​In recent years, the landscape of business advisory and consulting services has transformed significantly. What was once relatively unfamiliar territory for many firms has now become a promising avenue for sustainable and profitable growth, though it is not without ‘pivot pains’. While the potential for higher-margin business advisory services within chartered accounting firms is undeniable, it requires a strategic shift towards an "advisory mindset."

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Embracing Growth

To embark on this journey, it's essential to start with a growth mindset; a way of viewing challenges, setbacks and opportunities as a critical path to learning. A theory created by Stanford psychology professor Carol Dweck and championed by Nadella’s leadership at Microsoft, it represents a change from ‘know-it-all’ to‘‘learn-it-all’.

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Here's how to start:

• Market Research: Understand the competitive landscape by conducting thorough market research.

• Strategic Alignment: Establish a cohesive vision by forming a working committee to align partners and firm leadership.

• Foundations of Advisory: Identify the fundamental elements of genuine business advisory, including visioneering, performance areas, and task distribution.

• Adaptation and Feedback: Prioritise feedback from staff through surveys to adapt procedures effectively.

• Client-Centric Approach: Utilise CRM tools to listen to client needs and tailor services accordingly.

• Personal Connections: Make personal contacts with clients within a designated timeframe.

• Strategic Planning: Develop a comprehensive plan encompassing marketing, training, and client onboarding.

• Resource Management: Avoid over-expansion by integrating measurable goals and financial rewards.

• Skills Development: Provide training opportunities for both technical and soft skills, delivered in flexible formats like webinars.

Once you’ve created an environment where innovation isn’t merely accepted - it is widely celebrated, and there is an intent to invest in people – it sends a message that the proverbial ship is sailing.

Transitioning to an Advisory Mindset

Transitioning from a growth to an advisory mindset involves more detailed actions:

• Client Lifecycle Services: Tailor services to meet client needs across different stages of their lifecycle

• Consulting Meetings: Implement regular consulting meetings with clients to review performance, progress, challenges, and future needs.

• Innovative Pricing: Introduce innovative pricing methods such as fixed monthly rates for comprehensive service packages.

Conclusion: Seizing the Opportunity

While many firms already offer advisory services, 2024 marks a crucial turning point. It's a year where the gap widens between firms with a solid foundation in advisory services and those lagging.

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The potential for growth lies within reach for many firms, waiting to be unlocked. By embracing the right mindset, strategy, and capabilities, firms can not only survive but thrive in the evolving landscape of advisory services.

Hire for Growth

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