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CONVERTING CLIENT PROBLEMS INTO LUCRATIVE ENGAGEMENTS And make more money in fewer hours
Presented by
Rick Solomon, CPA
CEO, RAN ONE Americas
Contents Copyright © 2010 RAN ONE Americas,
LLC
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The
Formula
Help clients
solve business problems
and become
more successful.
They will love you
stay with you
pay you very well
&
Your practice will flourish
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Agenda
• The problem
• Business owners
• Accountants
• Solving the problem
• The engagement
• Getting into action
• Discussion
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It isn’t that they can’t see the solution.
It is that they can’t see the problem.
G.K. Chesterton
English Journalist and author
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It’s not enough to be busy; so are the ants.
The question is: What are we busy about?
Henry David Thoreau
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While we’re busy delivering
accounting, tax and other
compliance services…
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…clients really want us to help them increase their $ and quality of life!
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How involved are
you in advising
clients?
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How well paid are
you for your advice?
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Business Advisory Made Simple
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Business Advisory Process
Personal Goals What does the
business owner
personally want
from the
business?
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Business Advisory Process
Personal Goals
Business Planning
Align business
objectives with
personal goals &
establish a plan
to achieve it.
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Business Advisory Process
Personal Goals
Business Planning
Monitor/Manage
Result: Profitability & Professional Wellbeing
Help them stay
on track and
correct their
course as
needed
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Business Advisory Process
Personal Goals
Business Planning
Monitor/Manage
Result: Profitability & Professional Wellbeing
Discovery Goal Setter
Prof. Well-being
Discovery Business Review
Customer Review
Team Review
Profit Improvement
Review
Discovery Business Review
Customer Review
Team Review
Profit Improvement
Review
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Business Advisory Process
Personal Goals
Business Planning
Monitor/Manage
Result: Profitability & Professional Wellbeing
Business Review
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There
Here
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RAN ONE Rocket Internal factors
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Vision
Top Performers
• Clear vision of what the business aspires to be
• Have a “valuable formula”
• who will buy
• what they will buy
• why they will buy
• how TP makes a profit
• rigorously, continually test and refine the formula
• Disciplined in taking work that fits the vision - mission over mortgage
The Rest
• Start with an idea but no real vision
• Lack a clear, purposeful direction
• Take whatever work comes along – mortgage over mission
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Strategy
Top Performers
• Have a clear and consistent plan
• target markets defined
• products/services defined
• start external, then go internal
• Track business performance and act quickly to change if necessary
• Risk management adopted
The Rest
• Planning is ad hoc and informal
• May start internal then “fit” to external environment
• Fire fighting mentality
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Structure
Top Performers
• Adapt structure to business needs over time
• Professionalize management
• Identify and seek out the right type of people early, including specialists The Rest
• Have less formal structures
• Build around leader’s personality
• Are thinner on management talent
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Culture
Top Performers
• Build corporate culture – not dominated by founder but on values
• Attitude to growth
• high imperative
• growing the pie more important than size of share
• Environment manages pressure, deadlines and priorities
• Willingly take external advice
The Rest
• Dominated by personality of founder/leaders (good in start up but must mature past this)
• Environment endures pressure, deadlines and priorities
• Look for an internal solution ahead of an expert one
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Products & Services
Top Performers
• Have attractive products/services to sell
• life cycle position
• profit margin
• Try to secure their valuable formula using IP or some other security eg. an exclusive license
• Productize the business
• repeat sales become cheaper
• efficiency increases
• quality improves, risk falls
The Rest
• Do not critically analyze and refresh their portfolio frequently enough
• Reinvent the wheel too often
• Too readily justify one offs as “strategic positioning”
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Marketing & Sales
Top Performers
• Very good at winning business i.e. finding new markets, positioning
• they’re not egg warmers; they create or find new business
• Strong sales culture and ability to convert at all levels
• Strong reputation
• Acutely aware of the competition
The Rest
• Compete predominantly on price over other benefits/value proposition elements
• Poor quality or non-existent marketing plans
• Less market aware overall
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People
Top Performers
• Look for the right type of people early – including specialists
• Create a great place to work
• Attract and retain good people
• Develop & significantly improve their people’s capabilities
• Look to reward in line with business performance
The Rest
• Don’t always try to get the best people they can i.e. not better than themselves
• Have poorer people management skills
• Are vulnerable to losses in key positions
• Don’t invest so readily in their team as a core asset
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Systems & Processes
Top Performers
• Systemize the business from an early stage for efficiency, succession and risk management
• Use mainstream technology - stay current but not bleeding edge
• Protect and leverage intellectual property used in the valuable formula
The Rest
• Do not systemize the business, so frequently reinvent the wheel
• Are often technologically challenged
• Are often under-invested in IT
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Finance
Top Performers
• Some start up capital (usually limited)
• Make working capital management a priority – have KPIs and use them
• Reinvest in the business as a priority
• Profitable business model
The Rest
• Have far poorer working capital management
• Lack profitability
• Are unable to reinvest optimally ie. when funding allows, not when business needs
Advisapedia Business diagnostic process
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Entrepreneurs
Want to grow , willing to invest
Greatest opportunity for business development
Holy Grail
Already very successful
SWOT analysis can take them deeper
In the Dark
Business is a“job”
Educate to motivate
Lifestyle
Not necessarily motivated towards growth
Enhance Processes and efficiency
Client Opportunity
Quadrant
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Thoughts on growing
revenue with business
advisory services?
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Transforming Client Relationships
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There is only one success – to be able to
spend your life in your own way
Christopher Morley American writer
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For a quick and easy
assessment of your
Professional Wellbeing
www.ranone.com
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