Play Video about Product Mistakes We Made At Inspire Thumbnail

Ben Walker, Founder of Inspire Accountants and High-Performance Accountants share some product mistakes he made at Inspire in the recent webinar called, “Creating a High Performing Accounting Firm”.

Here’s what he said:

Some of the things I struggled with along the different stages is, in Inspire 1.0, I did anything for anyone. I didn’t have an ideal client, I didn’t really work out my pricing, I was too cheap. All these sort of problems and I was spinning my tires a lot trying to get off the ground there.

In Inspire 2.0, we built up a core group of clients, but there was limited or no capacity to upsell or discuss additional services like advisory or wealth creation. And the problem with that was the flat structure. I was reviewing everything. I remember I’d go to seminars or we had something to go to in Melbourne and on the way I’d be reviewing like three jobs on the plane.

I was struggling to keep up with the delivery, let alone upselling or thinking of that sort of growth perspective. And in terms of product, when it comes to Inspire 3.0, we weren’t at a size to do a full range of services in-house. Let’s say bookkeeping or financial planning.

Some people try it, but I think that dedication to a different business inside our business needs to happen at a size where you’ve got instant economies of scale. But the challenges here have been managing the partnerships. We’ve got Roze who’s on the call today. I had to absolutely learn that managing partnerships or referral partners is not easy.

Also, training the team to help their clients with additional specialized services. Now, things like business valuations or estate planning, they’re hard things to teach. Not necessarily from a technical perspective, but from a bedside manner. How do you guide a client through that process or have that discussion where you’ve got the main client you deal with and their spouse you’ve maybe never talked to before in the room? Like how do you have that chat? 

So they’re the kind of challenges I’ve had in Inspire 3.0, is that sort of really high-value services and making sure our team can deliver that.

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Play Video about The Importance Of Your Product Ecosystem

Complimentary products such as bookkeeping and financial planning are just some of the things that have helped. It also develops a clear product ecosystem. 

Undoubtedly, a client benefits from complimentary products. Clearly, because they are able to have a complete and remarkable experience in their financial world. Additionally, if bookkeeping and financial planning weren’t offered, it is crucial that a partnership is in place. As a result, these services can be delivered if regularly needed or asked for. A few examples of partnerships include, broking, financial planning and insurance just to name a few.

Revenue

Here are some things that have helped:

  • Ideal Client Profile – choosing a niche can be scary but it actually works 
  • Client Journey Map – It’s great for training team members the journey of becoming a client and how it looks after a few years of working together. In addition, this also helps set expectations for the new clients that come on board.
  • Documentation – Having a brochure, sales tools and systems in place help deliver the service well. Also, having frameworks where you can converse with a client about what that core product looks like.

Discover your firm’s performance score and identify opportunities of low-hanging fruit to increase your firm’s profit, value and overall enjoyment as the owner of the accounting firm. 

Scorecard

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Play Video about How Much Asking Should I Do To Follow Up For Ethical Letter Landscape

How many times should Accountants be following up ethical letters?


If you’ve got the information and can start working with client, we wouldn’t give it any more than a few days till we accept the appointment and progress with the work.

Accountant Writing A Letter

 

Ethical letters with most of the accounting organisations like Chartered Accountants, IPA and CPA, is a nice thing to do but not a requirement that we must get a response or even send the letter in the first place. So, do keep that in mind. 

Inspire Accountants following up ethical letters

At Inspire, we do send those letters. We don’t get this problem very often where people don’t respond, but in the case that they don’t, we’re not here to muck around. I wouldn’t wait. In fact, we’d give it  two follow ups and then just forget it. 

If you want to learn how to grow a fun, super rewarding accounting firm that runs like clockwork, join our next High Performance Accounting webinar. You’ll learn the 7 Steps of creating your High Performance Firm.

Workshops & Webinars
Play Video about Are Accountants Letters Risky? Landscape

Are accountants letters risky?

Firstly, there’s so much whingeing amongst accountants on signing letters for banks or financial institutions. 

We are signing factual information for the clients knowing that we have got disclaimers. Also, we are not taking liability or guaranteeing anything’s going to happen, but rather just signing for the income of the client.

Is the bank's template for accountants letters risky?

Are Accountants Letters for Banks Risky?

Secondly, If we are using the bank’s template and they can’t operate outside of that. They’ve got stuff which does give us risk, we get that. Most of them however, we can reword how we want, so it’s all factual information.

 

Thirdly, If you don’t sign accountants letters, providing that sort of factual information on behalf of your clients, that’s going to drive a huge wedge between you and them. Especially, where it’s quite an easy or simple no-risk confirmation.

 

Lastly, we want you to consider the wording of them. Reword and cross stuff out if it’s a template. Only sign something you are comfortable signing so that you know it’s true. 

 

Are you looking to grow a fun, super rewarding accounting firm that runs like clockwork? Join our next High Performance Accounting webinar. You’ll learn the 7 Steps of creating your High Performance Firm.

Letters On Bank Risky

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