How does True Advisory® enable Growth?
This is universal in the business owner wish list.
But what does it mean:
Market share?
Sales volume?
Gross profit?
Net profit?
Valuation?
According to the choices made the necessary strategies are very different.
Most accountants say, on reflection, that they want a small number of high-grade clients for whom they can be their high paid Fractional Finance Director.
And leave compliance behind.
A few say they want global domination. And we see that playing out in the actions of the aggregators, snapping up independent practices as they scramble towards £billion IPOs with fingers heavily crossed.
And others say they just want a practice that’s easier to run.
So, it’s ‘horses for courses’, isn’t it?
Whatever your growth choices or desires, some strategies are universal because they influence all 5 desires on the wish list. And they are:
Awareness amongst potential clients
Sales activity
Pricing policy
Workflow organisation
Client management
Team motivation
Services offering
Owner involvement in client work
Cost treated as an investment
So, at the outset of a Runagood® Growth project, it’s essential to bottom out the owner’s true desire and appetite for change. It’s often a matter of breaking out of a mental loop to discover what these really are.
So, I always start there and don’t move until the answer emerges. And when it does it may be a soft decision to make a few tweaks, a hard decision to rebuild the practice into a full business, or something between.
My usual advice is ‘evolution not revolution’. By which I mean setting out on a gradual journey along the Yellow Brick Road towards True Advisory® City.
Spending 1-2 hours per week working together to build the practice into something that’s rewarding to run financially and emotionally.
And stopping at any point when it feels ‘good enough’ which can range from simply becoming an easier to run compliance practice to a full-blown Advisory business.
These are not mutually exclusive stages but voluntary stopping points along the road to growth.
Next step: to explore all that and discuss what your ‘good enough’ growth level might look like Call me anytime.
