Clients Need Your Help During COVID-19

Advisory Services

Clients Need Your Help During COVID-19

How is your practice getting through the COVID19 lockdown? And also very important, how are your clients getting through it? Though you might be busy with the tax season, some of your clients are likely filled with anxiety.

Take the time to contact all your clients, and see how they are doing. They need to hear a comforting voice right now. This is also an opportunity for you to show your clients that you can do more than accounting. Let your clients know that you care and will help them in a time of need.

Before you contact them, consider going through the following the steps:

  • How is their business affected by the lockdown? This crisis affects some sectors more severely than others. The entertainment, leisure, restaurant, retail, and travel sectors are in crisis mode. But other sectors like groceries, healthcare, and online retail appear to be growing.
  • Are they protected by long contracts? A contractor currently having several long term projects will be busy for several months. However, check in the terms if the project can be placed on hold. If the client needs to take on new projects, they might go through a tougher time.
  • Analyze their expenses: Can the client cut any current unnecessary expenses?
  • Liquidity Analysis: If the client loses 20% of their revenue for the next 3 months, will they have enough money? If not, look at unnecessary expenses. Or help them get a loan to get through the lockdown period.

Being prepared before talking with your clients can go a long way in helping them see you as a trusted advisor. And that will help you sell advisory services once the crisis is over.

During the 2009-2011 recovery, advisory grew by 22% in Big 4 accounting firms. Whereas traditional audit and tax services grew by only 4.8%. So though the COVID-19 is gloomy, it offers you an opportunity to grow your advisory services.

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