The confidence shift: How business advisory can reignite the accounting industry

Ever felt like your passion for accounting is waning? Maybe you’re tired of feeling like the bearer of bad news every tax season. 

Do you often feel like accounting doesn’t get the respect it deserves? 

Well, it’s time to change that. 

The accounting industry has the potential to transform from the silent, underappreciated hero into the celebrated, indispensable advisor.

How? 

Yep, you guessed it—our old friend, business advisory, is here again as that little nugget, our get-out-of-jail-free card. I jest just a little, but by embracing business advisory services that not only fulfill our clients' needs but also elevate our profession to new heights, we can make a real difference.

We’ve heard this before—but not like this

We’ve been hearing about the shift to advisory for over a decade. Yet, despite the buzz, many accountants still struggle to implement it effectively. 

So, why should you keep reading? 

Because we’re going to look at this from a fresh perspective—through the lens of Maslow’s Hierarchy of Needs. Understanding how business advisory fulfills our deeper psychological needs can help us appreciate its transformative power—not just for our clients, but for our profession as a whole.

Maslow’s Hierarchy of Needs: A brief overview

Psychologist Abraham Maslow’s Hierarchy of Needs is a motivational theory in psychology comprising a five-tier model of human needs. 

At the top of this pyramid are self-esteem and self-actualization—essential elements for a fulfilling career and life.

Let’s explore how business advisory services can help the accounting industry achieve these higher-level needs.

Maslow’s Hierarchy of Needs

The compliance conundrum

Compliance work is necessary and valuable, but often misunderstood by clients. It’s like being the unsung hero in a blockbuster movie—vital but not always appreciated. 

Now, most, if not all, accountants already do advisory. Advisory, by definition, is anything that's not compliance. Compliance—at its core—is anything that needs to be done to meet statutory obligations. 

If you think about it, there’s plenty of work and advice you give that does not need to be done for statutory purposes. Yes, it gives a better result, but it doesn’t need to be done—that's advisory.

The trick is doing what I call ‘business improvement advisory’—true advisory. It’s a game-changer. Unlike compliance work, business improvement advisory is proactive, strategic, and focused on helping clients achieve their business goals. This shift can transform the accounting industry from a necessary service provider to a trusted partner in business.

Building industry-wide self-esteem through business advisory

When the accounting industry embraces business advisory, it builds collective confidence and demonstrates the significant value we bring to our clients. By helping businesses navigate complex challenges and achieve their goals, we garner appreciation and recognition that boosts the entire profession’s self-esteem.

Consider the industry-wide impact if more accountants were seen as essential partners in their clients' success. The appreciation and trust we’d earn would elevate our profession’s status and make it clear just how indispensable we are.

Achieving self-actualization for the accounting industry

Business advisory isn’t just about boosting self-esteem; it’s about achieving self-actualization for the entire accounting profession. 

This is the pinnacle of Maslow’s Hierarchy—realizing our full potential and engaging in work that is both meaningful and fulfilling. By aligning our industry with advisory roles, we transform our professional journey and the services we offer.

Helping clients reach their potential helps us reach ours. The sense of purpose and fulfillment that comes from making a real difference in our clients’ lives is unparalleled and drives the industry forward.

Advisory attracts new talent to the accounting industry

Shifting to business advisory roles doesn’t just benefit current accountants; it also makes the profession more attractive to new talent. 

Today’s graduates are looking for careers that offer purpose and the opportunity to make a significant impact. Business advisory provides just that—a chance to do meaningful work that goes beyond the traditional confines of accounting.

What now?

Incorporating business advisory services into the accounting profession can revolutionize our industry. It fulfills the higher needs of self-esteem and self-actualization, transforming our role from a necessary service provider to a celebrated advisor.

If you’ve ever wondered why our profession doesn’t get the recognition it deserves, this is our answer. Embrace business advisory, become heroes for our clients, and elevate the accounting industry to new heights.

Ready to transform our profession and make a real difference? 

As an accountant coach, my specialty is helping accountants make the shift into advisory services. 

Reach out to me today to start integrating true business advisory services into your practice. Our clients will thank us, and we’ll find a renewed sense of purpose and fulfillment in our work.

Remember, it’s not just about crunching numbers; it’s about creating value, building relationships, and making a lasting impact. Let’s embrace the change together and elevate our profession to new heights. The future of accounting is bright, and it starts with us.