Is my client too small
for advisory services?
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As bookkeepers and accountants, we often find ourselves being held back by assuming our clients are too small to benefit from advisory services. This common misconception, that advisory services are exclusively for large businesses, has hindered many small business owners from accessing valuable insights and strategic guidance to help them grow and develop their business.
The smaller the business, the more guidance and support they require!
No Passion for numbers
Think about it…
Small businesses don’t have the luxury of hefty budgets or the brains of expert employees to help them make business decisions; bounce ideas with; or to help them work out a plan of action when things start to go haywire. They don’t have the cash reserves, processes or resilience to withstand mistakes, problems, unforeseen issues etc like more successful and bigger businesses can.
They are dreamers who turned their fantasies into reality by creating a business from their passions.
They haven’t set up the business due to their love for all things business or numbers like we have and so they need us, the financial gurus, to help them better understand their numbers and navigate the often treacherous waters of business and finance. Without us, they are the underdogs.
Every client needs a superhero
These small business owners are experts in their craft, but they unlikely have any understanding of numbers and financial jargon like we do. That’s where we come in! We can break down their financial data into insightful and valuable bite-sized and easy-to-understand information through visual management reporting.
So grab your superhero cape, pull your favourite superhero pose and swoop in and save your client’s day – Who said finance is boring?!
All clients benefit from support
Our role goes beyond number crunching; we’re the guardians of financial wisdom. We spot potential issues before they become problems and help the business overcome these issues. We hold our clients accountable to their budgets and goals – even challenging and stretching the goals and aspirations of the business – and cheer them on every step of the way. We’re the ones who keep them on track and help them bounce back from unexpected hurdles.
Without this accountability and strategic support, businesses will struggle to achieve their full potential.
Equip business owners with a crystal ball
A cashflow forecast is critical for any business, big or small. It’s like a crystal ball that helps predict and plan for the future. And guess what? Our small clients need it just as much, if not more, than large businesses!
Ideally they also require a P&L and Balance Sheet forecast to ensure that their business is going to grow, how they need it to, in order to be able to fulfil even the wildest of those business and personal dreams too. Every business – no matter how small – needs a financial fairy godparent – and crystal ball – to help their dreams come true.
Proof that even the smallest of clients want and need advisory services!
Let me share a success story with you.
As some of you may know, I provide a “Done For You” management reporting and cashflow forecasting outsource service for other bookkeepers and accountants like you.
One of the practices I’ve worked with – the fantastic Jo Wood Virtual FD – specialises in the beauty industry.
Every month I create these advisory services – management reports and cashflow forecasts – for beauticians, therapists and barbers of all sizes. From small businesses with a turnover of around £30k turnover all the way to salons earning 6-figures, they all benefit from these services.
These advisory services are also what helped many of these small business owners navigate and survive the COVID pandemic and bounce back stronger than ever. We’ve even celebrated numerous VAT registrations and Limited entity registrations since the salons re-opened post COVID. How amazing is that? 💪🤩
Be a hero – help the underdog succeed
So, my fellow financial heroes, don’t stunt a business’ (and your own!) ability to grow by not providing them with advisory services. Remember, our smallest clients need us the most! They crave our expertise, our insights, and our unwavering support. Together, we can help them soar to new heights and achieve greatness.
Size doesn’t matter when it comes to unlocking potential. Don’t let your clients miss out on the superhero-level support they deserve! It’s time to make a lasting impact on the businesses we serve!
Join the accounting revolution
Are you ready to embrace the potential of advisory in your practice and become a catalyst for growth?
If you haven’t fully explored these services yet, it’s time to consider the immense value they can bring to your clients and your practice; this is before we even consider the additional revenue and profit it can generate for both you and your clients!
By integrating advisory into the services you provide, you position yourself as a forward-thinking, proactive professional, capable of delivering holistic support that goes far beyond the numbers. Advisory allows you to guide business owners, shape their success and help them achieve their aspirations.
So, embrace the power of advisory, and unlock the full potential of your profession as a trusted advisor.
Need Support?
Click on the “Schedule Time With Me” button where you can book a (free!) virtual cuppa with me; register for my next Advisory webinar or book a 1:1 Superhero session (power hour) depending on the help you need to take your advisory offering to the next level.
To celebrate the launch of my blog, I’d love to thank you for taking the time to read by offering you a significant discount on my Superhero (Power Hour) sessions – Book here before 31st August to take advantage of the £51 saving!
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