businesses tend to promote a culture of life long learning. All members of your team should be offered access to and encouraged to take part in training courses, development opportunities, etc. Investment in continuous professional development should be viewed by the firm as an investment in the future of the business as today’s “top talent” are the business leaders of tomorrow.

3 Tips for Better Talent Management!

The "war on talent" seems to be raging on. Large businesses are competing to recruit the best graduates straight from university and many firms are prepared to pay well for the most experienced candidates. As a result, all businesses need to manage the talent they already have.

Talent management is often considered to be an HR matter but the management team in any business should be involved in managing the firm’s most valuable resource – its people. Start by identifying the high potential people in your firm and work towards developing them and retaining them in the business.

Talent Development

Create a strategy to hire the best people and nurture them throughout their careers. Managers should set the tone and work to develop employee’s skills and knowledge to help them to realise their potential in the firm. Your firm’s talent development programme should include theory and practice as well as coaching and mentoring sessions for your high potential employees. If your team feels like they have an opportunity to develop at their current firm, they are less likely to look for opportunities elsewhere.

Learn from Others 

Consider what talent management looks like at other firms within your industry sector. What do the biggest international firms do well and what could you offer to your team members that would differentiate your firm from the competition? Even if you run a smaller business, you can learn from the market leaders and implement some of their ideas.

Recognition and Reward

Consider the skills, knowledge and performance of employees and identify those who are high performers and/or exhibit leadership potential. Formal performance appraisals should happen at least annually and “top talent” within the business should be sufficiently challenged with objectives which will encourage them to perform, while retaining their commitment to the firm. The appraisal process should be transparent in order to avoid any potential conflict between employees.

Continuous Professional Development

Good businesses tend to promote a culture of life long learning. All members of your team should be offered access to and encouraged to take part in training courses, development opportunities, etc. Investment in continuous professional development should be viewed by the firm as an investment in the future of the business as today’s “top talent” are the business leaders of tomorrow.

7 Tips to Manage Difficult Workplace Conversation!

Very often the only thing that is more stressful than having a difficult conversation in the workplace is the anticipation of that conversation.

Whether it’s a performance appraisal or a sales meeting to close a deal, here are a few tips to help you to manage difficult conversations:

1. Be prepared 

Spend some time considering what you want to achieve by having the conversation. Write down the key points you want to raise and list any further points in order of importance. What would your ideal outcome be for each point? If you would like the other person’s input, or if you have a proposal for a solution of your own, write these down next to each point. Picture yourself confidently raising the issues on your list and explaining your ideas for possible solutions.

2. Put yourself in their shoes

How would you receive this information? Anticipating their response will help you to consider carefully how you communicate and your body language.  This will enable you to be more prepared for their response, including the possibility of an emotional response.

3. Time and place 

Choose a time and place when you will both feel comfortable, will not be pushed for time and should avoid being interrupted. If necessary, reassure the person you're talking to that the conversation is confidential.

4. Stay focused on solutions 

It is better to ask “how can we do better next time?” than “why did it go wrong?” We cannot change the past but we can explore and identify the best way to learn from mistakes and move forward.

5. Don't skirt around the issue 

Be polite but stick to the preparation you did in advance of the conversation. Stay in control. If you find your tonality changing, either speeding up and getting louder (getting frustrated) or slowing and getting quieter (losing confidence), adjust your posture. Whether you are sitting or standing, change your physiology to be more relaxed or more assertive and your tone of voice and choice of words will follow suit.

6. Have a time frame in mind before you start talking

If it becomes clear that the conversation is going to take longer, don't be tempted to rush things through or run over time. The last thing you both want is to feel exhausted by the conversation and to make a poor decision. Instead, agree to meet again to continue the conversation at a suitable time.

Contact us if you need business help:
PJ | ☎ 020 89310165 | ☏ 07900537459 | ✉ info@apjaccountancy.com

4 simple & easy tips for Change Management!

In light of the recent Brexit decision, one thing is inevitable in business in the coming months and years and that is change.

Whichever way you decided to vote, the result of the referendum means that you and your business must be prepared to change and adapt to a new business environment.

Here are a few change management tips for your business:

Create a plan and set realistic goals

People tend to resist change so create a plan that outlines each step of the change process, the key stakeholders, the timeline and the deliverables. Ask different staff members from across the business to feed into this plan. Someone might have a great idea to contribute to the plan – sometimes all you need to do is ask.

Communicate

Communicate your vision clearly to your team. Identify what it is that you are trying to achieve through the change process. What is in it for your team? The best managers can explain this in a way that inspires the team to get involved and move forward with the plan.

Maintaining momentum

Your employees may agree with your vision initially, but they're likely to become frustrated or disillusioned along the way, especially if they don't see immediate progress. Find ways to keep the conversation going through short town hall meetings, staff surveys and casual conversation. Ask the team for their honest feedback regularly and be willing to listen. Be honest about what you don't know, and commit to updating employees when those details are finalised.

Get the team on board

Getting the senior management team on board is relatively easy. They should be able to see “what’s in it for them.” However to succeed in managing change in your business you need to get your middle management and your junior staff members on board too. Ask representatives from different groups across your business to get involved, share their views and take ownership of different aspects of the change process.

Self-Employed or Starting a Micro Business?

Did you know that almost one in seven people in the UK are self-employed?

You might also classify self-employment as “freelance work”. UK research suggests that 30% of those who work in the media call themselves “freelance”.

Research by Skills Development Scotland noted that the creative sector is dominated by sole traders, micro and small businesses. Approximately 13,500 businesses employ 0 to 49 employees and accounted for nearly 98% of the total number of businesses in 2014. This is an increase of 35% in the number of small and micro businesses since 2009.

So why start a micro business or become self-employed?

The Royal Society for the Encouragement of Arts, Manufactures and Commerce (RSA) conducted a survey in which 27% of people who moved into self-employment within the last 5 years said they did so to escape unemployment.

The Government 2015 Workplace Employment Relations Study reported that micro-businesses accounted for 33% of private sector employment and 19% of total output. Although micro-business employees tend to earn less, receive less training, and have fewer benefits, it found that these employees were also the most satisfied group of workers in the labour market. Factors like job control influence in decision-making, business loyalty and even satisfaction with pay.

The benefits of a micro business or becoming self-employed include:

• Flexible working hours
• Ability to choose your work
• Developing a relationship with customers who you want to work with
• Ability to respond quickly to opportunities
• Making a greater impact

However there are drawbacks which include:

• No sick pay, holiday pay or redundancy pay
• Little or no support, training, no back up if you can’t work
• Not a 9 to 5 job - it’s 24 hours a day
• No company contribution to a pension
• What if I can’t get paid on time?

Micro-businesses and self-employed people need assistance and if you are starting up or feeling the pressure get in touch with us as we will be able to support you.

Incorporating Your Business? 2016 Updates!

Where a sole trader, partnership or LLP has established a significant value for the goodwill of their business, it was possible, up until 3 December 2014, to transfer that goodwill to a limited company and pay just 10% capital gains tax by claiming entrepreneurs’ relief.

The former owner(s) could then draw down on the loan account created with the transferee company over time as future cash was generated by the business. This tax planning strategy became less attractive when entrepreneurs relief was denied where the transferor and transferee were related parties, although the latest Finance Act has relaxed this rule where the former owner receives less than 5% of the acquiring company’s shares.

Now that the top rate of CGT has been reduced to 20% from 6 April 2016 for such transfers, rather than 28%, it may be worth reconsidering this strategy.

For example where an individual’s share of goodwill is worth £500,000 the CGT due would be £100,000 leaving £400,000 net of tax.

Note that for a transfer in June 2016 the CGT would not be due until 31January 2018.

Consider charging interest to the company on the loan account balance as that is now more tax efficient than dividends for higher rate taxpayers.

Note that although the goodwill would generally need to be written off against the company’s profits, there is no longer a tax deduction for the amortisation resulting in higher taxable profits.

Know more about Capital Gains Tax: changes to rules

Contact us if you need help while incorporating your business:

PJ | ☎ 020 89310165 | ☏ 07900537459 | ✉ info@apjaccountancy.com

Supplying Digital Services to Customers in Other EU Countries

The VAT place of supply rules changed on 1 January 2015 where digital services are supplied to non-business customers. The place of supply changed from where the supplier was based to where the customer is located as some companies were avoiding UK VAT.

This rule change had serious implications for small businesses supplying digital services such as software downloads to non-business customers. Where those customers are in other EU countries the UK trader may be required to register for VAT in that country and charge that country’s VAT rate on the supply. This is because unlike the £83,000 UK threshold many EU countries have a zero threshold. To simplify compliance with the EU VAT rules HMRC introduced the VAT Mini One Stop Shop (MOSS).

How UK VAT MOSS works?

Once you register your business for the scheme, you must account for the VAT due on any qualifying sales by sending HM Revenue and Customs (HMRC) a VAT MOSS Return and payment each calendar quarter.

This means you only need to send a single VAT MOSS Return, each calendar quarter. You don’t have to declare the VAT due separately in each EU member state.

HMRC will send the relevant parts of your return and payment to the tax authority of the country where your customers are based.

Please contact us for further assistance if this may apply to your business. 

☎ 020 89310165 | ☏ 07900537459 | ✉ info@apjaccountancy.com 

RTI Changes to note for 2016!

RTI Concessions for Small Employers to end from 6 April 2016

The Government announced at Autumn Statement 2015 that the current two year temporary reporting relaxation will end as planned on 5 April 2016.
The relaxation permitted employers who at 5 April 2014 employed no more than 9 employees, to report their PAYE information for the tax month ‘on or before’ the last payday in the tax month instead of ‘on or before’ each payday.
This will align the reporting obligations for micro employers with all other employers who are currently required to report payments ‘on or before’ each payday.
As a consequence ‘Late reporting reason code E’ will not be valid from 6 April 2016.

End Of Year PAYE Return Reminder

Under RTI the end of year form P35 was replaced by the Final Full Payment (FPS) submission.
Send your final FPS on or before your employees’ last payday of the tax year (5 April) instead of the old 19 April deadline.
Remember to put ‘Yes’ in the ‘Final submission for year’ field in your payroll software.

Contact us for all your Tax & Accounting needs!
☎ 020 89310165 | ☏ 07900537459 | ✉ info@apjaccountancy.com 

Half My Advertising Is Wasted, I Just Don’t Know Which Half”

I read an interesting (and disturbing) statistic recently from Forbes. It stated that 45% of CEOs agree that ‘marketing efforts are wasting money’.

Yes, I’m an accountant (and proud of it) but I’m also a business owner. In many respects I’m in a unique position. I not only have to run and build our firm, I also get to advise dozens of other business owners (our clients) on growing their firms, making sure their financial management is as good as it can be, and ensuring they don’t pay a penny more in tax than they have to.

However, we are different to most accountants because we take an active role in helping our clients grow. That’s why we invested a considerable sum to give our clients access to one of the world’s leading sales and marketing systems (the BGSvault).

But when I read that statistic from Forbes, it reminded me of a famous quote from department store mogul John Wanamaker, who said: "Half my advertising is wasted, I just don't know which half".

It’s fair to say I have this discussion regularly with a number of our clients. They don’t measure the results of their marketing, so they have no way of knowing what’s working and what isn’t makes my team and me very ‘number conscious’. We do measure everything. That includes our marketing. I want to know if I spent X on a strategy, what return did I get?

Why is that important? Well, it means I know which strategies to invest more of our hard-earned money into and which strategies to ditch or try and improve. It’s not rocket science, but as small-business owners we have to watch the pennies and leverage as many things as we can.

I also smiled when I read that statistic from Forbes. I wonder how many CEOs actually know what their marketing results are and which strategies work. It is highly likely they are just like John Wanamaker—they haven’t got a clue.

This one simple act of measuring the results (or lack) of ALL your marketing is so simple, yet it will have a significant effect on the growth of your firm.  It’s your job to make   sure   you  put  in  place  a  mechanism that  gives  you this  data.  In   my   experience,  I can  tell you, it is TRANSFORMATIONAL!

How to keep your clients happy? 8 Simple Steps!

Keeping existing clients happy is a lot easier than acquiring new ones. But that’s easier said than done.

Think of yourself as a customer. When you walk into a shop, you expect to be treated in a certain way - a smile, a small greeting, “Hello, how are you?” and you want to feel like you matter.

You don’t want to be treated as just another customer. Excellent service makes a difference to how you perceived the experience and if you return to that store again.

Opposite our office we have a coffee shop called Rise. If I ever want a coffee, I go there and wouldn’t think about going anywhere else. This is all because of their excellent customer service.

Even before you are at the counter ready to order, you’re greeted with a friendly “Hello” and the staff make you feel valued and appreciated. Here are a few ways you can keep your clients happy so they are amazed by your service and never want to leave…

1. GIVE FREE ADVICE

If you come across as only wanting fees from your clients, they’ll run in the opposite direction. Giving free advice shows that you care about your clients’ success. It doesn’t mean you have to be on the phone with them every day answering a list of questions, but if they know you’re available to give advice when they need it, you’re more likely to be referred.

Don’t think about trying to sell them other services - treat it as a form of developing the relationship with your clients.

2. UNDER-PROMISE AND OVER-DELIVER

We say this a lot to our clients, but it’s true! If you promise someone too much, you’re putting pressure on yourself just to impress.

If you can see them for one hour a week, but you tell them they’re entitled to 30 minutes of your time every single week—they’ll be blown away when you over-deliver.
 

That’s a lot better than making promises you can’t keep (even though your intentions are never to break them).

3. COMMUNICATE CLEARLY WITH CLIENTS

If there is anything clients like - it’s to be kept informed, even if you have some bad news to tell them. Don’t let months go by without speaking to them. And this goes for your team too. Make it part of your team ethos to regularly keep in contact with clients about their workload. No matter how small the situation may seem, if a client’s work changes, they should be informed. 

It will go a long way in creating excellent customer service. 

Feedback emails are a great way to check in with clients to make sure they’re happy with the service provided. Ask your team to send an email to clients every few months making sure that everything is running smoothly. (This is a great way to keep your firm moving forward.)

4. BE AVAILABLE

Similar to point 3, communication is key to developing a strong relationship and making sure everything runs smoothly. 

You can’t be available every hour of every day, but there’s nothing worse for a client than not being able to get in touch with their accountant. Set aside a few hours a day when you are free to chat to clients if they ever need you and let them know that you’re unavailable any time outside of these hours.
 

People don’t like to be left in the dark about things, and if they haven’t received a response back from you within a few days, then they will lose confidence that you care.

5. DELIVER WORLD-CLASS WORK

This goes without saying really, but if clients aren’t satisfied with the service provided, they will cancel.
The primary reason clients came to you is because of the service you provided, and not how great your customer service is. Keep track of any work your team might do for clients, so you are always aware of the status of their work.
 

If your service isn’t up to scratch and they don’t see results - you can expect a cancellation.

6. ASK YOUR CLIENTS QUESTIONS

The only way to know what your clients want is to ask them. Feedback emails (as mentioned earlier) are an excellent way to over-deliver. And it goes a long way that you made the effort to ask.
 

Ask questions about their company too - find out the best times to communicate with them, what excellent customer service means to them, what their goals are and more. Establish what their expectations are and exceed them. Treat this as an opportunity to get to know your clients too.

7. MAKE EVERYTHING PERSONAL

People like personalisation and not being treated as just another client (think back to what I said about Rise earlier). This means every moment of truth with the client should be personal - from their name on letters to a personal touch to emails.
 

Make all of your clients feel appreciated. If you’re holding an event - invite them along. Invest time in building a relationship with each and every one of them.

8. UNDERSTAND THEIR POINT OF VIEW

Your clients are busy people and you won’t always get a response from them as quickly as you’d like. If you know that you need something from them, then asking the day before isn’t sensible. You have to put them first. 

Put yourself in their shoes. If they’re upset with how a member of the team has spoken with them, empathise and do everything you can to turn the situation around. Get the facts from your team and see the situation from the client’s side. (This doesn’t mean they’re always right, but look at things from their side)

PJ

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