Posts Tagged ‘competition’

How Are You Different From The Competition?

Wednesday, June 8th, 2016
Competitive Advantage - Ohio CPA Firm

Every time I climb into my stylist’s chair my hair is trimmed – regardless of its condition. This helps maintain a fresh look while preventing additional breakage. It also gives her an opportunity to assess the state of my hair and make recommendations to help keep it looking its best! From helping a client monitor their cash flow to updating a buy-sell agreement, a lot of preventive maintenance can be done at a regular meeting with your financial advisor, too. You never know when a simple lunch meeting could reveal an underlying problem that, if left to fester, could be damaging to your business.

Superior Service Doesn’t Have To Be Hairy Business

You have the opportunity to go above and beyond the call of duty every time you engage with a client. And don’t think that your superior work and insight will go unnoticed! Before long, you will find that they will go out of their way in search of your insight and advice. Regardless of your profession, the potential is there for you to become a trusted advisor. We strive to reach this standard here at Rea, but I know of others who I would consider to be trusted advisors in a variety of other professions.

My Hair Stylist Is A Trusted Advisor

After attending my last meeting of the day, I gathered my things, left the conference room, walked to my car and sat down in the driver’s seat ready to depart for my regularly scheduled hair appointment. As I turned the engine, I started thinking the meeting I just left, during which we spent a lot of time discussing the succession plan of an existing client and what we could do to deliver the best experience (and outcome) possible. Then my thoughts drifted to the task at hand – my hair appointment and how I truly consider Aaren, my stylist, to be a trusted advisor in my life. Here’s why:

Superior Efficiency

Before busy season starts (January-April in our industry) Aaren will style my hair in a way that helps facilitate a faster dry time each morning. Being the numbers addict I am I have estimated that I can save about 6.5 hours if I opt for a shorter hairstyle. This is similar to how Rea is dedicated to delivering superior efficiency. For example, we have integrated Lean Six Sigma into our culture as a means to deliver efficient, cost effective service. We use it. We know it works. And we have helped other businesses implement their own Lean initiatives as well.

The Best Ideas You Weren’t Expecting

Not only does Aaren understand how to encourage her clients how to care for their hair during the best of times, she’s mindful of changes that could occur as a result of environmental factors and makes recommendations accordingly. This is what happened when I told her I was going on vacation to the ocean. This seemingly casual conversation revealed an opportunity to warn me about the dangers of saltwater on hair; she recommended a product to help prevent damage while I was on vacation. The great thing about developing a relationship with a trusted advisor is that they genuinely care! Are your children gearing up for graduation? Are you eyeballing retirement? Are you looking to invest in a summer home? A trusted advisor might be able to help you seize an opportunity that you would otherwise miss.

Sound Advice In Advance

I have found that Aaren is most effective when I keep her in the loop. I let her know when I have a vacation or a wedding many months in advance. This way she can help me get the results I want without unpleasant side effects. For example, rather than dye my hair right before a major wedding that was taking place in our family, Aaren encouraged me to change the color over a six-month period. By making the changes gradually and planned out we were to prevent my hair becoming damaged due to the chemicals.

Your advisors are also most effective when they are able to get in front of an issue. For example, if a client wanted to pass their business on to the next generation, an advisor could help you identify your succession plan, help you prepare for the changeover, identify financing solutions for your own retirement and help establish a cash flow strategy for the incoming management.

Preventive Maintenance

Every time I climb into Aaren’s chair my hair is trimmed – regardless of its condition. This helps maintain a fresh look while preventing additional breakage. It also gives her an opportunity to assess the state of my hair and make recommendations to help keep it looking its best! From helping a client monitor their cash flow to updating a buy-sell agreement, a lot of preventive maintenance can be done at a regular meeting with your financial advisor, too. You never know when a simple lunch meeting could reveal an underlying problem that, if left to fester, could be damaging to your business.

When it comes to the management of my hair, Aaren is a trusted advisor. She continues to demonstrate her expertise and always goes above and beyond my expectations, which is why I will drive two hours to keep my hair appointments!

What do you do to set yourself apart from the competition? Why would a client drive two hours to buy your products or services? How can you be a trusted advisor to the clients you serve? Mike Taylor, a CPA and executive principal here at Rea, did a great job talking about the advisory role on an episode of unsuitable on Rea Radio. You can listen to the podcast below or click here to learn more about this particular episode. You can also email Rea & Associates to speak with one of our industry professionals to find out how you can take your business to the next level.

By Katie Snyder, CPA (Wooster office)

Check out these articles for additional insight into the benefits of working with a trusted advisor:

Getting By With A Little Help From Your Friends

5 Financial Secrets Of Successful Business Owners

This Is An Intervention – Step Away From Your Business

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How Can Manufacturers Deal With Competition?

Friday, December 20th, 2013

Contrary to popular belief, the manufacturing industry is alive and well. For years, we’ve heard that it’s a “dying” industry. But that’s just not so. In fact, many manufacturers are enjoying higher profitability than 2008 pre-recession levels. However, if your manufacturing business is still young or you’ve hit a rough patch and are starting to see a downward shift in your sales and employment, there’s assistance that you may qualify for to help you get out the rut you’re in.

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