If you want to add a new long-term income stream to your accountancy practice without having to meet those hefty development costs, then keep reading.
At ESS BIZTOOLS, we have developed a new package that will help you to diversify into Business Advisory Services for your clients, without you having to ‘reinvent the wheel.’
Our team has done all the backroom work for you, and we will keep doing it, with regular updates every month.
Best of all, our “Business Advisory Services” packages have no locked-in contracts – just a reasonable monthly fee. You can opt out anytime, but we don’t think you will want to!
The “SME Needs Analysis” is the most important component of our new ESS BIZTOOLS package offering. This module has been based on the original research that was produced by Andrew Geddes – the Joint Founder of the Financial Management Research Centre at the University of New England. Andrew is well known as an Accountancy Industry Consultant and for ten years was the Chair of Green Cross Ltd a top 200 ASX company. Andrew consulted to Green Cross for thirty-five years from its beginning as a “one vet one nurse veterinary surgery in Townsville”.
With Andrew Geddes’ approval we have updated the “SME Needs Analysis”.
This is the key document that you will use to guide you in conversations with your clients. It will help you quickly discover what is concerning them most in their business – what wakes them up at 3.00am?
The “SME Needs Analysis” will let you start to develop a service package for them that addresses all those issues of concern.
You can then use “SME Needs Analysis” as a reference when you discuss those issues in detail with your client. We find those discussions are best had in a relaxed environment – over a cup of tea or coffee, or perhaps, even a beer or wine; whatever your client prefers.
The “SME Needs Analysis” contains “prompt points” on a range of business issues that you can discuss with your clients to help gain a better understanding of the issues that are important to them.
In determining how you and your team can best help your clients, you could have discussions around questions like:
- How can you help improve their business?
- How will these improvements affect the owner’s role?
- What improvements could be made to their team?
- What IT processes could be automated or digitised?
- Are they happy with their current financial goals – what improvements are needed?
- Are they satisfied with the performance of their “Advisory Board” – Is the time and energy invested in the formation of an “Advisory Board” producing results?
- Do they have a plan to grow their investments?
- Do they want to discuss any items in their wealth creation plan?
- What will happen to their family and business if they get sick or die suddenly?
- Have they developed succession strategies?
There are three key segments to this “SME Needs Analysis” developed by ESS BIZTOOLS:
- A comprehensive word document with multiple choice questions that helps analyse their current operations. This is designed to help you better understand your client’s business. When your client completes the form, you can sit down with them and have a detailed discussion about their answers.
- An Excel spreadsheet that covers important aspects of business operations and future planning. You can send individual sections to your client relating to matters they may have raised with you in your discussions.
- A very simple questionnaire that you can send out to your client to get them to focus on their current business performance.
Many accountancy firms have traditionally provided only annual accounts and tax return services. Unfortunately, this is how most clients think of their accountants. In fact, many SMEs believe accountants are only interested in advising on taxation issues.
The “SME Needs Analysis” has been designed to give your clients an understanding that you, as their accountant, are able to help them with a far wider range of commercial matters.
ESS BIZTOOLS new SME offering includes our “Innovative Product Packages” which have been developed to assist accountants in getting started on this journey of diversifying their operations into more interesting and lucrative “Business Advisory Services”. This could provide a new revenue stream that your firm may not have seen in the past.
This week we are launching our “Business Advisory Services Starter Package.” You can view the details of the components in this starter package by clicking here or going to our website www.essbiztools.com.au.
If you like take up our offer, complete the subscription form. You will find it under “subscribe – sign up here.” Then, in “Grouped Product Packages,” you will have two choices:
Business Advisory Services Starter Package – monthly subscription $197 including GST
Business Advisory Services Preparation Package (that we summarised in last week’s Accountants Minute number 316) – monthly subscription $129 including GST.
If you would like to see how your accountancy firm can introduce Business Advisory Services and start generating additional revenue, go to our homepage and click on to “Free Strategy and Demonstration Session”.
Alternatively, if you’d like to discuss your options, that’s fine too.
Please call us on 1800 232 088 so we can arrange a no obligation Zoom meeting to talk over the strategies and benefits for your firm.
Peter Towers | ESS BizTools