CPAs regularly receive calls from existing clients who want advice on cutting costs, new revenue generation or even tactics for designing more efficient processes. In other words, today’s CPA often takes on the role of business advisor. Several national firms have developed practice groups that serve as reliable business advisors for companies who’ve been hit hard by the recession, particularly in the banking, real estate and retail markets. Before you engage in any new service, there are three key steps to help you get the job done:

Listen to your clients. As the environment changes, client needs change, too. Engage them in conversation to discuss their needs and pain points.

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All too often we assume we know what clients want, and many times we miss the mark.

Consider your resources. For any new endeavor, you’ll need help from others. Conduct a realistic evaluation of your staff and determine if you have the manpower and technology to support your new services. Once you identify what your needs or gaps are, you can make savvy decisions.

Develop your skills. Having the desire to provide a new service and actually doing it are two very different things. If you see an opportunity, find out what it really takes to obtain it. Network with other CPAs in your region or in your association. Ask questions and take notes.

To remain competitive and boost your business, there are two schools of thought. One, you can learn to hone your current skills to the point that you become an irreplaceable partner to your current clients. Or two, you can set out to learn an entirely new niche market or set of skills so you can attract new clientele.

Hone What You Have
Providing better service and defining best practices is the crucial foundation to establishing yourself as a critical business advisor to your clients. Clients need assurance, and proof, that their accounting

firms are giving their all — and this holds true particularly in rocky financial times when the competition for business is higher.

And because today’s economic environment is stimulating significant changes to accounting and tax guidance, practitioners who don’t hone mission critical skills will be left out in the cold. For example, in April 2009, four new FASB staff positions on fair value accounting were issued. Also, the proposal time for new standards was shortened. Here’s proof: On March 17, 2009, FSP FAS 157-4 was proposed. The comment period ended on April 1, 2009, and final issuance was on April 9, 2009.