How can you know when your firm should offer advisory services? Let’s take a look at the different changes you might be experiencing, and how offering advisory services is a great response.
Client expectations are changing
Clients have ever changing needs. As their needs change, your firm needs to be willing to adapt to do the same. If your clientele has growing interest in things like crypto currency, nonfungible tokens, or blockchain they will need your help navigating these worlds. By offering advisory services you will be well equipped with the time, resources, and quality material to best help your clients.
The relationship your customers expect to have with you will change as their interests do. As you offer them advice in your advisory services you will be engaging in conversations with them more often, and these topics are likely to be more positive too! You have more chances to deliver them good news when you offer advisory. This changes your relationship and builds a more positive baseline for you. When your firm is looking to establish more intimate and more positive relationships with clients, it is a good sign you should offer advisory services
Your employee’s desire more from their work
Just like the expectations of your clients, your employee’s expectations will also change. If you have noticed a growing desire in your employees to see the concrete impact of their work, your employees would probably welcome the shift to advisory. Instead of focusing in the technical aspects of accounting tasks your employees would have more time to help implement best business practices, allocate their time wiser, and plan for future goals with the necessary insights. Offering advisory services helps your employees see the impact of their work more.
As technology changes the tax and accounting world, employees will also need to learn new skills. By switching to advisory you open up a new world for your firm. Now your employees will be able to spend time on other part of the business, while also being able to adjust to the advisory services. This enables them to stay agile and not grow static in their work. If your firm employees do not want to get stagnant in their work, it might be time to start offering advisory services.
Your firm goals have shifted
As our world modernizes firms are shifting the way they approach business. If your firm is looking to upgrade, modernize, or refocus now is a good time to factor advisory services into your future. Advisory services are shaping up to be a crucial part of the future of firms everywhere. When your firm is looking at where you want to be, and who you want to be in the near future, it is important to consider how you will compete in the advisory world.
Not only will you want to adapt to fit the market you will also want to adapt to help your company culture. When analyzing the goals of your firm, what kind of culture do you want to create? When you shift to offering advisory services, you open a world of opportunity, creating chances for employees to learn, grow, and balance their work. This adds a wonderful element of balance. to your company culture. If your firm is looking to modernize and create balance it is high time to consider offering advisory services.
Your clients are changing, your employees are changing, and your firm is changing. Offering advisory services is a great, modern, and smooth way to respond to these changes.
Think Advisory is right for you?
Check out these resources to help get you started:
How to start an accounting advisory business
Year-End Tax Planning: How advisors do more for clients