Getting started on business advisory
Business Advisory Services Update
“To start the progress of venturing into Business Advisory Services, accountants could identify a group of clients, say half a dozen, and think about what Business Advisory Services based on planning, budgeting, reporting you could supply to them.”
Andrew Geddes, a well-known accounting industry consultant, said in the recent episode of ESS BIZTOOLS Business Advisory Service Podcast.
“You could set up a Business Advisory Board and undertake some business improvement projects for your client”.
“You have got the opportunity sitting there on your client lists.”
“It really starts with identifying some clients who may be receptive to this involvement and then sitting down and having a conversation with them around this set of questions:
- How is your business going?
- Are you happy with the profit?
- Are you happy with cash flow?
- Are you dispensable?
- What other services in terms of:
- tax planning?
- creating wealth outside the business?
- protecting the clients assets and family?
- succession planning?
- what is your client looking for?”
When you examine your client lists, you will probably find that a lot of the smaller clients would be better off if you sold them to a younger accountant just starting out, while you can focus on more receptive clients for assistance in running their businesses.
“If you want to move into Business Advisory and you are stuck in a trap because you are too busy – maybe you have to learn to say “no” – that’s the first mindset change you have got to go through now.”
It is only 31 days to go to 30 June 2023. In these difficult business conditions, many SME operators are seeking assistance to improve their businesses.
Many of these SMEs would really benefit from a “Strategic Review” being presented for them during June this year!
To find out more, visit our website – www.essbiztools.com.au.
We will elaborate on this subject further on our complimentary webinar on Wednesday 31 May 2023 at 12pm AEST. There is still time to register today – click here. If you are a CPA Australia member, you can claim CPD point if you attend the duration of the webinar.
