One Client In, Two Vampires Out: The Strategy to Transition Your Practice to Advisory Services

My first call of today was with a prospect who wants to offer advisory services but just felt stuck not knowing what to offer. 

He is an experienced accountant and runs what I call a Monster Practice… (turnover of £700k but 800-1000 clients). 

He and his business partner have a wealth of knowledge about running a team, getting clients and growing his own business. 

But here is the kicker. He is still nervous about offering advisory services. 

A couple of things are stopping him: 

1. He is a compliance-based firm so is stuck in traditional thinking

2. He doesn't know what to offer or how to price so doesn’t have much confidence at present

What is super cool about this accounting firm owner is that he does GET IT. 

This is what I mean about GETTING IT: 

>> He GETS that AI and technology will make compliance even more commoditized over the next few years leaving him priced out of the market. 

>> He GETS that many of his current clients are what I call vampire clients and that he has too many for too little revenue and works way too hard for that revenue. 

>> And he GETS that the way forward is advisory services to bring value to his firm and his clients and secure his business moving forward. 

He is just moments away from changing his traditional Monster Business into a Freedom Practice, he just has one thing left to do… make his first sale. 

There is a saying that I love to quote: 

“The first sale you ever have to make is to yourself”. 

It might sound cliché, but it's true. Before you can convince anyone else to buy into your advisory services (your ideas, knowledge and insights) you have to believe in yourself and what you're offering.

Believing in yourself can be a challenging task, especially if you're used to running your accounting firm in the traditional way: Many clients, low prices, selling commoditized compliance. 

However, it's essential to overcome any self-doubt and uncertainty and have faith in your abilities.

To make the first sale to yourself, you need to focus on your strengths and build your belief in your skills. 

It's crucial to understand what sets you apart from others in your field and why your ideas and experience are unique and valuable. 

This can be difficult when all you have lived and breathed is compliance work. 

But, like the accountant I spoke to this morning, you have created a business yourself, you have MANY lessons you can teach and share with your clients. 

Once you recognise your strengths, it becomes easier to believe in yourself and your capabilities.

The next step is to set clear and achievable goals. Having a vision of where you want to be and what you want to achieve can help you stay motivated and focused. 

The accountant I spoke with this morning wants higher-revenue advisory clients. But is nervous because he lacks time to service them.

So we put together a plan. 

Acquire one higher-revenue client (with a fee of £6k a year to start with) and ditch two vampire clients. One good client in - two bad clients out. 

This might mean that revenue growth is slower, but it also means that profits are higher and that he will get his life back. At the end of 12 months, his take-home pay will increase, and his working hours will be reduced. 

It's also essential to develop a plan of action that outlines the steps you need to take to achieve your goals. 

By breaking down your goals into manageable tasks, you can overcome any overwhelm or fear that may be holding you back.

It is about getting clear on how many clients you need a month (in this case it was 3 new clients) and then creating a plan to get enough sales calls in the diary to get those 3 new clients - (it will be around 9-12 calls a month). 

So to recap: 

>> Commoditised services will be even more commoditised moving forward (thanks to AI and technology developments)

>> A Monster Business will get squeezed even more on price than it is today. 

>> Advisory is the only way forward if you want time, health and money freedom. 

>> You have to make the first sale - this is to yourself. 

>> You then need a plan to free up your time (one in - two out) 

>> And finally, you need to know your marketing KPIs to ensure you are maximising your revenue and your time. 

I have seen firsthand so many times what a negative impact a Monster Business can have on the health and wealth of a practice owner, and it has to stop. 

There are so many options for accounting firm owners to change their future and get higher revenue with fewer clients. 

When you are ready we can show you how to package up your services and attract higher-value advisory clients. But it's not just about money, it's about time and freedom. 

If you would like to book a quick call with me and explore your options and put together a plan for you (just like I did this morning for another firm) then book your call here.