I spent an enjoyable day with “Nick Kay”. Nick is a progressive sole practitioner, based in the Ramsey, near Cambridge, and we were discussing the arrangements for one the first Business Growth Clubs in the UK, which Nick is organising for his client base and I am delivering.
Nick takes his learnings from a wide variety of sources. He is CIMA qualified, and a previous client of mine at PANALITIX. Before starting his own business, Nick delivered management information for a national retailer, with over 800 shops.
He is currently shaping his practice to offer a wide range of “advisory” services, using tools from around the world and offering a selection of stack of services to potential clients – these can be seen on his differentiated website.
Progressive sole practitioner
Nick is also a reseller for The Gap, recently launched Business Development program in the UK.
So as progressive sole practitioner, who has a clear vision on the services that he wishes to offer clients, he’s very close to having finished his preferred design of business.
Having now painted a picture of his business, I wanted to share a story, which is commonplace to 99.9 per cent of accountants in the UK.
Nick was chatting with a retail client, who has an underperforming business. It’s a repeating annual conversation. Want to change, but the business has no money – or in sales teams yet to feel the real pain, which will induce action. That is – engage Nick to deliver “advisory services.”
Quick overview
With a background in retail, Nick asked to have access to the EPOS system. This was offered as a quick overview, to see if any data jumped out at Nick.
Nick very quickly identified that with some minor adjustments to the two shops’ opening hours and a change in the team’s shift patterns, that productivity could be improved instantly.
One shop opened at 7am, to sell to early birds – but the figures clearly show that no sales take place between 7-8am.
One shop stayed open between 4-5pm – to catch the after-school trade. But the figures clearly show that no sales take place.
Commercial madness
Both shops shut on Mondays. Commercial madness, as the owners were losing out on 20 per cent of the working week.
So, Nick agreed a 90 day plan, and the results would dictate any additional engagements.
Within seven days, revenue had improved.
But the rub is, that Nick did not charge for this advice.
Improvement in results
I’m sure that any accountants reading this piece will be able to recount similar tales.
“Well they are only small”, “they are struggling” and “they are one of my first clients” are some of the reasons that justify not charging for this advice and immediate improvement in results.
I’m vendor agnostic on Onboarding tools, but the great benefit that Go Proposal, Practice Ignition and Pricing in the cloud bring to the profession is the structure that they bring to a firm.
All team members understand that they have to price for all services and work delivered and price up front which ensures consistency across the business and no scope creep.
Now Nick is a sole practitioner and can run his business how he wants. It’s also a lead generation tactic to offer the advice, prove that it works and then sign up the client. This is not designed to be a detailed analysis of Nick’s sales approach.
Proceed quickly
I’ve used similar approaches myself, as long as there is commitment to proceed quickly, on proof of results. Nick is after a long-term project, where financial analysis and accountability will be delivered.
However, the point of the piece is to prove that many accountants are offering the advice that “thought leaders” are telling them too. It’s the pricing of the advice that needs to change.
Delivering his initial offer, with statements such as:
Improve the business
If I see opportunities in my quick 10 minute look, you agree to a meeting where we discuss how we can work together on a monthly basis, with agreed targets, to improve the business.
As this is a quick 10 minute look, I will not be charging, but my normal fee for this is £xxx.
The last client I worked on in this situation, was delighted to pay the monthly fee, because I delivered increased revenue of £xx
This piece has not been written to criticise Nick and his approach, far from it, but to highlight:
- Accountants are offering advisory every day.
- Accountants are not charging for this service
- Accountants need to fine tune their approach, to ensure clients have an expectation that accountants offer these services and they should expect to pay for them.
The next time this situation arises, Nick will be able to position himself, more positively.
Nick has seen this article before publishing and agrees that no accountant called Nick has been harmed during its writing.
Accountants: Feeling overwhelmed? Cloud, Apps, advisory, MTD and GDPR causing you headaches? Looking for a cure to the above issues and then grow your firm, while spinning all these plates.
I can be contacted via LinkedIn, @LangdonHamblin or [email protected]