Most of us would agree that success should be rewarded. However, in this current economic climate, seemingly spiralling executive pay is something which is guaranteed to set temperatures rising. While the rest of us are busy cutting corners, executive pay has generally kept on increasing – which, in many cases, doesn’t actually reflect the success their particular company is enjoying.

The Prime Minister, David Cameron, recently jumped on the bandwagon, claiming that ‘big rewards’ for corporate failure ‘make people’s blood boil’.

He said to the BBC’s Andrew Marr: “What I think is wrong is pay going up and up when it is not commensurate with the success the companies are having.”

The Government is currently looking to introduce new rules, which will ensure companies provide detailed information on executive pay.

So, have the ‘fat cats’ had their day? Well, there’s nothing wrong with people being paid ‘what they deserve’ but it does seem that there’s now a need for more transparency and control over the process.

Under the new rules, shareholders will be able to legally veto what they think are excessive pay packages, while workers may also be given positions on a company’s remuneration committee. However, do either of these groups really have the market knowledge to know what is actually ‘excessive’ in this climate?

There is clearly a gap between the views of shareholders and workers and those of the board. I can’t think of many workers who would want to be seen to support big pay and bonuses for their bosses which seem so much larger than what they and their colleagues are being paid.

There is surely a need for people who are both independent and have market knowledge to sit on these remuneration committees; individuals who can listen to the views of board members, shareholders and workers alike and provide an unbiased opinion and the benefit of their wide ranging commercial experience. Step forward accountants.

Accountants are ideally placed to fulfil this role. They can offer an unbiased view about what is ‘fair and reasonable’, while also benchmarking the pay and bonus structure against other similar companies.

Today, accountants are increasingly becoming business advisers, providing proactive advice, rather than simply ‘doing the accounts’. In a competitive market, they are having to stand out from the crowd. Being an extra member of a remuneration committee is a way of doing that. Doing so is an excellent way of getting to the heart of a company and sharing good practice.

What do you think? Is this a good way of accountants earning additional fees?

Answer: True.

A recent study has shown that only 10% of solicitors and 7% of accountants are actively interested in finding out what their clients want.

As we noted in a recent post, many clients only engage professional services because they have to, not because they want to.

Does this mean we have stopped making an effort and allowed ourselves to become satisfied with our income, rather than thinking of new ways to interest our clients and gain new business?

The first rule of a modern practice is to be client focused - that is, to provide a product or service that is aligned to clients' needs. This makes sense - it is easier to sell something to someone who already wants it than to try and persuade them to buy something they don't.

This being the case, why are we not making more of an effort to understand what it is that our clients want, and how they want it provided? Come on now, we really ought to be interested in find out more.

Let us look at the advances in technology.

50% of the population is now estimated to own a Smartphone, a figure that will inevitably continue to grow. With increasing amounts of work done away from the office, conducting work on a mobile device, such as a Blackberry, iPhone or iPad, is on the rise. It stands to reason, therefore, that delivering services, such as newsletters, articles or even accounting systems that are compatible with mobile devices will become an increasingly effective way of connecting firms and their clients in future.

Is your firm thinking about this?

Professionals are rarely at the leading edge of technology adoption. 64% of accountants claimed in a recent CCH/You Gov survey that they are not likely to move to cloud computing - ever! ...but their clients will be.

And what about social media? With 600 million people worldwide using Facebook and 200 million people with a Twitter account, it seems ludicrous to think that there are professional firms out there who do not yet have a social profile. However, the same CCH/ YouGov survey showed that less than one in ten accountants use social media as a means of attracting clients.

But it doesn't deliver new clients, they protest.

To judge social media directly against new client gains is to miss the point. There is more to social media than simply generating direct enquiries in the short term. A social profile creates visibility and familiarity with your brand in an increasingly knowledgeable and discerning market. Professional firms with a social presence are thought of as modern, open, knowledgeable and forward thinking. It is this positioning that will differentiate your form against your competitors in the mind of a prospect - for the cost of nothing more than a bit of effort.

At Bizezia, we continue to invest in providing the resources to professional firms that clients need in a format that allows them to be delivered as clients want. Why not start with EziaNews as a means of identifying topical news items for your social media and newsletter strategy?