Accountants frequently speak of wanting to be trusted advisors for their clients, and the COVID-19 crisis provided a crucial test of that aspiration. So how did they do? More than 100 MPs weighed in on client feedback and other revelations in the wake of the pandemic in IPA’s latest pulse survey.
One of the topics the June survey covered was a potential upside arising from the pandemic – that is, amid lingering client attrition and/or cash flow issues, how many firms have seen an uptick in business from both existing and new clients to help offset some of these challenges?
Almost 66% of survey respondents reported having gotten new unique business from their existing clients during the crisis, much of which was related to PPP work, but some crisis management and cybersecurity consulting as well.
Meanwhile, 85% of respondents reported earning new business from new clients over this span (much of it again PPP-related), thanks in part to increased exposure from webinars and thought-leadership pieces they offered during the early weeks and months of the crisis.
Catch up on more insights from this IPA Pulse Survey: