A Runagood® Partnership
Is built on acquiring the new skills and knowledge needed to elevate an accountant practice into a business services centre.
Becoming a Runagood® partner empowers you with new skills and services that elevate your accountancy practice to new heights. Our comprehensive training and resources enable you to:
Expanded Service Offering: High value new services meet the full range of client business development needs.
A Thriving Practice: Becomes a high value, high-performing business itself.
A Comfortable Exit: Strategic retirement, with the owner (optionally) selling the compliance unit as a going concern and retaining a select group of high grade businesses for continued engagement into retirement, for job satisfaction and easy, sustained income.
Step One – Developing Financial Consultancy Skills
Competition from software and overseas outsourcing is commoditising compliance work, reducing traditional accountant profits. So learn how to introduce higher margin financial management services to the the existing client base showing them how to drive up their financial performance and build the confidence of both for Step Two. Establish the need for an ‘NEFD’ role.
Step Two – Developing Business Consultancy Skills
This even higher margin work grows out of Step One where accountant and client have built the ‘NEFD’ role into a permanent NED relationship.
Step Three – Developing the Practice
When an accountancy firm goes mainstream in consultancy work the classic practice structure becomes less effective. It then makes sense to specialise individuals according to their strengths and ambitions within a more businesslike structure.
Developing that enables the owner to delegate line management responsibilities for longterm growth of the business and its individuals. For example, ‘fractional management’.
Step Four – Heading for the Exit
Ultimately every practice owner wants a clean break from what they have built, selling an autonomously managed compliance ‘rump’ (paid upfront) whilst (optionally) retaining a nucleus of cherished clients as their personal NEFD.
By reviewing regular management accounts, cashflow and KPI reports v budget it becomes simple to spot the business drivers of underperformance such as poor marketing, product quality, customer service, system inefficiency, people productivity. That’s how to scale up to Business Management Advisory for a permanent client bond.
Once a ‘Green Zone’ Practice has graduated into the Financial Advisory Blue Zone it’s a short step to Business Advisory, because advice to business owners has been mastered.