The pain of research II
In my last blog I shared the pain of finding out what we got wrong for three years before finding the courage to take feedback from accountants who’d tried, and failed, to diversify into advisory. (Not all did by the way!) And how we accepted the need for a serious redesign and then did it.
However, it wasn't all bad news, because the ones who succeeded also had positive things to say and here is their feedback to us and advice to accountants who are thinking about it:
Make your mind up that it’s going to work however long it takes and however many false starts you experience – you can’t put a toe in the water. (But we have introduced a 3 month induction)
Work first with your existing clients – they are readymade and will teach you everything you need to know.
Research their financial and business situation without telling them and make them a present of what you’ve found.
Don’t judge or push them for additional work.
Let them ask you for help based on what you have revealed and they have thought over.
Be patient, they don’t upgrade immediately, but you’ve kickstarted their thinking.
Don’t try to sell advisory to new prospects until you’ve mastered it with existing clients.
Start with financial management issues before moving into business management issues.
Think like a business by setting up management functions in your practice for marketing; operations; systems; people; finance, even if they are all you initially.
Recognise that you are already running a business which gives you the experience and confidence to advise other business owners
Recognise the difference between expert consultancy eg compliance work and process consultancy eg business performance improvement. Different mindset.
Have a process that you use to progress every client’s performance.
Consider your personality profile which may not be perfect for consultancy work, but you can learn how to act when necessary!
Get long term help, even if just mentoring from a retired business consultant who (must) be experienced with owner managed businesses (no corporate types)
They had more to say but this will do! They were evangelical, having cracked how to become trusted advisors and keen to share the good news.
Practical stuff from AI Business Advisor®