Exploring New Opportunities!

Accountant's Minute 156

Welcome to Accountants Minute.

“Today’s business environment is in a state of flux with some industries extremely buoyant whilst others are floundering.”

 “Accounting firms service all sectors of the economy and as a result our benchmarking research is showing a marked differential in performance among firms of similar size or based in similar geographies.”  (Benchmarking.com.au)

“The most successful practices have the greatest concentration of larger clients therefore a relatively small number of their clients make up 50% of their practice.  Although this brings with it greater risk of client loss, it usually creates the most ideal outcomes.  Accountants can invest more in client relationship management, industry awareness and industry specialisation”.  (Benchmarking.com.au)

There are many opportunities to identify clients to offer a range of commercial services.

Why not prepare a matrix of clients that fit one or more of the following samples of characteristics?  You could then offer some of the non-compliance services that I suggest later in this article:

  • Develop new product, processes, services
  • Group turnover under $25M
  • Group assets under $25M
  • Debtors’ days outstanding over 50 days
  • Subcontractor
  • Tradie
  • Stock on consignment
  • Storing assets in someone else’s premises
  • Professional firm – determining appropriate charge out rate to earn a predetermined profit
  • Tradie/contractor – determining appropriate charge out rates to earn a targeted profit
  • Retail shop determining selling prices and product mix and quantities to achieve a predetermined profit
  • Thinking of retiring
  • Business expansion/acquisition
  • New product to be taken to the market
  • Exporter
  • Australian hotel/motel or leisure activity business targeting foreign tourists
  • Expenditure under $1,000,000 last year
  • Income under $200,000 last year
  • Company operating in one of the following sectors:
  • Advanced Manufacturing
  • Food and Agribusiness
  • Medical Technologies and Pharmaceuticals
  • Mining Equipment, Technology and Services
  • Oil, Gas and Energy Resources
  • Freight and Logistics
  • Infrastructure -Related Construction and Services
  • Information and Communication Technologies
  • Digital Technologies
  • Professional Services – Primarily Scientific
  • Company operating for more than three years
  • Turnover over $2.5 million (but in Northern Australia over $1.5 million)

This group of clients are all potentially interested in the following services.  Indicative prices for these professional services are shown:

Debtors Management Review $2,000
SME Debtors’ Systems Manual $200
Chief Financial Officer Services $10,000 - $25,000
Early Stage Innovation Company Due Diligence Review to determine eligibility $2000
Crowd Sourced Funding – advice on eligibility, mentoring on approach to raising capital for a Crowd Sourced Funding entity, advice on Intermediary’s role $5,000
Personal Property Securities Register Due Diligence Review $1,000 - $2,000
Business Plan $10,000 - $40,000
Strategic Plans $15,000 - $40,000
Grant Applications $500 - $10,000
Budgets and Cash Flow Forecasts $3,000 - $6,000
Succession Planning $7,500

ESS BIZTOOLS has developed a “new opportunities calculator” which will assist you to identify potential fee slippage caused by:

  • disruptive technologies;
  • changing market demands;
  • new market entrants

The “New Opportunities Calculator” will assist in identifying new opportunities for your firm to pursue.  You can obtain a free download of the “New Opportunities Calculator” by clicking here.

You are welcome to register to participate in our free webinars that we are presenting weekly to explore the new commercial services opportunities that are available for accountants.

Our free webinars are:

  • “Innovation Products for Accountants/Business Advisors”- Tuesday, 19 June 2018 at 12.30pm AEST – click here to register.
  • “Cashflow Management – Debtors’ Management” – Tuesday, 26 June 2018 at 12.30pm AEST – click here to register.
  • “Personal Property Securities Register Due Diligence” – Wednesday, 4 July 2018 at 12.30pm AEST – click here to register.
  • “Business Planning” – Monday, 9 July 2018 at 12.30pm AEST – click here to register.
  • “Budgets and Cashflow Forecasts” – Wednesday, 11 July 2018 at 12.30pm AEST – click here to register.
  • “Capital Raising for SMEs” – Tuesday, 24 July 2018 at 12.30pm AEST – click here to register.
  • “Identifying Grants for Clients” – Monday, 30 July 2018 at 12.30pm AEST – click here to register.
  • “Chief Financial Officer Services” – Tuesday, 31 July 2018 at 12.30pm AEST – click here to register.

If you have any questions, please do not hesitate to send me an email – peter@essbiztools.com.au or telephone me on 1800 232 088.

Have a great day!

Peter Towers


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Episode 156 - Exploring New Opportunities!

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