Deeper client relationships, higher financial returns
For an advice business to generate profitability rates in excess of the industry benchmark (40%), each service contribution margin needs to be at least 75%.
Sounding board solutions margins are well above this percentage. Other financial returns include:
- Smoother cash flows;
- Higher practice valuation multiples.
To learn more about these opportunities, Bstar is sharing new insights on sounding board relationships & solutions including:
- The strengths & weaknesses of each advisor group;
- Structuring – numbers vs accountability;
- Staff engagement, new clients & succession planning.
What is a sounding board?
A sounding board is a person you run things by, or someone you turn to for advice*. The ability to discuss issues with someone you trust helps to develop ideas and solutions, while sharing the load, and reducing stress. Your sounding board can agree or provide a different point of view, and bring new skills to solve issues.
Step 3 of Bstar’s advisory process
Become your clients’ key sounding board and hold them accountable to implement the action items necessary to improve business performance. Bstar’s Accountability App will streamline the delivery of these services and create a new business advisory experience for you and your clients.
As a Bstar Alliance Partner, we provide you with advice and support on how to structure and price these services. You are able to offer 3 sounding board solutions to existing and new clients and will generate high margin, annuity income streams to close your practice revenue gap.
Bstar provides a defined framework that we can scale
"We were offering Business Advisory services to our clients, but we didn’t have a structured and repeatable way to deliver on a consistent basis. Bstar provides a defined framework that we can scale, ensuring we deliver what we say will to our clients each and every time. Without Bstar, we wouldn’t be able to offer the suite of Business Advisory Services we do today, meaning we’d miss out on a huge opportunity to grow both our business, and our client’s businesses."
Drue Schofield, 4Front Accountants
The Bstar process and tools align perfectly with our delivery model
"We appreciate the value in systemising an offering and Bstar was fundamental in allowing our practice to do that. The Bstar process and tools align perfectly with our delivery model and provide structure to what has always been an adhoc and somewhat intuitive process."
Jared Favero, Godbee Favero
"We see the value in partnering with industry experts and access to data that assists our clients (and ourselves) identify KPIs appropriate to their situation."
Matt Connor, Medical Financial Group
The latest and best tools to assist our clients prosper and grow successfully
"To be able to provide our clients with the best possible advice and support we can, in choosing Bstar to partner with we are confident that we will have the latest and best tools to assist our clients prosper and grow successfully in any future business plans they have. We want to provide a value-added service to our clients for whom we are currently providing compliance services, in the ever increasingly complex business environment, we believe that our role is even more important as being a trusted adviser to our clients and assisting them in their future decisions."
Stephen Noble, SJN Chartered Accountants
Bstar support their Alliance Partners to help them achieve results
"We made the decision to become a Bstar Alliance Partner for several reasons. First and foremost, product quality and development, Bstar is a well-respected brand in the business arena and Support. Bstar stand behind their product and support their Alliance Partners to help them achieve results. It’s very personalised and genuine and both are happy to pass on a wealth of knowledge and experience."
Tony Kolker & Rob Femia, ROCG Stirling