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Hallelujah!!
At last someone has addressed the elephant in the room.
All the smoke and mirrors about advisory services, which are, when it comes to it, what we do already if we're doing our job properly.
Thanks for your comment Kent Accountant.
Exactly! You’ve hit upon an element I cover in part 2 :)
I know from KentAc's posts his practice is similar to mine, and quite frankly I am staggered that anyone ISN'T doing these very basic run of the mill things keeps their clients, albeit I dont wrap it up in business speak.
I talk to 'em and help 'em out if I can. They wont pay for it, but they will value it and it keeps them coming back the following year.
I completely agree but sadly, from the business owners and the accountants I speak with, it's not happening.
Absolutely! A great question that we all need to ask but it can be extended to ‘what is an ideal client’? When we work with clients that we enjoy working with, can really help and they can pay the right value it’s a win/win/win situation. I wonder how many accountants still take on clients that are not ideal? I wonder how many accountants actually know their who is an ideal client? And I mean specifically, SMEs isn’t an answer (although I often hear it). There are 5 million SMEs in the UK in different industries, sizes, business phases etc. They all can’t be ideal. Rant over :)
Does Scenario Planning feature? Or Sensitivity Analysis? And SWOT Analysis is always a good sell.
I don't like "proactive". My wife's proactive, and returns my used socks to my sock-drawer. And my mug's found its way to the sink already.
For sure. They feature in the Number Analysis level along with anything that requires analysis that an accountant is already trained to deliver. My short list of examples wasn't exhaustive :)
You're a very lucky man :)
This is going through the management accounts, dashboard and KPIs with your client explaining what is happening and asking questions based on what the numbers tell you. https://www.myaarpmedicare.vip/
As simple as it sounds, you’ll deliver valuable insight to the business owner. Remember, even if they are a numbers person, they are too busy running the business to check the numbers.
It’s still working on historic figures being a week or two out of date but you can give proactive information based on these numbers.