What are business advisory services?

Accountant points to graph on document, report, paper, on wooden desk with coffee, laptop, notebook, to provide business advisory services to client #advisory

Business advisory services focus on strategising for the success and growth of a business. Advisors are a hybrid of business coaches, mentors and accountants. Examining previous trends and combining them with forecasts, a great advisor will ask questions and dig deep into their clients’ businesses.

Focusing on the future aids progress

Business advisory services mean you can differentiate your firm from those with traditional compliance and tax services. Compliance services have taken a backseat in recent years, thanks to automation. You don’t need to spend hours on administrative tasks anymore.

Business owners are seeking out your knowledge of business and strategy. Ask a business owner about the future and the chances are you’ll struggle to get a word in. Take advantage of their passion and drive to help both of you push the business forward.

The most exciting part of being a business owner is watching your goals become a reality. Advisors correct and prevent mistakes in businesses, aiding success.

Top 4 reasons to adopt business advisory services

1. Make additional revenue

Adding value to client businesses means you’ll both be making more revenue. Strategic planning for clients will help them make better business decisions, while you can charge more for your help. Billable hours doesn’t work for pricing advisory services. You can find out more about this later.

If the business owners aren’t aware of the power of advisory, show them the value it adds. Show clients a simple forecast and explain the benefits. They’ll jump at the chance to see such insights about their business’ future.

2. Retain staff and clients

When your clients can visualise the progression of their businesses, thanks to your new offerings, they’re going to want to stick with your firm. Giving business owners direction is certainly going to help retain them as clients.

You’ve started asking your clients about their goals, so do the same for your staff. Helping your team achieve their career goals will make them feel valued. Focus on their strengths and performances – rewarding where appropriate and helping with additional training if marks are missed.

3. Become more efficient

Your cloud accounting software is automating many of your processes, which will be saving you hours each day. It’s time to cash in on this efficiency. It might be tempting to have an easy life and carry on as before, but with a smaller ‘to do’ list, there’s so much more time to earn more revenue.

Business advisory services allow you to be flexible. This is invaluable as business owners these days expect everything to be instant. The efficiencies gained by using cloud-based software is incomparable to the desktop software that came before it.

4. Help clients progress

Go to your clients’ businesses to get an in-depth understanding of them and their company. This will help identify their pain points and goals. From here you can get straight to helping them achieve more.

There are a lot of cloud accounting packages and add-ons to go with them. Software like Futrli, for example, helps you run all of your client businesses in one place. With features including forecasting, reporting, scenario planning and more, efficiencies are gained daily as it’s all so quick.

Overcoming resistance

It’s up to you to show your team and your clients how much they’ll benefit from business advisory services. Common roadblocks to rolling out advisory in a firm include:

  • Clients aren’t using the cloud. This is your chance to convert them. Think about the efficiencies gained and show them it’s the better way to operate.
  • Your team has a skill shortage. We recently updated our very own Futrli Advisory Certification. It takes you from an introduction, forecasting to reporting, all the way to implementation in your firm.

Plan out how you’re positioning your new services to clients and ensure every member of your team is right there with you. Being on the same page as one another is going to see quick results.

Learn how to make more money from your existing clientsHow to keep your team engaged at workLearn how to increase efficiency in your firmLearn how to increase efficiency in your firmOther roadblocks you’ll encounter while adopting advisory services

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