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For accounting firms looking to expand their capabilities and offer meaningful, high-impact client outcomes, business advisory services can present a compelling pathway. Business advisory services empower accountants to proactively help clients navigate challenges, seize opportunities, and implement strategies for growth and profit.

Offering business advisory services has the added advantage of appealing to new talent - helping firms attract and retain employees eager to develop strategic problem-solving skills. These same skills can also be leveraged for internal performance improvements, enhancing firm efficiency and innovation.

Unsurprisingly, there’s no single definition of business advisory services, as the term means different things to different firms. Mindshop defines it as: ‘Facilitators guiding the achievement of business goals through problem-solving, strategy and implementation support services.’

Business advisory is not for every firm. But for those looking to start on their journey, where should they begin?

Mindshop's Five Phases of Business Advisory Success

For simplicity, Mindshop divides business advisory services into five phases. Unlike a rigid, step-by-step process, firms can ‘choose their own adventure’ and offer services at a level that aligns with their capabilities and goals. The key to success? Finding the right balance between depth of service and client need.

While some firms may aim to deliver comprehensive strategic planning and implementation services, others might begin with ad hoc problem-solving and gradually expand their advisory portfolio. The sweet spot for most firms lies in ‘Problem Solving’, delivering practical, timely monetised solutions that address immediate business challenges while opening the door for deeper engagements.

Key Advisory Service Lines to Kickstart Your Portfolio

For firms looking to enter or expand their advisory services, starting with a structured approach ensures maximum impact. Consider incorporating the following service lines into your portfolio:

1. Ad Hoc Problem Solving – Many businesses struggle with one-off challenges that require expert insights. Offering on-demand, monetised problem-solving sessions can be an excellent entry point into business advisory services, allowing firms to demonstrate value and build trust with clients.
2. Business Health Checks – A structured review of a business’s financial and operational health provides clients with clarity on key performance indicators, risks, and opportunities. These assessments serve as a gateway to more in-depth strategic planning and advisory engagements.
3. Strategic Planning Reviews – Helping clients define their vision, set goals, and develop actionable strategies can form a core component of business advisory. Facilitating strategic planning sessions can position accountants as long-term partners in their clients’ success.
4. Monthly or Quarterly Implementation Support – Strategy without execution is meaningless. Providing ongoing advisory support ensures clients stay on track with their goals, adapt to market changes, and continuously improve their business operations.

What’s the Next Step?

While the journey to offering business advisory services can deliver valuable professional development and internal performance gains, the achievement of strong commercialisation and great client outcomes demands long-term dedication and focus.

Complete the accounting firm business advisory performance diagnostic to get a snapshot of where you are now and where you want to be. You’ll receive a tailored Business Advisory Roadmap and One Page Plan for success straight to your inbox.

For more information on where to start, and to get the support to avoid 'reinventing the advisory wheel' let us know how we can help, visit www.mindshop.com.