Getting started with client advisory services
Every day, more accounting firms are recognizing opportunities to deliver greater value to clients by expanding their scope of services. Supplementing transactional and compliance services with higher-value consulting and advisory services is helping firms tap into the potential for more profit in their firms and higher satisfaction from clients. Yet when we speak to accounting […]
“Where do we start?”
Naturally, if you pose that question to four different people in your firm, you’ll get four different answers. Your talent and human resources leaders say it all begins with talent. Your process improvement gurus believe firm processes are the foundation of expanding your service offerings. Your IT people will argue that without the right technology in place, your advisory practice will never get off the ground. Your business development team is convinced you first need the right clients to buy new services. So which is correct? They’re all right. Over the past several years, we’ve worked with hundreds of progressive firms to begin offering client advisory services. While no path to CAS is without its challenges, we’ve identified six key ingredients for success.Clients
Think about who you want as future clients. To succeed in CAS, you need clients who look to you for multiple services and advice, are receptive and coachable and willing to pay for quality services. In all likelihood, you will have to give up something from the past to take advantage of future opportunities. This means developing client acceptance criteria and applying it to your current client base. Don’t simply transfer the clients that don’t fit the criteria to lower-level staff. This may alleviate problems for the partner, but it does not solve the problem. With CAS, your existing clients are your marketing channel. You have already developed relationships and have the opportunity to sell additional services to them and ask for referrals. Successful clients tend to have successful friends and business acquaintances.Plan
Does your firm have the business model to support advisory and consulting services? You need to decide right now if your firm will be comprised of a collection of rugged individualists or members of a unique ability team. Transactional and compliance services are being disrupted and commoditized by technology. To sustain profits and remain future-ready, you need to play at a higher level with a collaborative team. Make sure your strategic plan reflects this business model and has a means for holding your team accountable.Pricing
Firms that are finding success in client advisory services recognize that the would of CAS is a results-based economy, and the effort-based economy (hours x dollars) has passed. It’s imperative to implement subscription pricing as you package and price multiple services to your existing and new clients. This requires up-front conversations with clients regarding scope, pricing and change orders. It takes confidence and courage to price for value. Consistently look for ways to add value and improve the client experience.Sage Accountants Network Client Advisory Services Program
Elevate yourself above the competition and start benefiting from being a true business partner to your clients!
