VFD Articles

August 15, 2024

Creating a Solid Implementation Plan for Advisory Services

Introduction

Transitioning your accounting firm from compliance-based services to offering high-value advisory services is a significant but rewarding shift. However, success doesn’t happen by chance – it requires a well-structured, detailed implementation plan. Many firms make the mistake of jumping into advisory services without clearly defining what they want to achieve or how they will get there. This can lead to confusion, inefficient use of resources, and, ultimately, failure to meet clients’ expectations.

In this article, we will guide you through the essential steps for creating an effective implementation plan that sets your firm up for long-term success in advisory services. From aligning your team to defining clear goals, we’ll cover everything you need to consider to ensure your transition is smooth and profitable.

Why You Need a Strategic Plan for Advisory Services

Moving into advisory work is a strategic decision that will affect every aspect of your firm, from how your team operates to how you engage with clients. Without a clear plan, it’s easy to get overwhelmed or lose sight of your goals. A well-crafted implementation plan provides the roadmap your firm needs to transition successfully into offering advisory services.

The Risks of Not Planning:

Lack of Direction: Without a clear plan, team members may not fully understand their roles, leading to confusion or resistance.
Inefficient Resource Allocation: You risk spreading your resources too thin by focusing on activities that don’t align with your long-term goals.
Missed Client Opportunities: If your firm doesn’t structure its advisory offering properly, you might miss out on upselling opportunities or fail to deliver consistent value to clients.

The Benefits of a Strategic Plan:

Clear Objectives: Setting measurable goals helps your firm stay focused and track progress.
Team Alignment: Ensuring everyone knows their role in the transition avoids confusion and keeps your team motivated.
Efficient Use of Resources: A plan helps you prioritise what’s important, from technology investments to staff training.
Stronger Client Relationships: A structured approach to advisory services makes it easier to deliver consistent, high-quality advice that clients trust.

Key Steps to Creating Your Implementation Plan

To make your transition into advisory services smooth and successful, there are several key steps you must follow in your implementation plan.

1. Define Your Objectives and Vision

The first step in any strategic plan is defining what success looks like. This means setting clear, measurable objectives for your advisory services. These objectives should be both long-term (e.g. achieve advisory revenue of £x within 3 years) and short-term (e.g. onboard 5 clients to advisory services within the next 6 months).

Questions to Consider:

What are your firm’s goals for moving into advisory services?
How will these services benefit your clients and differentiate your firm from competitors?
What percentage of your revenue do you want advisory services to represent in the next 1-3 years?

VFD Pro’s Role:
VFD Pro helps you set specific goals by providing insights into your clients’ financial health, helping you identify opportunities for offering tailored advisory services. With tools that automate financial reporting, analysis and planning, your firm can focus on strategic goals rather than being bogged down by compliance work.

2. Segment Your Client Base

Not all clients will be ready for or need advisory services right away. An essential part of your implementation plan is segmenting your client base to identify which clients will benefit the most from these services. Start by assessing your current client portfolio and dividing clients into segments based on their size, industry, growth stage, and specific needs.

Client Segmentation Criteria:

High-Growth Businesses: Clients who are expanding rapidly and need financial advice on managing cash flow, securing funding, or planning for sustainable growth.
Established Businesses: Clients who are more focused on long-term strategic planning, including profit maximisation and exit strategies.
Start-Ups: Clients in the early stages who need foundational financial guidance and help with budgeting, forecasting, and scaling.

VFD Pro’s Role:
With VFD Pro’s Client Advisory Assessment Model (CAAM), you can analyse your entire client base and rank them by their suitability for advisory services based on real-time transactional data. This ensures you focus your efforts on the clients who are most likely to benefit from—and invest in—advisory services.

3. Align Your Team and Assign Roles

Your team is critical to the success of your advisory services offering. It’s essential to define the roles and responsibilities of each team member to ensure everyone is aligned with the firm’s new strategic direction. Involving your team in the planning process can also help reduce resistance to change and create buy-in.

Key Roles to Assign:

Client Advisors: Staff members responsible for directly providing advisory services. They should be trained in financial analysis, forecasting, and strategic planning.
Technology Champions: Team members who ensure the smooth implementation of tools like VFD Pro and train others on how to use them effectively.
Business Development: Client Managers or partners responsible for identifying upsell opportunities and building relationships with potential advisory clients.

VFD Pro’s Role:
VFD Pro offers comprehensive training resources, including online tutorials, CPD-accredited programs, and user guides to ensure your team is fully equipped to use the platform. This helps streamline the adoption process and ensures everyone understands how to leverage the tool to enhance advisory services.

4. Set a Timeline for Implementation

Without a defined timeline, your transition to advisory services could lose momentum. Setting specific deadlines for each stage of the transition ensures your team remains on track and accountable. Break the implementation down into manageable phases, such as:

Phase 1: Client segmentation and strategy development (1-2 months).
Phase 2: Team training and internal alignment (2-3 months).
Phase 3: Onboarding first clients to advisory services (3-6 months).
Phase 4: Full-scale launch and ongoing monitoring (6+ months).

VFD Pro’s Role:
VFD Pro simplifies the timeline by automating many aspects of client onboarding and financial reporting, allowing your team to focus on higher-value activities. The platform also allows you to monitor client interactions and progress, ensuring each phase of your plan is completed on schedule.

5. Monitor Progress and Adjust as Needed

Your implementation plan should be flexible enough to adjust based on client feedback and internal performance. Regularly review the progress of your advisory services, assess client satisfaction, and tweak your approach where necessary.

Metrics to Track:

Client Feedback: Are clients satisfied with the advisory services they’re receiving? Are they seeing measurable benefits?
Team Performance: Is your team comfortable with their new roles, and are they effectively delivering advisory services?
Financial Impact: How has the shift to advisory services impacted your firm’s revenue and profitability?

VFD Pro’s Role:
VFD Pro provides real-time analytics and insights into both client performance and your internal operations. These insights allow you to continuously refine your strategy and ensure that your advisory services are delivering the desired results.

Conclusion

A well-defined implementation plan is essential to the successful transition into offering advisory services. By setting clear objectives, segmenting your client base, aligning your team, and leveraging the right tools—such as VFD Pro—you can ensure that your firm makes a smooth and profitable shift from compliance to advisory work.

If you’re ready to take the next step in implementing advisory services, explore how VFD Pro can support your firm at every stage.

READ MORE