What happens if your firm doesn’t move to advisory?
We know what can happen when you try to move your firm to advisory: staff can be resistant and clients may not want to embrace the cloud. But what happens if you turn your back on this industry evolution?
You can’t help clients grow their business. Keeping them compliant is a necessity, but it doesn’t help them spread their wings. Your customers are starting to expect you to share your knowledge to help them grow their company, and rightly so. Many will have begun their company so that they can sell up at the right time, or they’re setting up their children to take over one day. Not helping them grow means you’ll be waving goodbye to referrals – and quite possibly your clients.
You’ll miss out on revenue. Add value by selling your strategic skills and industry knowledge. You’re selling what you already know, and that doesn’t cost you anything. If you do need to sharpen your skills, look into Futrli Advisory Certification. Our online modular course has a comprehensive curriculum and covers everything you need to know, from the basics of forecasting to rolling out advisory internally.
Staff and client retention will drop. If a firm down the road is offering insights and advice while you’re still just doing compliance work, your clients and staff are likely to want a piece of the action. If you can help staff grow their careers and clients to grow their businesses, you’ll be the firm everyone wants to be involved with.
You give competitors space to take over. Before advisory, some practices were in a race to provide the lowest prices for clients – a product of a competitive industry. Now, though, those in the know are deserting this old battle to make a long-lasting change to their practice. And this change cannot be matched or beaten by a quick price alteration. Take heed of the above points and you’ll soon be on your way to being a leader in the advisory space.