“If you're only working in the business, you're doing it wrong. Cut your activities in half. You have to free up time to think about the business, to work on the business.” – Simon Severino
The finer details of this episode:
• Transition from traditional tax-based practices to advisory-oriented services in accounting.
• Challenges faced by accounting firms in defining and marketing their services.
• Importance of understanding client needs and delivering tailored solutions.
• Decoupling time from value in professional services to enhance profitability.
• Strategies for effectively packaging and pricing advisory services.
• The role of marketing in differentiating accounting firms in a competitive landscape.
• Implementing structured approaches like "Strategy Sprints" for business growth.
• Identifying operational constraints and improving processes for better service delivery.
• Building long-term client relationships to foster loyalty and satisfaction.
• Emphasizing the need for continuous improvement and agile responses to market demands.
Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Check out Strategy Sprints here: https://www.strategysprints.com/
Timestamps:
Introduction to the Podcast (00:00:00)
Overview of the podcast's mission to provide insights on accounting firms' growth and innovation.
Guest Introduction (00:00:22)
Co-host introduces Simon Severino, highlighting his expertise and the challenges accounting firms face.
Simon's Background (00:01:29)
Simon shares his non-linear career path, emphasizing his passion for market strategy and problem-solving.
Transitioning to Advisory Services (00:03:09)
Discussion on the shift from tax-based practices to advisory services in accounting firms.
Decoupling Time from Value (00:05:14)
Simon explains the importance of separating time spent from the value delivered to clients.
Client Example: Cash Flow Reporting (00:06:15)
Illustration of how an accounting firm expanded services and improved profitability through automation.
Challenges in Changing Mindsets (00:08:54)
Discussion on the difficulty accountants face in shifting their perception of time-based billing.
High Margins of Advisory Services (00:09:31)
Simon highlights the significant profit margins in advisory services compared to traditional services.
Understanding Entrepreneurial Needs (00:10:51)
Exploration of what entrepreneurs truly need from their accounting services and reports.
Importance of Advisory in Cash Flow (00:12:40)
Discussion on the necessity of advisory services in helping clients interpret cash flow reports.
Strategic Value of Consulting (00:13:37)
Simon emphasizes the value of being a sparring partner for clients in decision-making.
Subscription-Based Services (00:14:45)
Discussion on how subscription models can help disconnect time from billing in professional services.
Impact of AI on Professional Services (00:15:58)
Simon discusses the challenges posed by AI in the financial services sector and competition.
Marketing on LinkedIn (00:17:16)
Emphasis on the importance of LinkedIn for professional services and strategies to gain mindshare.
Mindshare and Marketing Strategies (00:19:59)
Simon discusses the need for consistent marketing efforts to stay top of mind with clients.
Common Marketing Mistakes (00:20:51)
Simon identifies common pitfalls accounting professionals face when starting their marketing efforts.
Responsibility for Marketing (00:21:46)
Discussion on the necessity of assigning dedicated roles for marketing within accounting firms.
Introduction to Strategy Sprints (00:22:50)
Discussion on the importance of external presence in accounting firms.
Client Satisfaction and Acquisition (00:22:59)
The roles of team members in ensuring client satisfaction and bringing in new clients.
Defining Strategy Sprints (00:23:14)
Overview of what a strategy sprint entails and its focus on key activities.
Creating Client Flywheels (00:23:52)
Strategies for generating more work from existing clients through enthusiastic moments.
Distribution Flywheels (00:25:06)
Methods for creating compelling content and building a pipeline of ideal clients.
Defining the Ideal Client (00:26:08)
Importance of identifying and sticking to an ideal client profile for long-term success.
Measurement in Strategy Sprints (00:27:17)
The significance of measuring activities weekly to determine effectiveness.
Reclaiming Time (00:28:17)
How identifying ineffective activities can help reclaim valuable time in business operations.
Focus Card Metrics (00:28:40)
Using the focus card to track three key metrics every week for better results.
Scientific Approach to Business Growth (00:29:55)
Implementing a scientific method for testing and validating business strategies.
Client Onboarding and Constraints (00:31:07)
Identifying constraints in professional services to improve overall throughput.
Addressing Service Offerings (00:33:19)
Discussion on the challenges of adding new services and recognizing value in advisory roles.
Pricing and Packaging Services (00:34:32)
Strategies for increasing service pricing and developing attractive packages.
Learning from Other Industries (00:36:08)
Insights on how professional services can benefit from models used in franchising.
Creating a Scalable Business Model (00:38:00)
Transforming a consultancy into a scalable model by professionalizing brand and processes.
Resources for Further Learning (00:40:32)
Information on where to find tools and resources for implementing strategy sprints.
Main Takeaway (00:42:20)
The importance of cutting activities in half to free up time for strategic thinking.
