How To Win $43,800 of Business Advisory Work

Everybody in the profession seems to be talking about business advisory work. And yet many accounting firms don't know where to start…

I recently came across an amazing success story posted in my Facebook Group, "Value Pricing with Mark Wickersham".

It's from an extraordinary accountant from Durango, Colorado called Zeb Smith. Let me share that story with you, and then we'll dissect it.

I am over the moon! 

 

What can we learn from this?

There are a number of learning points in this case study, and here are my top 5:

  • You can win high-quality work with new clients from a virtual meeting. Are you using virtual meetings in an effective way?
  • One of the keys to selling high-value advisory work is to demonstrate with numbers. Zeb used "Profit Diagnostic" software to show the client the untapped profit in his business to create desire.
  • Although the prospective client did not make a decision immediately, Zeb followed up with more information to add value and credibility....
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How To Move From Compliance To Business Advisory

Before we can look at how to make the move to advisory, we need to first ask two other questions…

‘What is advisory service, and why do we need it?’

You can watch the video here.

In our modern world, with the rise of cloud technology and artificial intelligence, we are seeing compliance work become more and more automated.

Compliance work can be done at the touch of a button, so we need to start changing our services away from simply adding up numbers and towards interpreting numbers. We need to move to advisory services.

However, everyone has different definitions of what advisory services include. For example, it could involve tax planning, technology and app advice, business advice, management reporting or consulting work.

In this blog, I’m going to refer to advisory as business advisory, meaning adding value through management reports and meeting periodically to give business advice.

I’ve come up with 7 steps that you will need to take to make the...

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