Do you need to grow your Practice?
One solution is to help your clients grow their business!
Topics discussed in this paper include:
Adding Value Advisory & Consultancy Relevance
Most Accounting firms today are seeking ways to increase their consultancy revenue whilst at the same time providing a valuable and appreciated service to their clients. One way of achieving that is by working with your client to grow the value of their business. An independently prepared business valuation compiled by experts can provide you and your client with a solid foundation for developing growth strategies for your client’s business that will ultimately benefit you both.
LOOK TOWARDS AN EXPANDED SERVICE OFFERING
A logical extension of client services beyond historical tax submissions might well include Advisory and Consultancy.
Services such as these are proactive, looking to the future by helping business clients better understand how to manage and develop their operation.
And a client whose business grows as a result of your collaboration will ultimately be more valuable to you!
ADD VALUE FOR ENDURING RELEVANCE
This four-step strategy outlines how to put this into practice:
STEP 1: Identify pro-actively minded clients who want to build their business and who are open to collaborating on ways to identify areas ripe for improvement.
For example, clients approaching retirement age who are thinking about succession planning (there is estimated to be over 400,000 of them over the next 10 years); clients who need to attract investors to help fund growth; or clients who may be simply seeking to exit their business completely. Bizval can provide you with templates to help you with the initial letters or emails to your clients. Easy!
STEP 2: Objectively review the business operation. A business valuation can form the foundation of your review.
Any review should be independently compiled so as to be objective and free of bias. Every Bizval valuation report is compiled by a qualified Chartered Accountant and registered tax agent with extensive experience in business administration. As a member of the Institute of Chartered Accountants Australia & New Zealand, all valuations prepared by Bizval are in accordance with the highest professional and ethical standards. It will provide you with the tools to not only preserve but strengthen the relationship of trust you enjoy with your client.
STEP 3: In partnership with your client, discuss the review of their business, jointly identify areas of opportunity, improvement or risk and then develop plans for growth.
A detailed valuation report compiled by a professional will have considered a wide variety of internal and external influences before arriving at a considered result. Bizval valuation reports provide you and you client with all the information you need to identify and address areas of risk and opportunity:
- The scope and purpose of the valuation,
- A background of the business in question,
- Current industry-specific research,
- Details of the valuation methodology applied and reasons why, and
- Calculations and Definitions for a fuller understanding.
STEP 4: Use the initial discussion as the foundation for a quarterly progress review with your client.
Entering quarterly results into the Bizval Internal Valuation Template will help you and your client review the effectiveness of the strategies adopted. The Valuation Template is an easy-to-use Excel tool designed to help update the estimated value of the business.
HOW WE CAN HELP
Bizval has a reputation for preparing quality valuation reports for small to medium-sized firms. This is all we do.
We are a Chartered Accounting firm and understand how a careful review of a set of financial statements, coupled with up-to-the-minute research and in-depth experience, can reveal the true health of a business.
Our focus on small to medium sized businesses allows Bizval to draw upon a wealth of comparative valuation experience across all industry segments.
At Bizval we believe in building strong and enduring Professional Partnerships. To support this we can provide the tools and experience enabling Accounting Professionals to better support their clients.
If you would like to know more please contact us for more information and an obligation-free meeting. Bizval is based in Sydney and the Gold Coast and elsewhere we can meet via video conference.