THE GROWTH AND VALUE OF YOUR PRACTICE IS IN YOUR HANDS. The Business Advisors Tool Kit That Helps Accountants Retain Clients and Grow Fees. - PDF

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The Business Advisors Tool Kit That Helps Accountants Retain Clients and Grow Fees. THE GROWTH AND VALUE OF YOUR PRACTICE IS IN YOUR HANDS CLIENTSAFE - A DIVISION OF GLOBAL BUSINESS MENTORING CONTENTS Our Vision Mission Statement Background The Challenges of Growth... 3 What Does It Contain? How Does It Work? A New Direction Future Direction Who Developed ClientSafe The Business Advisors Tool Kit?... 7 Accountants as Business Mentors Order Form understands the business of business PAGE 1 OUR VISION Making success possible, one business at a time. MISSION STATEMENT Developing tools that empower accounting practitioners to achieve success for their business clients. BACKGROUND The question has to be asked Why are some accounting professionals so reluctant when it comes to focusing on their strengths and marketing skills? There appears to be 4 main reasons: 1. Accounting Professionals are untrained at marketing. Generally speaking, Accountants have little experience in sales or marketing, and are often uncomfortable in sales situations. They are generally ineffective at marketing their services as a whole and as a result do not grow as much as they could. 2. Accountants are local. Sadly many business clients feel that an expert has to be someone that comes from outside their local area. They miss the fact that their own local area has sound advisors who are specialists in their own right and can do just as good a job as the outside professional who is from a larger more prestigious accounting firm. This biased thinking can definitely hurt the accountant s ability to sell his or her own services. 3. Accountants have not really changed. Many accountants have not altered their thinking about their role in the overall commercial scheme of things. More and more accountants want to move into the role of a trusted business advisor rather than simply a tax agent producing endless pages of financial reports. Choosing a client base that I thought would be interested and who would gain something from the presentation, gave me my own challenges. The response from those who attended was positive and it appeared all businesses no matter what size or what they do, the problems are all the same. The presentation gave my clients lots of thinking to do; it opened their eyes to different ways to improve their business performance. Ms Terry Talty, KT Accounting & Taxation Services, Beenleigh. understands the business of business PAGE 2 Accountants now need to reframe their view of how to better position their business and help their clients because in the long run this is what will strengthen relationships and produce the best fees for them. It is no longer enough to be just an accountant. 4. Accountants need to reinvent themselves. The need to focus on providing assistance to clients for the many areas that help clients successfully run and operate their business rather than simply providing once a year tax returns and financial accounts. Things have changed and the accountant that fails to change will be left behind. So how does an accountant overcome these challenges? THE CHALLENGES OF GROWTH ClientSafe The Business Advisors Tool Kit empowers public accountants to provide uncomplicated yet powerful business advice in important areas such as profitability, cash flow and financial management. ClientSafe The Business Advisors Tool Kit is not computer based like other Accountant s tools requiring considerable investment in time, money and resources to become proficient in its use and is often confusing the client with information they do not relate to. ClientSafe The Business Advisors Tool Kit has tools that are client friendly including diagrams and simple financial tables the practitioner can use easily with their client. ClientSafe the Business Advisors Tool Kit is an ideal tool for accounting practices to use when advising business clients who Kerry King introduced the concept of being able to help business clients improve their bottom line through his workshop Tax Accountant to Business Adviser. I liked this idea. I was impressed with the package and felt that many of my clients would benefit from the program. Trevor Wolff Trevor Wolff & Associates, Manly West. have annual turnover of up to $10M. WHAT DOES IT CONTAIN? Your ClientSafe The Business Advisors Tool Kit comprises a comprehensive 16-page User Guide, 3 Management Concept Diagrams and 7 Financial Ready Reckoner tables that you use in discussions with your business clients. Your User Guide provides detailed descriptions of how to approach the subject of business advice with your clients, how to use each of the 3 Management Concept Diagrams and how to apply each of the 7 Financial Ready Reckoner tables. understands the business of business PAGE 3 MANAGEMENT CONCEPT DIAGRAMS ENTREPRENEURIAL CYCLE This tool reveals to your client the true nature of the present and future role they play in their business and the need for them to evolve personally in order for their business to grow. Without out a clear picture of the pathway a business owner must move toward to grow their business it is difficult to appreciate the value of new skills they ll require. POWER WHEEL This tool shows the 6 drivers of profitability incorporating the 4 Ways to Grow a Business. This basic yet very profound business concept is not known or understood by many of the people in business and must be understood if business success is to be achieved. CASH FLOW PROPELLER This tool shows your client how cash flow can stall in a business and helps identify ways of gaining immediate improvement. The expression profit is an opinion and cash flow is a fact is never more clearly revealed than in this diagram. Business owners get a graphic illustration of what happens to the money in their business using the Cash Flow Propeller diagram. Financial Ready Reckoner Tables:- 1. Break-Even Sales Ready Reckoner 2. Margin vs. Mark-Up Reckoner 3. Price Increase Ready Reckoner 4. Discounting Ready Reckoner 5. Debtor Turn Days Ready Reckoner 6. Creditor Turn Days Ready Reckoner 7. Inventory Turn Days Ready Reckoner I recently attended a workshop presented by Kerry King titled Tax Accountant to Business Adviser. Something I have been trying to achieve... I was most interested in the methods Kerry suggested on how to present the Business Adviser rather than Tax Adviser to the client. I implemented one of these ideas to a client 2 weeks later and instantly doubled his fees to me for the year. More importantly, he talks to his friends about me not as a tax accountant but as a business adviser. Alan Elphinstone, Alan Elphinstone & Co Pty Ltd, Sunnybank Q understands the business of business PAGE 4 These tools are used in the development and assessment of profit improvement strategies (tables 1-4) whilst tables 5-7 are used in the development and assessment of cash flow (working capital) improvement strategies. For many business owners, looking at computer screens makes simple concepts seem complicated and confusing. With the 7 Financial Ready Reckoner tables the numbers don t change in front of them, they are right there no matter what profit or cash flow strategy you explore. It is apparent to me that your services can be valuable not only to small business owners, but owners and managers of larger businesses, and those of any industry- the only requirement seems to be that the business needs to sell a product or service (i.e.- any business!) Mark Trayner Partner, NAB Business, Brisbane North Business Banking Centre, Strathpine. HOW DOES IT WORK? Your ClientSafe The Business Advisors Tool Kit gives you the power to help keep your business clients on track in two simple steps: STEP ONE: Your ClientSafe The Business Advisors Tool Kit keeps you on track educating your business clients using the 3 Management Concept Diagrams. This is very important because your client see and understand very clearly not only the journey ahead but also how simple the concepts are for improving profit and cash flow in their business. STEP TWO: Using the 7 Financial Ready Reckoner tables you can very quickly and easily quantify the financial outcome of any business improvement scenario or strategy being considered. Clients like to see the numbers in simple and easy to understand ways. By using simple (and colourful) diagrams and tables this is easily achieved. When used effectively working with your clients, these 10 Concept Diagrams and Financial Tables will help you set a new direction and invigorate growth in your practice. understands the business of business PAGE 5 A NEW DIRECTION Take your first step toward growing your practice using the ClientSafe The Business Advisors Tool Kit and become a true Business Advisor and not just a Taxpert. Other Growth Considerations Other options to fast track the growth of your practice could be: 1. Hire a Marketing Consultant 2. Develop a Mission Statement (e.g. ABC Accounting is in the business of helping clients increase their profit) and then tell your clients about it. 3. Develop relationships with other practices. 4. Believe in yourself 5. Network with other Professionals in specialist fields like Estate and Succession Planning. 6. Engage a Business Mentor. FUTURE DIRECTION Focus your clients on the need for Estate and Business Succession Planning. Accountants are the best placed professionals to project manage an Estate and Business Succession Plan whilst drawing on the expertise of Lawyer and Financial Planners. Every business needs and exit plan but sadly few have one. A recent survey revealed that only 12% of businesses had an exit strategy and only 3% of those had a funding mechanism in place for this. Estate Planning is more than making a Will. Accountants must look seriously at promoting and educating themselves on this growing industry need. understands the business of business PAGE 6 WHO DEVELOPED CLIENTSAFE THE BUSINESS ADVISORS TOOL KIT? The principal of GBM (Kerry King) is a Practising Accountant, Business Mentor and trained Executive Performance Coach and understands the need for accountants to remodel themselves and need simple communication tools to achieve this. Kerry develops Tools and Programs that help other accountants provide business advice to the clients as well as providing training in not only how to improve the profit and cash flow of a business but also in Leadership development and business management. Kerry is a regular speaker at conferences and seminars and also writes for professional and business magazines. He has worked as part of the senior management team on major building and construction companies both in Australia and overseas and has also worked in a similar capacity in Real Estate Development and Franchise Enterprises. Kerry has also served on various boards within the accounting profession as well as other business enterprises. Kerry s passion is helping owners and managers of small to medium enterprises achieve success. His particular expertise is in Financial Management and Strategic Planning of business enterprises. ACCOUNTANTS AS BUSINESS MENTORS In addition to providing the ClientSafe The Business Advisors Tool Kit, Kerry King offers the Business Mentors Training Program for accountancy practices. With accountants moving away from basic compliance and the world becoming ever more complex, there is a growing expectation that the profession should contribute to issues like strategy, risk management and business performance. Failing to mentor is preventing accountants from growing beyond their core skills. Your presentation on the 4 ways to grow your business was just what we were looking for. It provided a very succinct demonstration on how small changes can make a large difference. I have seen business coaches present on this topic before but you are the first one I felt really nailed the topic. Ross Hardcastle, Westpac Banking Corporation, Ashgrove. understands the business of business PAGE 7 Mentoring is not coaching and Kerry understands that the role of a Business Mentor is to provide insight, guidance and advice in your development to reach your highest potential. A Business Mentor is not responsible for your performance, but from experience can fast track your learning whilst providing valuable insights and support to avoid pitfalls. Mentors have been there and done that, whereas a coach is not a subject matter expert, but expert in the process of coaching. Being a Business Mentor to your clients will further grow your practice. Contact Details: Kerry King Mb: 0429 THE MENTOR ( ) Fx: E: W: ACKNOWLEDGEMENTS This document has been designed by Thorley Creative. For professional help with your corporate visual communications contact us via out website at Mention this document and receive a 20% discount on your first project with us. DISCLAIMER: The information in this document is of a general nature and should not be relied upon when making a decision. Global Business Mentoring Pty Ltd accepts no responsibility for any decision made by relying on the information contained in this document. understands the business of business PAGE 8 Take the First Step and order yours TODAY. Fill out the order form and then mail it to: PO Box 354 CHIRN PARK QLD 4215 Or fax to (07) ORDER FORM Company Name:... Contact Name:... Address:... Suburb:... State:... Post Code: Phone No:... PRODUCTS REQUIRED Individuals (1 Kit including 1 on 1 workshop) $550* [ ]INSERT NUMBER OF REQUIRED KITS...$ Practices (3 Kits including Group Workshop) $990* [ ]INSERT NUMBER OF REQUIRED KITS...$ * Additional Kits $199 each TOTAL...$ Payment via credit card: [ ] Visa, [ ] Mastercard PLEASE TICK Credit Card No: / / / CCV..... Expiry Date:..... /..... Name on Card:...Signature:... understands the business of business PAGE 9
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