Creating a High Growth, High Value Business Consulting Firm
Accountant's Minute 164
Welcome to Accountants Minute.
Shouldn’t this be your aim as part of your “Future Proofing” Strategy at the commencement of 2018/19?
How many of your clients are giving their cash to an “apparently qualified and experienced anyone” who says they can help your clients grow and improve their business?
You have the qualifications and experience. How many of these other consultants know your clients as well as you do?
Why aren’t these clients coming to you for the additional commercial services that they are seeking?
There is no doubt that you have the experience and knowledge of your clients’ taxation/corporate structure and financial affairs – but do you really “understand their business”?
There are probably two reasons why your clients are going to someone else:
- Your clients sense that you have traditionally only been interested in their “profit and loss account and taxation return” and not about anything else that relates to their business.
- You “understand” – but you are not communicating to your clients that you can help them and give them commercial advice so as to assist them to grow and improve their businesses.
Your clients want help with:
- building their businesses
- understanding their industry
- increasing their sales
- improving their service to their customers
- inspiring their team
- creating a winning culture
- improving profitability (individual business unit’s profit and loss accounts, key performance indicators, benchmarking)
- improving cashflow (lower debtors, stock and work in progress)
- investing their profits and protecting their assets
- in-depth financial analysis – not just lumping every part of their business into one profit and loss account – that is okay for the Australian Tax Office, but it is not okay in helping your clients to better understand and to manage their businesses
SME businesses are looking for accountants to provide a Chief Financial Officer/Financial Director Service that encompasses:
- active participation in the development of:
- business plan
- budget/cashflow forecast
- robust discussions about the capital raising opportunities for their business
- an understanding and appreciation of the client’s industry
- assistance in the development of asset protection strategies – “trade secrets”, intellectual property protection, patents
- assistance with identification of government grants and assistance for which your client might be eligible to apply
- in-depth analysis of data relating to business performance:
- individual activity profit and loss accounts
- key performance indicator analysis
- benchmarking against other similar businesses
- what if calculations
- number of customers
- frequency of transactions
- average sales
- business management mentoring
- risk management – PPSR systems’ reviews, insurance reviews – particularly consequential loss of profits insurance covers – are the amounts of cover still appropriate?
- strategies to increase sales revenue
- ongoing development of succession planning
If this sounds like the type of service you would like to build for your clients – which incidentally will help you “future proof” your accountancy business, please contact me.
The special “New Financial Year Promotion” on the ESS BIZTOOLS’ Silver Package will help you to get started on this journey, for a very low entry fee which incorporates a 25% discount:
- 12 months 24/7 access for only $1,493 plus GST
- PLUS 3 x 60-minute mentoring sessions to assist your firm to implement the commercial strategies
For more information please log onto www.essbiztools.com.au/silver package.
FREE article
Click here for a complimentary copy of the ESS BIZTOOLS’ free article “Future Proofing Your Accountancy Business Using ESS BIZTOOLS Silver Package”.
If you have any questions on any aspects of the products and services being produced by ESS BIZTOOLS to assist accountants to “future proof” your businesses, please do not hesitate to contact us – or telephone 1800 232 088.
