Why Accountants are struggling to add ‘Business Advisory’ services to their firm

With compliance work on the decline, it’s no surprise that accounting practises are looking to add business advisory and coaching services to their firm’s offering. In a survey of Australian accounting practises conducted in 2016, nine out of ten firms said they would like to add these additional offerings to their services. Surprisingly, only a very small percentage of accounting practises have managed to implement an advisory and coaching service. When we look at why, typically there are three main challenges that have stopped accounting practises creating this new offering.

First, is the time required. Most accounting firms are already busy delivering compliance services or other services to their clients that dominate the amount of time required.

The second challenge is not having the expertise or the systems to be able to implement these services quickly and efficiency, and get them up and running in a timely fashion.

Thirdly is the perceived risk with introducing a new product or service to your firm. When asked, most practise owners will clearly say the risk of not implementing advisory and coaching services is far greater than the risk involved with implementing these services.

Additional benefits of having these services available include: replacing compliance work with a new revenue stream, gaining a competitive edge over the competition, keep current clients longer by being more proactive, attract new clients by being proactive, increase current compliance work with businesses that are now growing more aggressively.

Business owners today are far savvier and connected to the world around them than they ever have been. They’re demanding more, they’re wanting accountants to be proactive, they’re wanting information faster, they’re wanting support to grow their business and take it to the next level. Accounting is one of the most trusted professions in the world, and business owners will continue to turn to accountants for this advice. If an accounting practise doesn’t add business advisory and coaching services to their offerings, there’s a chance they may be left behind.

MaxMyProfit has developed a ‘Plug and Play’ solution for Accounting firms. Enabling firms to offer some of the most innovative and comprehensive business assistance in Australia.

MaxMyProfit is making it easy for Accounting Firms across Australia to add Business Advisory and Coaching.

The success of this solution comes from the minimum amount of resources required from the firm. Capability is one of the largest issues with creating and adding this new service, by becoming a MaxMyProfit Accredited Agency you’ll leverage off 16 years of industry experience and know that your new division will be generating new revenue for your firm in the first 90 days.

Dr Craig West

Founder & Chairman | Succession Plus

Dr Craig West is a strategic accountant who has over 20 years of experience advising business owners.

With a background as an accountant in practice and two master’s degrees, Craig formed a strong view that the majority of business owners (and often their advisers) were unprepared and unaware of the steps required to prepare for exit. He then designed and documented a unique 21-Step Business Succession and Exit Planning process to assist owners and their advisers in navigating this process.

Craig now acts as a strategic business and financial mentor for mid-market business owners. Craig has written four critically acclaimed books educating business owners on employee incentives, succession planning, asset protection, and exit strategies. Additionally, he has completed doctoral research on Employee Share Ownership Plans (ESOPs) for succession.

Craig is a Member of the Forbes Business Council where he leverages his extensive experience to contribute valuable insights on helping business leaders navigate the complexities of growing and exiting their businesses.

In April 2024, the Exit Planning Institute admitted Craig to the International Exit Planning Circle of Excellence.