Thought Leadership

Here are just some of the things heard from accounting firms who are looking to successfully grow a business advisory service line:

• ‘We want to scale from 250k-450k in revenue’
• ‘How can we shift from 80% client project work to 80% client retainers?’
• ‘We want a consistent, firm-wide approach to business advisory delivery’
• ‘How do we systemise our advisory service delivery for greater leverage?’
• ‘We don’t want to re-invent the wheel, how can we offer pre-packaged service lines?'
• ‘I want to win larger, 100k+ client engagements’
• ‘We want to commercialise our client problem-solving meetings’

Many try a raft of support services, technology, coaching programs and other tactics to achieve success as quickly as possible, but often fail due to one key factor - a lack of relevant advisory capability.

If you want to work with quality clients, no amount of marketing hype, technology or cookiecutter solutions will overcome the strengths an advisor with high facilitation, delivery, strategy, implementation and other niche skill-sets can bring to the table. Just building ad hoc capabilities without a plan often leads to advisors trying to be ‘all things to all people’, so a clear strategy is essential for lasting success.

Where should an accounting firm start when building and implementing a successful business advisory strategy?

1. Develop a Broad ‘Now’ & ‘Where’ for Your Advisory Business

Start by assessing where your advisory business stands today (‘Now’) and defining where you want to be (‘Where’) at a time in the future. Consider revenue goals, client needs, services, capabilities development, industries and more.

2. Identify Capability Gaps to Address

Evaluate existing skill sets and identify areas for improvement. Where are your capability gaps? What resources do you need? What courses do you need to do? What technology should you be leveraging? How do you compare to those you see as best practice in your field?

3. Map or Refine Service Lines & Pricing

Define clear advisory service lines and pricing models. Complete an Income Matrix listing products, services, annual price points, target customer segments and then how much of each product or service you need to sell to each target segment to achieve your revenue goal. Where are your gaps?

4. Review Best Marketing Strategies to Achieve Goals

Examine the most effective marketing strategies for your advisory business, whether through referrals, networking, partnerships, or content-driven approaches. Identify key channels that will help you attract ideal, target clients and communicate the value of your advisory services effectively.

Referrals will be your number one strategy to double down on. The key question to ask yourself is ‘are you referrable?’. Many are not due to a lack of model clarity, poor go to market strategy, no demonstration of capability and inadequate capacity. All leading to a limited track record and wary customers.

5. Practice, Practice, Practice

Strong confidence and capability come only through a lot of practice. Practice leveraging your new services and approaches internally, with friendly clients and by saying ‘yes’ to new opportunities. Doing a specific type of work once or twice a year will not boost your capability levels. Delivery needs to be practised weekly, or at least monthly in alignment with your available capacity and desired revenue.

6. Build Accountability Loops Internally & With Your Business Advisory Coach

Regularly assess what’s working and what’s not. Establish accountability loops within your advisory business if you have a team and/or seek support from a business advisory support coach (as Mindshop advisors do). Ongoing evaluation of your performance and refinement will ensure long-term success and continuous improvement.

To accelerate your business advisory success, complete the Mindshop business advisory performance diagnostic, designed to reveal your performance strengths and capability gaps.

Completing the advisory diagnostic will generate a tailored Business Advisory Roadmap & One Page Plan for success, delivered straight to your inbox.