Delivering the Ultimate Advisory Session
@spotlightrep
Richard Francis CA, CEO, Spotlight Reporting Richard is a CA and trusted advisor with 20+ years of advisory experience. As the director of a boutique professional practice, Richard saw a need to improve analysis and forecasting for his clients that led to him founding Spotlight Reporting – a global company and also the #1 Reporting and Forecasting app in the Xero ecosystem. Richard was also GM of Workpapers for Xero.
When done right, advisory has the power to grow a business, help achieve important goals or save a struggling enterprise. Despite the powerful impact of the advisory mindset and service offerings, many accounting firms struggle to transition from just doing core compliance. They may feel that the leap is too hard, or not worth it, or simply may not know where to begin.
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recently hosted a webinar on How to Deliver the Ultimate Advisory Session with Steph Hinds, Founder of Growthwise, and Sam Musgrave, Founder of Nine Advisory. Here are our golden tips and what we believe it takes to create advisory gold. The full webinar is well worth listening to, and can be accessed here. 1) Advisory is all about translating the numbers into meaning and action Have you ever presented a client with a spreadsheet you were proud of, only to watch their eyes glaze over as you talked them through it? This is where a trusted advisor can make all the difference, not just by explaining what the numbers mean, but by translating their meaning in a way clients can understand. From there, better decisions can be made. While Spotlight Reporting’s colourful, engaging, and eyecatching charts and graphs can alleviate the Excel glaze-over, the real power rests with you. What 82 / Issue 25
does your client need to know, in real terms, so they can get their business to that next level? What insight needs to be shared and what conversations will this trigger?
exactly the same, advisory sessions can differ in approach. Steph, Sam and I all structure our advisory work in different ways, but we’re all effective because we employ the same key principles:
It’s important to remember that in the world of advisory, you’re the • Active listening: you can’t solve guide, not the hero. Don’t assume an issue or help reach a goal that you have all the answers, if you don’t know what they or that you know exactly what are. Listen to what your clients their goals are. The best way to have to say, ask questions that make sure you’re providing the encourage confidence, and don’t most value is by putting the client be afraid of going on a tangent. at the heart of the session, and • Regular, consistent meetings: asking the right questions. it’s important Now is exactly the that you and your time to exercise clients meet and There is no one-sizeyour intellectual interact often, so fits-all approach to curiosity—get to that you’re always advisory. As long as grips with their across anything you’re consistent, business, be that might arise. progress should be across all aspects Try to see all your made. of the financial and clients monthly, non-financial data, and although you may need discuss, listen and find to hold a few ad hoc crisis the solutions to their problems and sessions as well. jump on opportunities. • Meet the needs of your clients and their community: while high 2) Key Principles, Flexible advisory fees are a part of the Structure work, be mindful of the needs of your potential client pool. Steph Because no two advisors are created her L-Platers program to XU Magazine - the independent magazine for Xero users, by Xero users.
