The benefits of the 7 habits of commerciality framework
Discussion about client-adviser relationships has focused on cost. However, this discussion neglects how can professional firms deliver more value to the client. But what is quality and how can you deliver it?
Most clients respect the brain power and technical knowledge of their accountants, lawyers and consultants, but all too often they are seen as a necessary evil. Lawyers for example are sometimes brought in at the last moment in the negotiations to write up the deal. They are a form of insurance rather than a provider of added value. This is compounded by a man-hour based business/reward model that incentivises ‘gold plated’ solutions.
The need for commerciality is growing
Our research tells us that concern about the lack of professionals’ commerciality has intensified in the last ten years.
- Professionals have become too specialist. It is difficult to find generalists who can offer a wide and well-rounded perspective.
- Professional firms appear to be too concerned about their own liability and therefore are not willing to offer useful business opinions.
- Too much work is done by large teams of relatively expensive but inexperienced juniors.