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Adding Value to Your Small Business Client Relationships


Your value as a highly trained and experienced professional doesn’t stop with tax return preparation. By virtue of having access to your client’s financial records, you have insight into the lifeblood of their business.

For small business owners, that also includes the personal side of their life. By offering additional services to help small business tax clients get more holistic advice, you can save them from making expensive mistakes, help optimize the way they run their business, and even help them strengthen and preserve personal and business relationships.

Depending on your skill-set and preferences, you may consider the following services that are a natural extension of the tax work you already do.

1. Tax planning sessions

Taxes shouldn’t be a once-per-year marathon event! A tax planning session, offered in the summer or the fall leading up to the year-end close, can help clients understand their options, prepare for the tax filings, and save money. You can use the time to update them on new tax guidance that’s relevant to their business, as well as help them understand tax consequences of everyday business decisions.

2. Post-busy season debrief sessions

A   post-busy season debrief session with a client can allow you to share lessons learned, help them avoid pitfalls, and set everyone up for better collaboration next time.

3. Review buy/sell agreement with partners

Plans change. For small business partnerships, a timely review and update of the buy/sell agreement can save considerable money and headache. By making sure that the paperwork is in order and up to date, you can ensure that all partners are clear about expectations and timelines to avoid any surprises down the line.

4. Help with succession planning

Succession planning is a service that many business owners are reluctant to talk about, primarily because it deals with retirement and death – two subjects that are fraught with emotional charge. However, having a conversation about business transitions is critical for entrepreneurs and their families because the business often represents their biggest asset.

Some small business owners may be under the impression that transitioning management functions to a family member or selling the business will be a quick and easy task. In reality, successful business transitions take years of careful planning and alignment. Help your clients get started sooner rather than later for best results.

5. Retirement planning

Retirement planning is a topic that’s closely related to succession planning, especially for small business owners. Have a conversation with your small business tax clients about maximizing their retirement savings, and making sure that they have a strategy for meeting their goals in retirement.

6. Life insurance

A small business owner without life insurance is leaving his or her family dangerously exposed in the event of their death, especially if the business represents the main cash flow source and there isn’t a buy/sell agreement or a transition plan in place.

7. Charitable contributions consultation

Maximizing the value of charitable contributions is an important conversation to have with established small business owners. Oftentimes, they are already involved in local community causes through sponsorships and charitable giving. Adding a layer of strategic planning can help your clients maximize good outcomes on all sides.

8. Budget, including cash flow budget

A budget is critical for any small business. By helping your small business tax clients refine their budgets, you facilitate strategic conversations about goals and align concrete resources behind the initiatives that matter most. Cash flow analysis and a budget can add a layer of insight, particularly if the business is subject to seasonal fluctuations or a long collection cycle.

9. Tax coaching

Your small business clients are professionals in their own right. However, taxes are not their line of business. As such, tax matters are rarely seen as urgent or important but rather as a periodic nuisance. By following up and coaching them through the steps of preparing for their tax filings, you add a layer of accountability and support that many owners will appreciate. Sometimes, a monthly check-in phone call to remind them to organize their records, or an email reminder regarding a document they must bring in, can go a long way toward a better working relationship.

As you look at these and many other potential services you can offer to small business tax clients, keep in mind that it’s best to select the services that you have the expertise in and the natural inclination for. Consider the ease of marketing these additional services, as well as your willingness to do so. It’s better to choose a few services and dedicate time and energy to growing them than to have a long list of services that no one knows about or uses.

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Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Wealth Management team, or find the right financial partner on our Commercial Banking team for your business needs. 

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This article contains general information only. Sunflower Bank is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. This article is not a substitute for such professional advice or services, before making any decisions related to these matters, you should consult a qualified professional advisor.