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27. How To Move From A Compliance Only Firm To An Advisory Firm
Manage episode 410653367 series 3547082
Το περιεχόμενο παρέχεται από το Amanda C. Watts. Όλο το περιεχόμενο podcast, συμπεριλαμβανομένων των επεισοδίων, των γραφικών και των περιγραφών podcast, μεταφορτώνεται και παρέχεται απευθείας από τον Amanda C. Watts ή τον συνεργάτη της πλατφόρμας podcast. Εάν πιστεύετε ότι κάποιος χρησιμοποιεί το έργο σας που προστατεύεται από πνευματικά δικαιώματα χωρίς την άδειά σας, μπορείτε να ακολουθήσετε τη διαδικασία που περιγράφεται εδώ https://el.player.fm/legal.
Today's episode dives into a question many of you have been pondering: How do I shift my firm to focus on advisory services?
The journey from a compliance-only firm to offering advisory services can seem daunting, but with the right approach, it's entirely achievable.
Key Takeaways:
- Understand the Challenges: The major hurdles in shifting to an advisory model include mindset, skillset, and client base challenges. Recognizing these early on can help you navigate the transition more effectively.
- Five Practical Strategies:
- Sell to Current Clients: Your existing client base might already be primed for advisory services. It's about identifying their pain points and offering solutions that go beyond compliance.
- Increase Compliance Prices: Weeding out low-value clients by raising prices can free up resources and focus for building out advisory services.
- Sack Non-Ideal Clients: Grading your clients from A to D and letting go of those who don't align with your advisory vision can streamline your transition.
- Sell Your Client List: If a complete shift is what you're after, selling off parts of your compliance client list can provide the funds and focus needed for advisory services.
- Hire a Practice Manager: Bringing in a manager to oversee compliance operations can free you up to develop and grow your advisory offerings.
- Start with the Right Mindset: Shifting to advisory requires a proactive approach and moving out of your comfort zone. It’s about becoming a strategic partner to your clients rather than just a service provider.
- Develop Necessary Skills: Advisory services demand analytical skills, strategic thinking, and an in-depth understanding of business operations. Soft skills like empathy and communication are also crucial.
- Evaluate Your Client Base: Transitioning may mean reevaluating your client list and focusing on those who see the value in advisory services. This could involve parting ways with clients accustomed to compliance-only services.
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Speak to you in the next episode...
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