14 May, 2019 / IN Business Advisory / by Chad Stead
Do you have ‘pain points’ in your business? Are you so flat out with the day-to-day that you can’t find a way forward? A trusted business advisor can dig deep and find the answers for you.
Accounting firms have traditionally offered compliance-based services to their clients. They make sure that the books are in order and manage clients’ relationships with the tax office. These are necessary services for the health of any business, but they aren’t really aimed at helping a business to prosper.
Business Advisory as a stand-alone service is an emerging concept within the accounting profession as firms identify a need for more forward-thinking strategic services to complement their existing compliance-based services.
According to a recent ‘Accounting Today’ survey, 78% of small to medium businesses are looking for an accountant who is a trusted advisor. They don’t just want someone who generates income tax returns, they want someone who can help them use their financial data to develop and implement a way forward for them and their business. Accounting firms are ideally placed to do this because they have pre-existing knowledge of their clients’ businesses and have already been trusted with access to their financial data.
Firms who offer ‘stand-alone’ Business Advisory services can provide a mentor / business coaching service that helps clients tap into strategic direction and growth opportunities for their business. A team with relevant skill sets can examine their clients’ books and historical trends, then use them as a basis to make forecasts, taking into account variables such as the economic climate, competition, industry disruption and technological change.
A switched-on advisory team will invest the time to ask the right questions, understand the pain points of a business, and dig deep where necessary to achieve the optimal outcome for their client.
If you’re a business owner who answers yes to any of these questions, you might want to consider using Business Advisory services:
- Would you and your business benefit from having an engaged advisor who can identify and facilitate growth opportunities?
- Would you like help with the implementation of innovative technologies to improve your business’s efficiency?
- Would you like assistance to identify and clarify business goals and develop a plan to reach them?
- Would you like to build the future of your business using forecasting?
- Would you like structured quarterly meetings where actions are set, and guidance provided?
At Lambourne Partners, we are listening closely to the changing needs of our clients. We’re committed to investing in innovative technology and human resources to ensure we are at the pointy end of this dynamic service offering. As our Business Advisory journey continues, we’ll keep you updated on what we are doing and, most importantly, how we can help you.
If your interested in understanding more about our advisory service offering, lets arrange a 30 minute coffee catch up to discuss your pain points. Through the completion of a 5-minute survey we can help by uncovering the real issues at play and commence a plan to overcome / manage them.
Chad Stead is a Partner of Lambourne Partners, Fellow of CPA, ASIC Registered Auditor, Justice of the Peace, and has a Bachelor of Commerce from The University of Newcastle. He specialises in analysing and advising business owners about strategic directions, uncovering opportunities and creating relationships. He prides himself on exceptional service and advice.