It is all well and good talking about part-time Finance Director or CFO services, or helping clients prepare for exit, or even Management Reporting, nothing will happen until you and your team start discussing the future, not the past with clients.
Easy to say, but what does this mean in practice and how can you get your team to change, or more to the point to add new future focussed subject matter to the agenda, ideally topics like:
- Do you know what your business might be worth if you sold it today?
- Do you understand the potential to grow and increase profitability?
- Do you realise what your business could be worth in five years’ time?
- Do you appreciate how much cash could be realised in your business?
These are highly engaging, highly valuable topics for any business owner, and if you and your team can help clients appreciate the full potential AND how you can help them realise the potential, the perceived value of your service has just gone through the roof, the only question: by how much will you increase fees.
But hang on, there is a problem.
It is all very well showing your client how much potential their business has, but without a credible way to also show them how that value can be realised you are not adding value, you are simply showing them the size of the prize.
To transform your clients perception and their lives, by using the tools that lie at the core of the Compliance+ strategy you can do both:
- Demonstrate to clients how easy it would be to increase profitability and the value of their business, and…
- Give them practical, hands on, low and no cost things they can do to improve their business drivers and realise their dreams.
How does Compliance+ highlight the value AND help make it happen?
Everything starts with a new conversation with clients, or to be more precise, new insight to add to your existing meetings. This strategy does not replace the great work you already provide, it enhances it, and this starts by using the Client Discussion Model to identify issues and potential for growth, helping you prepare a pre-populated, client specific agenda in under 5 minutes, allowing you to transform your meetings.
The Client Discussion Model: Exactly what you choose to include or omit in each meeting is entirely up to you and your team, but ideally you would include the following as topics for discussion:
- The Indicative Valuation of your client’s business today.
- Highlight risks and opportunities for business growth, profitability and value.
- Model scenarios to show exactly how performance can be improved, and as a result…
- Highlight exactly what that improvement would do to their business valuation.
- Demonstrate how much cash they could realise through improved cash flow management.
Financial Management for Business Owners (FiMBO) Training – Train the Trainer: The FiMBO training programme is designed to be delivered by Accountants, to help business owners understand the importance of tracking financial performance and focussing on the ‘inputs’ that drive growth.
It can be delivered in person, or online, and in various formats, but ideally over 12 weeks, in easily digestible one hour sessions starting with an overview and an illustration of the incredible impact of compounding. The FiMBO training then explores each of the 7 key business growth drivers, providing a host of no cost and low cost strategies business owners can implement immediately.
The FiMBO training reinforced the fact that every business owner should know exactly how much value they need to create in their business, and what they need to do to be able to realise that value by becoming Exit Ready. The 12 sessions conclude by highlighting how important it is to plan and forecast and to regularly review performance vs forecast.
As you and your team become confident delivering the knowledge contained in the FiMBO training programme, the value and the support you can provide for clients increases exponentially, the only question you have to address is this:
Having added significant value – how much more will our clients be happy to pay us for our enhanced services?
The Compliance+ Training that makes up Module 1 of 4 of the VFD Mastery programme will tell you exactly how to answer this question, you and your team will learn how to use all the tools you need to successfully implement your Compliance+ Strategy, start to finish in just 4 ½ hours, and it comes with an unconditional 90 day, 100% satisfaction or your money back guarantee.
To find out more about the Compliance+ service proposition click here.
A logical strategy to increase perceived value and hence increase fee income for your Compliance Only clients at the same time as providing a very natural, logical way to introduce and sell more valuable Financial Advisory services, including:
- Management Reporting and Financial Review Meetings
- Growth Planning, Forecasting, and Part-Time FD/CFO
- Exit Planning, Valuations, Financial Due Diligence
Everything you need to support your clients from Start-up, through Scale-up to Preparing For and Exiting successfully.
