The Compliance+ connection type and the related support gives you everything you need to transform client relationships, making them future focussed, highly valued and in so doing substantially increasing fee income with no additional time required.
There are three key elements to the tool kit:
- Client Discussion Model – to prepare for and deliver future focussed discussions with clients
- Business Overview Report – to provide ongoing management reporting and added value for clients
- Financial Management for Business Owners (FiMBO), training to educate and upsell clients
You can be up and running with the Compliance+ tools in next to no time. Training of Client Managers takes half a day, start to finish, leading to a very significant increase in fee income shortly thereafter depending on the deployment strategy you chose to adopt.
Without your help, the typical business owner will struggle to realise the full potential of their business, but with your help they will grow faster, creating more employment and needing more financial support and assistance from you and your team, a classic win-win.
The Client Discussion Model cuts the time taken to prepare for a ‘high impact, future focused’ meeting with a client to less than 5 minutes. Better than that, it pre-populates your meeting Agenda with the supporting financial information to highlight opportunities and risks, quantifying the impact of each on the profitability of the business.
The Client Discussion Model also provides an indicative valuation of the business, using a mix of 7 different valuation techniques allowing you to start your meeting by discussing the value of their business today which inevitably leads to the question ‘where do you want to be in five years’ time, and what must happen between now and then?’.
The conversation that inevitably flows having gone on to highlight opportunities for growth and risks to profit is discussion related to what if? If we improve the growth drivers what would happen to revenue and profit? How will cash flow be impacted? What will this do to the value of the business?
The Client Discussion Model helps you and your team explore various scenarios to answer all these questions and more… providing a powerful but extremely easy to use scenario planning tool to show your client exactly what will happen over each of the next five years to revenue, profit, EBITDA, company valuation and cash flow.
To add value after your ‘wow’ meetings with clients and to introduce them to the value and the power of Management Information you can provide them with monthly management reports using the Business Overview Report to add value every month, increasing the likelihood of clients asking for and being happy to pay for more frequent financial review meetings.
So far so good, but how do we help clients take the appropriate actions to achieve growth?
Ideally each member of your team will be an expert on how to grow a business, that would make you invaluable to clients but in most cases, this is not the case (yet). By delivering the Financial Management for Business Owner (FiMBO) training that is a key part of your Compliance+ package, you will achieve three things:
- Your team will rapidly become experts, ready, willing and able to offer growth tips and advice for clients.
- Your clients will learn a host of low cost and no cost strategies they can apply to growth and scale.
- You will be providing a perfect ‘engagement strategy’ to attract new high value clients who want more help and support than they are getting from their current accountant, making new client acquisition a synch.
To help you deliver all of the above you and your team will ideally be trained, Compliance+ training takes place on Thursday afternoons between 13:00 and 17:20. The 4 hours of online training provides you and your team with everything you need to start engaging with clients immediately and covers the following topics:
- Logging onto the Portal: Generating the Business Overview Report and the Client Discussion Model
- Client Discussion Model – generating the pre-populated Agenda for discussion with clients
- Valuation Models – Entering the input assumptions to generate a more accurate business valuation
- Using the Client Discussion Model and the Meeting Agenda in client meetings to deliver maximum value
- Business Overview Report, the Associated So What? Guides, the VFD.Academy Resources and the LMS
- Risk Dashboard – Logging On, Adding Clients, Conducting the Audit, Tracking and reviewing task completion
- The Client Journey: Value and Growth Potential – FiMBO – Price Rise (test, measure and execute)
Delegates also receive access to the VFD.Academy resources include videos, playbooks, and access to the Learning Management System allowing users to confirm they have mastered the knowledge conveyed in the Compliance+ training.