Financial Storytelling Starts with Authentic Relationships

A great question to start with as you think about delivering CAS in your accounting firm, actually has nothing to do with you or your firm. 

A better question is, what do my clients want? 

Increasingly, clients are searching for answers.  

They are searching for direction.  

They desire a second set of trained eyes who can help them make sense of their data, and provide a path to where they are going.  

They are looking for financial storytelling. With financial storytelling, your firm can move beyond the numbers and provide a narrative that connects your client’s goals with the information on hand. 

This concept isn’t entirely new, and you’ve likely spent some time helping clients understand the meaning behind their numbers. In this article, the goal is all about building true relationships with your clients. When you take the time to truly know their story is when the numbers start to come to life. 

Let’s dive in. 

Establish and Maintain Relationships 

Building relationships is the ultimate hack for effective storytelling. When you connect on a personal level, clients are more likely to trust you and what you have to say. Not only do you need to build a relationship to tell the story, but you need to be an active and engaged listener as well. Take the time to truly understand where the business owner is coming from. Let them share their thoughts, needs, and goals. That way you can tailor the story and details to help them understand the data and what that means for them.  

Do not make assumptions about what you feel is important. It can be easy to go into a client meeting and listen to them talking, but in your head you're already going, “Oh, we can do that. Oh, I can figure that out,” and you're already starting to problem solve during that conversation. 

That’s the danger zone! It’s not fair to them, or you, to jump to a conclusion or solution without really hearing them out first. We may have a perception of what we think is important to them, but we are not the business owner. We are the advisor, we're there to listen and gather information. Then you can go back and come up with an actionable plan for them. So really, storytelling starts with you asking them questions. 

Example: Defining Growth 

For instance, I have this HVAC company as a client. Based on their numbers they are successful, and I automatically assume they're going to want to add more trucks to the field. I’m thinking they want to expand the business. But when I ask them if they want to add more trucks they say, “Absolutely not! That's not how we want to increase our revenue.” 

If I were to paint a story for them and propose a perspective on how we could potentially help them, without first confirming their desires and needs, I would risk presenting a solution that may not address their specific challenges or align with their goals. Then, the story isn't making sense and I’m not making sense either! First, we have to get their perspective, then we can start painting that picture, and figuring out how we are going to achieve their goals. That’s when the story starts to evolve. 

The most effective way to serve our clients is by building toward where they're heading, not just where they've been. And let me tell you, the relationship we build with them is the secret sauce. With a consistent meeting rhythm, we can be proactive and steer the ship back on track when needed. It's all about being the ultimate advisor they can count on! Open dialogue is so important.  

It's not just about having that initial conversation and sending out reports. No, no, no! You have to keep the conversation flowing, continuously connecting with your clients. And hey, don't forget about the right tools! Automation is meant to make your life easier. Having The ability to visualize the model and stay focused on communication and storytelling is key. It's all about making those numbers come alive and keeping the client engaged throughout the journey. 

Expand Your Offerings 

Being a proactive client accounting services advisor is where it's at, my friend. See, it's totally natural to get caught up in the whole compliance-driven mindset, but the real magic happens when we go beyond that. FP&A advisory services may seem intimidating at first, but they become manageable when you dissect the process into practical steps and delve into how they specifically apply to your firm. Plus it is a massive opportunity for growth and revenue.  

Clients are hungry for more than just numbers and reports. They want projections, cash flow discussions, and engaging storytelling that brings their financial journey to life. By presenting a compelling narrative backed by data, business owners can build trust and confidence in their ability to succeed. Plus, financial storytelling can help businesses identify areas for improvement and develop strategies for growth. 

The exciting part is that many accounting firms haven't tapped into this potential yet, which means it's a major opportunity for those who are willing to embrace it. By offering a unique blend of numbers and narratives, firms can stand out from the crowd, deepen client relationships, and provide a level of value that goes beyond traditional accounting services. Take action and strengthen your advisory services with financial storytelling. It's time to seize the moment and become the financial storyteller your clients have been waiting for!