‘Cloud Accounting’ and regular reference to ‘Business Advisory Services’ has become the norm and you would be forgiven for thinking that if you didn’t get on board with both, you’re going to miss the boat and slip into oblivion.
Well there is a much more important question that you must ask yourself before you make that decision.
‘Who have I designed my business model to suit?’ or ‘Who is my ideal client?’ or ‘Do I know who it is that my Practice is best suited to serve?’
If you think about it, it makes no sense adopting new technology or systems or strategy if you don’t know precisely who it is that you are meant to serve in your community.
In my experience, many practices use the ‘fog or heart beat test’ to select clients.
If you have a heart beat or can fog up a mirror with your breath then you’re in. And as a result, what you end up with is a ‘vegetable soup’ as your client mix.
Some Practices however, look for the ‘needle in the hay stack’ or ‘packet of needles’ and build their Practice to suit the clients they wish to and are best equipped to serve.
In my case it is this.
The Advisor Institute is designed to serve Accounting Practices:
- With less than $2.0 m in annual fees,
- 1 or 2 Partner structure,
- Providing predominantly tax & accounting services,
- Have a desire to build their Practice serving the business community.
I could get more detailed but that pretty well covers.
The importance of knowing who you are and who your Practice best serves means you are applying the 80/20 rule to client selection. All your resources are designed and applied to serving those clients and those clients alone.
So what about your Practice, is this how you would describe your Practice or is it a little bit more complicated or disjointed?
My Practice is designed to serve those in the business community:
- Who have annual revenue of less than $5.0 m,
- Are predominantly family owned,
- Working in the manufacturing, retailing and service industries, and
- Wish to increase the profit, cash flow and the value of their business
- Build and protect personal wealth and
- Meet and minimise all tax payable obligations
The services I provide will be confined to the areas of:
- Tax and Accounting
- Financial Planning and Wealth Creation
- Business Development and Improvement
So your message would be something like this.
‘We work with people who wish to build a profitable sustainable business, whilst meeting and minimising their tax obligations for the purpose of increasing and protecting their personal wealth.’
If you had this clarity it would be much easier to attract new clients who only resemble those you wish to work with, resource and lead your team so that they are exceptional at delivering on the services you offer. Your promise!
You can easily assess and identify who you’ve already decided to work with using ‘ClientM8™‘ and then decide who you want to work with in the future.
So let me ask you one more time: