Understanding client needs via access to ‘real time’ data is essential for the future growth of accounting practices.
An extract from our June 2019 SME Business Risks Infographic provides a powerful insight into how accountants can use data analytics to grow their practice.
Only one in three small business, SME and ME clients have developed plans so their business can operate without them.
The majority of businesses are owner reliant/key person dependent and are operating with a high degree of ‘personal’ not ‘business’ goodwill.
For professional advisers this information is invaluable and can be used to create three advisory opportunities:
- Risk & Value Driver Assessment analysis to reduce key business risks;
- Lead into risk insurance, SMSF or wealth management financial services;
- Board of Advice Program to implement a plan to grow your clients business goodwill.
In July Bstar approved over 3,250 new RAVDA benchmarks expanding on one of the largest SME benchmarks and insights databases in Australia & New Zealand. Learn more.