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Ep 17. How to Make Money on Advisory Services [podcast]

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Categories: Webinars & Events

Welcome back to another episode of "Building Your Multi Million Dollar Practice." We had such an energized response to the last episode that was filled with coffee puns, so we wanted to bring you another episode that talks about how to make your practice
brew-tiful. Let's dive into how to pick a beta client, the length of the trial period with this client, and how to introduce the price. We want you to have confidence in charging for your services. 

 

 

 

STOP GIVING YOUR SERVICES AWAY FOR FREE! The value you provide is valuable and is worth paying for. This seems to be the most difficult idea to grasp for accountants and bookkeepers. 

 

Do your business clients know how to read a P&L? Most of the time the answer is "no." So can you expect them to understand how to create in-depth analytics and interpret their own numbers? Again, no. That is why YOU are the trusted adviser.

 

If advisory services are new to your firm, or even if you’re starting a new advisory program and changing things up, the best way to immediately start making money on advisory is to set up a beta testing program. This is done through 3 steps:

  • Choosing the right client for beta testing
  • Defining your beta test
  • Setting a price for your advice

 

Choosing the Right Client for Beta Testing:

  • Which client do you have the strongest relationship with?
  • Do you have a client that is an advocate and believes in you?
  • Which client has sent you referral business?
  • What client are you comfortable having transparent conversations with?

Hopefully, there are many of your clients that fit this description, but let's start with the best one. The key to success in advisory is building a beta trial for these services. A beta testing program for new services allows for transparency and also gets their honest feedback; this is a two way street!

 

Defining your Beta Test:

The ideal beta timeframe is 2-4 months. This gives you enough time to fully understand how you can provide services, and how you are providing value to your client’s business. BUT running a beta for TOO long makes it difficult to transition it to a fully functioning offering of your firm.

 

Setting a Price for your Service:

You are not going to give advice away for free! Not even during the beta test. Just between you and me, we have partners who are charging $1200-1500 per month for the services available through ProfitSee’s tools. Now, knowing that, you should feel incredibly comfortable offering these services to your beta testing client for $300-500 per month during the program, and you can even sweeten the deal by offering an ongoing discount for your trusted beta tester.

 

The key is to offer a guarantee of value: “And if for any reason, you do not feel the program is worth it, just let me know. We will end the beta and refund your fees.” Your client literally cannot lose, and your services are going to be valuable to them – you know they won’t want a refund, in fact, they’re going to end up wanting more from you.

 

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