Page 40 - BCICAI-Connect-Dec-2023

Article

4 R – STRATEGY

Professional Service Firms – Selling Intangibles

Jatin Karia
Senior Partner l Grant Thornton - Bahrain

I am a Chartered Accountant by profession and work • During my professional career, I learned that it’s a
as a senior executive in a leading professional service complete misconception that, in most cases, the
firm. I have been a part of professional service firms professional service firm’s clients are Companies,
since 1998, i.e., almost 24 years, which is entirely and their business model is B2B (except in a few
different from my family background, where most are cases where clients are individuals). However, in
in grain (retail and wholesale) businesses. all cases, it’s P2P, i.e., people to people. In these
cases, the strategy of 4R can be crucial to the
From childhood, I wanted to be in the grain business; it
was apparent where you sell goods to the customers, success of professional service firms
which are their necessities, and with surety that this • Relationship: Most of the service business’s first
type of business will never die!!! circle of clients is from relationships, and once
However, it was a completely different case in the Company grows, most of the professional
professional services firms, where, in most cases, we relationships are personal. Clients should feel
ended up selling intangible advice. at ease and comfort when they share their
problems, as well as their vision and goals, with
During the early days of my CA training, when I was more their doctors and consultants.
involved in audit and tax work, I asked my manager:
“What is the surety of our business? He replied, “ • In any service organization, the relationship
There will always be compliance requirements for Tax circle of their senior leadership is vital for the
and Audit services. Yes, I was convinced. organization’s success.
• Reputation: In today’s world, it’s one way to build a
Over these years, my perception changed when I
started wearing different hats during my career Brand reputation through social media platforms by
ladder. I realized that clients, especially in professional different techniques, but it will only last if we can
service firms, don’t choose you due to compulsion but deliver on our promises to clients, which the quality
choose you due to TRUST. of our services can earn. The client expects value
addition and authenticity in the approach. We all are
• The business in professional service firms is the making money, but the choice is ours whether to
business of trust where you don’t sell visible, make money from one project or relationship. We
tangible products that can give demos or explain must invest by providing exemplary service to build
features. They will be able to experience benefits our reputation and client relationships. Once we
once the project is complete!! succeed, they will refer us to their contacts.

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