Do You Have a Strategy for 2017?
Whilst compliance work is still important, it's no longer the only "game" for accountants/advisors!
The key 2017 challenge for accountants and advisors is “responding to client requirements for accountants/advisors to provide 'additional commercial services' ".
Accountants/advisors need to be adding value to clients by providing commercial services which assist the CEO/owner of a small/medium enterprise to operate their business with reliable current information from their key advisor so they can make informed decisions and add value to their businesses.
“Accounting Market Pulse”, produced for the Commonwealth Bank, December 2015 edition identified that the “top service line” to enter and grow in the 18-month period through to 30th June 2017 would be:
- Business Advisory Services
- Management Consulting Services
How are you going on the introduction of these types of services to your accounting/advisory business?
Many small/medium enterprises are battling with all sorts of changes – and, whilst battling with all these changes, they want an assurance that they have an accountant/advisor in their team who is “on the bus” and able to advise them on a range of commercial issues, not just taxation compliance.
In survey after survey over the last 15 years, SMEs have identified their preference for these types of services to be supplied by accountants/advisors.
The commercial services that you and your team offer your client’s owner, CEO, management and team will add value to their businesses.
If you have not already done so why not make a resolution to commit to offering a broader range of services to assist your small/medium enterprise clients to operate better businesses in 2017 with your role being as a “key forward thinking advisor” not as a “recorder of past events”!
To start with, why not:
- Undertake a training/mentoring program for your team to lay the foundations for Business Advisory Services work. This is important because, without adequate preparation in this whole new product area called Business Advisory Services, you will not be able to successfully introduce these services to the standard required by your clients.
- Identify the key industries that your clients relate to, especially 80% of your clients who currently pay you more than $3,000 per annum in professional fees who are probably in the major industries serviced by your firm.
- Participate in training programs for some initial non-compliance services including:
- Debtors Management reviews
- Production of Customised Debtors' Manuals to assist your clients in Debtors Management
(both of these services relating to debtors will assist in one of small/medium enterprises biggest problems – debtors' days outstanding which in turn contributes to cashflow management problems. The Australian government's Small Medium Business and Family Business Ombudsman indicated in November 2016 that Australia had the dubious distinction of having the highest debtors' days outstanding in the western world. The Ombudsman indicated that she would work closely with government and big business to try to correct this situation. Advisors to small/medium enterprises, such as accountants and business advisors also have a significant role to play in suggesting systems that will contribute to an improvement in debtors' management systems which would contribute to a reduction in debtors' days outstanding).
- Chief Financial Officer Services whereby you offer a Virtual CFO Service to clients situated anywhere in Australia.
You will then be able to appoint:
- Product "Champions"; and
- Industry "Champions"
to enable your whole team to be involved in the enhanced process of adding value to your clients.
ESS BASIP has developed a special product package - Smart Start - to assist accountants and advisors who would like to get started in offering a broader range of commercial services but are unsure where to start. The Smart Start Package will assist you to get started on the Business Advisory Services' journey.
The Smart Start Package includes articles, templates, videos, webinars, spreadsheets and other information relating to:
- Business Advisory Services Training Package (11 Modules) (click here)
- Chief Financial Officer Services package (click here)
- Debtors Management (click here)
- SME Debtors Systems Manual (click here)
- Business Advisory Services Mentoring Session (ESS BASIP Smart Start Mentoring Session) (click here)
- Business Plus Client Newsletter (four editions) (ESS BASIP - Smart Start - Business Plus+) (click here)
Each of these packages is designed to assist an accountancy/advisory business to get started on the introduction of Business Advisory Services for the benefit of your clients.
Another significant benefit from the introduction of Business Advisory Services to your accountancy/advisory business will be that your team will gain tremendous personal satisfaction and professional pride from performing what one young accountant described in an email to us as “real accounting work”.
Your investment for the Smart Start Package of products and mentoring session is $999 (incl GST).
If you would like to receive a copy of our special article based on our review of the role of a Chief Financial Officer titled “Duties of a Chief Financial Officer” please click below:
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We conduct regular webinars and provide the recordings free of charge. Register or view a recording HERE.
Please visit our website www.essbasip.com.au to review all aspects of this package.
If you have any questions, please don't hesitate to send me an email - .
Podcast 'Accountant's Minute'
Latest business advisory news for Accountants in under a minute.
Episode 096 - Do You Have a Strategy for 2017?
Podcast Link:
As their trusted advisor, can you assist your SME clients with business advisory services?
To download free material click the link below:-
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Watch out for the next episode of "Accountant's Minute" or subscribe to the podcast on iTunes for more news, ideas and tips on providing outstanding non-compliance services to SME clients.
