I’ve noticed a subtle shift over the last 12 months in accounting professionals’ attitude towards business advisory. What was previously seen as a replacement for an anticipated, yet unseen dramatic decline in compliance revenue, is now (rightly) being viewed as a substantial growth opportunity and competitive advantage.
Past unfounded concerns about the ‘death of compliance’ have evolved into a more strategic mindset. Firms are looking not only to implement business advisory services as an essential client attraction and retention strategy but also as a core skill set of the modern partner to meet the changing needs and expectations of today’s client.
‘It’s great to see so many firms looking to invest quality time in building the capabilities and models needed for success rather than just looking for a technology ‘quick fix’ for business advisory implementation. Firms are rapidly realising that growth in business advisory is a marathon, not a sprint’ says Dr Chris Mason, Founder, Mindshop.
A great example of growth achieved from a focus on advisory is Canadian firm, Avail CPA. George Virtue, Managing Partner, talks about how the firm implemented business advisory services to grow its client base and revenue. You can read his story here.
A shift in mindset is reflected in the number of North American firms connecting with Mindshop for support in achieving their business advisory objectives. We’ve seen 40% growth in the region driven by forward-thinking firms.
Coming out the busy tax deadline and holiday period, increasing numbers of North American firms are recognising that implementing a strong business advisory offering needs to be in their top three priorities for 2018 and beyond.
Now is the time to take the next step towards growth of your firm through business advisory. For further information contact Mindshop’s North American Regional Manager, JoAnn Labbie, joann@mindshop.com
