{"id":25010,"date":"2022-02-16T08:00:42","date_gmt":"2022-02-16T14:00:42","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=25010"},"modified":"2023-08-22T11:08:08","modified_gmt":"2023-08-22T16:08:08","slug":"how-not-to-lose-money-with-advisory-services","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/advisory-services\/how-not-to-lose-money-with-advisory-services\/","title":{"rendered":"How not to lose money with Advisory Services"},"content":{"rendered":"<p>Expanding your <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tag\/advisory-services\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">advisory services<\/a> can lead to more revenue and <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/3-ways-to-keep-staff-happy-during-tax-season\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">happier clients<\/a>, but it all depends on how you plan, prepare, execute, and market. Your blueprint is the driving force behind your success.<\/p>\n<h2>Plan wisely<\/h2>\n<p>Want to lose money quickly? Be unprepared for the new service. Clients expect timely assistance, so you must deliver on your promises. If you or your staff are ill-equipped to meet the demand, it only results in chaos and a terrible reputation. Then, there\u2019s the m-word: \u201cmalpractice.\u201d Now, you have negative <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/embrace-your-client-reviews-to-improve-your-practice\"title=\"\"  target=\"_blank\" rel=\"false noopener\">reviews<\/a>, potential disciplinary proceedings, and higher premiums.<\/p>\n<p>Before changing your menu, assess your experience, tools, and skill set. Avoid the temptation to keep up with the competition. It\u2019s better to know your boundaries and stay within them. There are enough problems to worry about in our profession, so it\u2019s better not to invite new ones. Ask yourself the following questions:<\/p>\n<ul>\n<li>Does my office have the know-how to offer this new service?<\/li>\n<li>Do I have the tools and resources to provide the deliverable?<\/li>\n<li>Am I opening myself up to unnecessary liability?<\/li>\n<li>How will I resolve errors and omissions?<\/li>\n<li>What are my exit strategies if it doesn\u2019t pan out?<\/li>\n<\/ul>\n<h2>Prepare efficiently<\/h2>\n<p>Once you know what you can offer, it\u2019s time to establish the <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/the-path-to-advisory-positioning-and-pricing-your-advisory-services\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">price<\/a>, scope, and turnaround. No one can tell you what to <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/the-results-of-the-new-intuit-rate-survey-are-in\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">charge<\/a> because every firm and practitioner has different costs. Using another colleagues\u2019 pricing schedule may do more harm than good. Perhaps they have lower overhead, less expensive labor, or did not arrive at a correct figure.<\/p>\n<p>It\u2019s your job to make sure the pricing makes sense for your venture, not someone else\u2019s. Plus, it helps you avoid price-fixing issues.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<ul>\n<li>How many input variables do I need to offer this service?<\/li>\n<li>Are the complexities recoverable in the proposed fee?<\/li>\n<li>Will my staff experience repetitive or one-of-a-kind tasks?<\/li>\n<li>Does the price account for the expected high or low popularity among clients?<\/li>\n<li>Will it be a stand-alone service or bundled with complementary items?<\/li>\n<\/ul>\n<h2>Execute correctly<\/h2>\n<p>To launch a new service or product, you must convince clients they need your help. State the deliverable in plain, yet impressive terms. Clients want to know how your solution will improve their lives and how much it will cost. The anticipated <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/ways-to-build-your-pipeline-during-tax-season\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">sales process<\/a> puts you at an advantage.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Some clients use the opportunity to scope creep or discuss unrelated issues. Keep the conversation on topic by scheduling a follow-up appointment to address other concerns. You\u2019re more likely to close the deal.<\/p>\n<ul>\n<li>Why will the client want this new service?<\/li>\n<li>Where else can they go to have it done?<\/li>\n<li>Can I confidently express the benefits of the new menu item?<\/li>\n<li>How will I handle pushback?<\/li>\n<li>What are the top five questions the client may ask?<\/li>\n<\/ul>\n<h2>Market appropriately<\/h2>\n<p>You\u2019re in for a surprise if you believe a client won&#8217;t feel uneasy when you try to sell them on a new service. They\u2019re bombarded with offers wherever they go\u2014and least expect it from you. As a service provider, you need to lay out a marketing plan that fits your client base.<\/p>\n<p>You could use a newsletter, postcard, webinar, email campaign, or in-person meetings. Regardless of what you do, ensure you have a professional and trustworthy tone that adheres to the <a href=\"https:\/\/www.ftc.gov\/tips-advice\/business-center\/advertising-and-marketing\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">Federal Trade Commission\u2019s marketing practices<\/a>.<\/p>\n<ul>\n<li>Update marketing materials to better facilitate the service\u2019s dissemination.<\/li>\n<li>Advertise the service regularly using online and offline mediums.<\/li>\n<li>Decide if you\u2019d like to present the services as a discounted add-on to increase initial engagements.<\/li>\n<li>Ask a select group of clients to serve as a focus group.<\/li>\n<li>Review the service\u2019s profitability and be ready to make price adjustments.<\/li>\n<\/ul>\n<h2>Takeaways<\/h2>\n<p>Spending adequate time on the engagement, from development to rollout, gives you a higher chance of a positive outcome. When developing new ideas, make sure they fit your business model and not your competitors\u2019 models. The focus is on making your firm more profitable.<\/p>\n<p>Selling is part of everyone\u2019s industry, even if it\u2019s subtle. When you\u2019re not up to handling the most challenging aspects of a menu change, use your staff or hire someone who has the expertise. It doesn\u2019t have to be a stressful experience.<\/p>\n<p>A clear marketing message can increase your paid engagements. If you don\u2019t get the expected reaction, switch mediums and revamp your copy. Don\u2019t give up; your clients may need extra time to absorb the information before deciding. Make a short list of the clients you know would benefit from your advisory services and reach out to them. After having a great experience, they may become your best referral source.<\/p>\n<p><strong>Editor&#8217;s note:<\/strong> This article is also available in <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/como-no-perder-dinero-con-los-servicios-de-asesoria\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">Spanish<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Securing Advisory Services engagements takes careful planning, preparation, execution, and marketing. Get best practice tips from Thomas J. Williams, EA, and Iris K. Palma.<\/p>\n","protected":false},"author":127029586,"featured_media":25012,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rkv_reviewed_by_select":[],"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","customModifiedDate":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[646041873],"tags":[605132289],"intuit_collection":[],"intuit_series":[],"coauthors":[582953244,646041845],"class_list":["post-25010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisory-services","tag-marketing"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Avoid Losing Money on Advisory Services<\/title>\n<meta name=\"description\" content=\"Advisory services can increase revenue, but poor scoping, underpricing, and scope creep can make them unprofitable. 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