I speak to a fair few number of accountants around the country on a regular basis and the number one question I often get asked is:
“Ed, WHAT can I do differently to grow my business more profitably?”.
It’s a good thought, but I suggest to them they are asking the wrong question.
They shouldn’t be asking ‘What’ can they do differently, but they should instead be asking ‘HOW can they do things differently…”
The What, in the Accounting industry is Compliance and now to a large extent, Advisory services.
The How, is doing the What with enough economies of scale and providing maximum value to the client at the lowest possible cost.
Well, not quite.
You see, every business – regardless of what industry or sector – must focus on developing these functions in order to operate and grow their business:
- Marketing (creating brand awareness of your business’ unique selling proposition to a targeted audience and generating qualified leads)
- Sales (converting qualified leads into new clients)
- Production / Distribution (Intellectual Property, Systems and People that produce and deliver the product or service.)
- Administration (back-end systems and procedures to keep costs low and cash-flow high)
All of these functions must be done, exceptionally well, and in unison in order to achieve growth.
That’s the What that needs to be done. Now, about the How…
For example, most Accountants are naturally good at doing a Tax return (“Production and Distribution”) and provide great client service; but some firms now have figured out that outsourcing some of the production is a smart way to increase capacity while keeping overheads low.
Even as Accountants become experts and highly efficient in production/distribution and administration, but if they do that at the expense of other areas, such as Marketing and Sales, then they will do their business a great dis-service.
When it comes to Marketing in particular, some Accounting Firms either usually don’t have a clear plan or strategy, or they lack the time, resources and energy to develop the necessary systems to effectively grow their business.
There is no question this has to be done, but It can be highly expensive if it’s done the wrong way.
There is a better way. There is a better How that can enable your firm to focus on doing what it does best.
It’s taking advantage of an Umbrella Brand Shared Services Model with a track record of helping Accounting firms grow their business.
What is an Umbrella Brand Shared Services Model?
It’s a bit like outsourcing, but It’s far better than that.
It’s about joining forces within an umbrella brand in a larger group of independent firms working together, pooling resources and “in-sourcing” from a centralised shared services hub.
…It’s a bit like ‘All for One and One for All’.
The 7 Ways an Umbrella Brand Shared Services Suite can Benefit Your Firm:
- Wider Recognition / Brand Awareness.
Gain recognition by aligning with a credible industry brand.
- Attract New Clients
- Leverage via Scale, Group Buying Power & Affiliations/Alliance Partners.
An umbrella brand shared services hub pools together resources and represents the group on Partner firms’ behalf for increased bargaining power on group wide services. It would also have the scale and established market presence to attract and develop Alliance Partner Relationships for referrals and co-marketing activities.
- Increase Goodwill Value
A complete Re-branding to an Umbrella Brand (but still retain operational control) may increase the goodwill value as well as the brand equity of your business. Virtually overnight, a suburban based firm could be affiliated with a National Player.
- Access to Intellectual Property, Branded Products & Complimentary Services.
Partners of an Umbrella Brand Shared Services Hub get access to knowledge and expertise only available as a result of hundreds and thousands of dollars of research and development into creating branded products. Also, being a part of wider group gives you internal access to offer your clients specialist services provided by other Partner firms/ members within the wider group.
- Lower Operating Costs
Allows you the head-space to focus on servicing clients and not having to be concerned about non-core business activity.
At Chan & Naylor, we’ve invested more than $5M and created and pioneered such a model in the Accounting industry.
We now have more than 20 Joint Venture Partnerships across 16 locations.
Accountants, Finance Brokers and Financial Advisors are all a part of this unique model and clients benefit from holistic services provided to them, from a “Branded House” of service products.
The findings from a recent client survey we conducted has suggested a high degree of client loyalty and satisfaction as a result of the shared expertise and synergies within the group.
This unique shared services model is what we call the Joint Venture Partnership Program, whereby independent accounting firms, as Joint Venture Partners of Chan & Naylor, can benefit from an Umbrella National Brand, Marketing and Outsourced I.T. Services, but still retain operational control of their respective businesses.
The major difference between outsourcing and becoming part of a Joint Venture Partnership Program in Chan & Naylor, is that we have vested stake and interest in helping your business grow, unlike other ‘ aggregate models’.
We would like to invite you to consider our Joint Venture Partnership Program as we take it to the next level.
We’re expanding the Program across the country and looking to grow the group of Partner Firms to further benefit all within the group, through greater size and scale to further leverage the above mentioned benefits.
We are seeking to partner with like-minded Principals whose firms are well established, but seems like they’ve hit a brick wall in size and can’t seem to push through to the next level.
Firms that are of the right size and cultural fit are invited to consider a geo-exclusive Accounting Business Opportunity in Chan & Naylor’s Joint Venture Partnership Program.
There are only 7 exclusive locations left to fill and once these are taken we will close the recruitment process and focus on growing these firms:
- Gold Coast
- Sunshine Coast
- Canberra / ACT
If you are based in or near these areas and your turnover is above $800,000 p.a. – and you’re serious about taking your business to the next level – then I’d welcome the chance to discuss this Business Opportunity with you in further detail. Please email us your information and I’ll touch base with you to arrange a private discussion about Your Firm and how we could potentially work together in future.
Disclaimer: This article contains general information; before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs. Click for more detail regarding this disclaimer.