Mistake #1 – Your clients aren’t full-cloud

A tight app-stack revolving around Xero frees your time for the high-value work that can really change business outcomes for your clients. Consider data entry, POS solutions, payroll, and other tools that will help you streamline your workflow, saving you and clients time. Help your client see the value of a full-cloud app stack If your client is resistant to change, consider performing a full cost-analysis to help them understand the return on their investment into a suite of cloud tools.

Mistake #2 – You didn’t set a revenue minimum to trigger this service

Our research shows that the majority of professionals discern client need based on how the client communicates a sense of urgency, rather than client need in conjunction with client revenue. While it’s important that everyone manage their cash flow, it’s critical that the practitioner get paid fairly for the services they undertake. Establishing a revenue benchmark below which this service is not offered is critical to your success as an advisor.

Mistake #3 – You didn’t plan for the weekly touchpoint

You need to communicate those realistic and proactive ‘what-ifs’ based on real-time data and your clients’ business position weekly to drive action and value.

Long intervals between touchpoints defaults the conversations to reactivity and your forward-looking advisory value nosedives.

Mistake #4 – You didn’t identify their biggest cash flow pain point

…and therefore you can’t offer a frank and helpful solution. Conduct a pre-evaluation of the client file to analyze the following ‘red flags’ that can signal cash flow challenges in context with other client-specific factors. Check for:

• Disordered or aging AP/AR
• Bank overdrafts and bank fees
• Credit card usage
• Line of credit usage
• Shareholder loans or investments

Grab a client list and prepare yourself for a series of important conversations around correcting these four mistakes, and continue refining your advisory offerings to suit your clients and your practice.

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