Date Added | April 9, 2019

If you’ve made the decision to become a business advisory firm and operate in the high value sector of the market then well done! You have made the first change in a process that will differentiate your firm from compliance led businesses.

If you make the change then you will be spending more fee earning time advising clients and less time on producing accounts and tax returns.

Create a vision or your future practice in 2 years- time, see what your people need to learn, how they need to develop and help them to embrace that change.

Change is necessary to reposition so share your vision with your team early, people don’t generally like change, but it is essential in today’s environment. Get your team on board early.

The next step is to systematise compliance work using cloud accounting software and most importantly choosing software that allows bookkeeping and the filing of accounts and tax returns directly from that package. This will speed up your MTD quarterly or year- end procedures. You may choose to outsource work or use an offshore team for production, the most profitable firms do this already.

Once you’ve reorganised compliance now is the time to “Position” as an advisory firm. This means you demonstrate you can help business owners with their future and not just the past.  Your web site should prominently feature advisory services such as Finance, Strategy, Wealth Management, Tax planning and profit improvement. Readers should immediately understand your sales proposition. You should put educational resources and articles on your web site.

All social media should demonstrate you advise “on the future”, use case studies, testimonials and focus on the benefits of advisory. You need to this daily and you may choose to hire a social media person to help you. Content should come from your team if practicable. Example reports such as a strategic plan, “what if” scenario and similar should be sent to prospects and clients and available for down load for your web site.

Team training to use planning tools and to become more aware of the opportunities to advise clients will need to be done regularly. Use your Wealth management, finance, tax planners to educate your team and to encourage discussions with clients about their aims, hopes and ambitions. Generating advisory work typically requires a conversation about a client’s future.

Positioning your firm and making the changes now will keep you ahead of the curve and it is more rewarding advising clients about their future rather than “filing away” their past!