As a result of a continued disruption to traditional revenue streams we are witnessing a transition in the profile and skillsets of key people in accounting practices. The opportunity is to build a client centric advisory model supported by a mix of ‘red’, ‘green’, ‘blue’ and ‘purple’ team members:
- Red & Green: are technically skilled staff tasked to improve the efficiency of compliance work, deliver quality advice and grow this core service;
- Blue: have strong technical capabilities but have enhanced their skill sets to deliver business advisory services particularly sounding board programs;
- Purple: are ‘new revenue creators’ who have relationship management experience. Their key objective is to deepen client trust and improve the number of services per client.
Offering flexibility and career paths for your staff is essential to improving staff attraction and growth.
Providing opportunities to move within teams is an effective staff retention strategy.
Furthermore, it also helps create leverage, a key value driver for ALL accounting practices.
In our recently released Family Office Report we discuss the importance of relationship managers.