What Should a Practice Advisor Do? – Part 4

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Thank you for joining us on our journey with Max and Rebecca. It’s been a roller coaster ride for them, but nothing out of the ordinary as many readers have expressed to us.

Indeed, if you’ve been in practice for any length of time, it’s a fair bet that you will have run across one or more of the scenarios covered in this series. If you were wondering, Max and Rebecca acquired the small firm and set about the significant task of integrating it into their business.

They found themselves undertaking projects in the following areas:

1. Attracting new clients

Despite making the acquisition, the partners decided that after the difficult period they had been through, it made sense to reset their position in the market. They worked hard to understand their ideal client, went through a rebranding exercise, considered the sort of content that made sense for their target clients and their range of services and settled on the channels they would use to deliver that content. As a result, they started to pick up some new clients that best suited their selection criteria.

2. Deepening existing client relationships

Starting with the 20-30 decent business clients from the acquisition, they implemented a client communication program, featuring a series of short investigative tools to better understand client needs. They also invited their clients to provide feedback on the firm and, armed with those insights, implemented projects to improve their client engagement.

Developing new products

They discovered from their investigations into client needs that many of their business clients needed short sharp advice. They wanted help to identify areas of weakness so that they could design plans to improve them.

The firm adopted a series of diagnostic tools and offered them to clients as part of a business improvement package. Clients found them easy to complete and valued the feedback from the diagnostics, and Max and Rebecca picked up a number of business advisory projects from this activity.

3. Engaging their team

The partners invested more time in talking with their team and discovered that simple strategies they felt were trivial were actually extremely important to their employees. As a result, they developed and published an organizational chart with job descriptions, all of which described career development paths and enabled performance measurement against a small number of metrics.

They also implemented regular team surveys to garner feedback and insights and took action on their learnings to strengthen team engagement even further.

4. Process optimization

They discovered that by commissioning projects related to workflow, pricing and collections, they were able to create efficiencies as a result of optimizing key processes. This led to increased capacity, enabling growth and increased profitability.

If you can relate to the issues that Max and Rebecca faced during this series, or feel you might benefit from an expert opinion on one or more of the follow-on projects that they went on to implement, we are here to help. This is the sort of work we do every day with accounting firms around the world at PANALITIX.

We’d be glad to have an initial consultation with you to help you identify what’s important to you and explain how we might be able to collaborate to help you improve your firm’s performance.

Choose Your Own Accounting Adventure is a collaboration between AccountingWEB and Panalitix to provide a glimpse into the kinds of challenges they face with their clients' firms every day.  Panalitix is dedicated to helping small firms through the strategic changes required to run a modern and profitable firm.

 

About Colin Dunn

Colin Dunn

Colin is Chief Innovation Officer at Panalitix, a cloud software company that helps analyse and monitor clients’ financial status all on one real-time dashboard.  He is also a Chartered Accountant with 20 years’ experience in helping accountants develop and implement strategies to build better businesses.

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