The Three-Way Partnership

Accountant, Business Advisor and Enquir3 is the Solution to Numerous Challenges

For most successful advisors, coaches, consultants, their earnings are capped by time and viable day rate.  Achieving ‘scale’ is an elusive goal and most never achieve it…  if your client buy’s ‘you’, you cannot foist them onto someone else, it simply does not work.

The result?  No scalability and no exit strategy.  For most, retirement means winding down by not replacing clients as they leave until there are none left.

How much better would it be if, after building up your business, you were able to extricate yourself from the day to day operations to run it as a ‘business owner’.  You could then ‘Exit’ on your terms and at a time of your choosing to realise the equity value you have created.  After all, isn’t this what you would advise your clients to do?

By partnering with accountants and Enquir3 you can achieve this Utopia…

Commercial Objective

  1. To establish a scalable and repeatable Consulting process in ‘partnership’ with an Accountant.
  2. To grow your consulting practice to maximise its commercial value, with ‘Affiliates’ managing clients.
  3. Be ready to execute a viable and financially lucrative ‘Exit Strategy’ within three years.

Did you realise, the top four accountancy company’s KPMG, EY (Ernst & Young) PwC (Price Waterhouse Coopers) and Deloitte generate most of their fee income from their ‘Business Advisory and Consultancy Services’ and not from Audit, their traditional ‘Bread and Butter’.

The smaller, regional accountants, those who service the SME market, are well placed to do the same, to grow their ‘Business Advisory Services’, but to do so they need to partner with a good business advisor, coach or consultant.

This is exactly what Enquir3 do; we help accountants and business advisors, coaches and consultants ‘partner’ to build a profit centre for the accountant and a scalable consulting practice for the consultant.  Enquir3’s services ensure implementation happens, resulting in long term growth and sustainability.

How?  Referral Mastermind Groups – A Business Advisory Growth Partnership with Accountants

One to one advice is expensive and over time clients struggle to implement and maintain momentum.  However, delivering Business Growth Advice, Support and Mentoring to a group who work together is not only extremely cost effective, the added dynamic of group support substantially increases the probability of long term success.

Partnering with an accountant, you will find their clients are looking for advice and support on a wide range of business issues.  You will deliver the advice on guidance in your area of expertise, but no-one can be expert in everything, which is why you and your accountant ‘Partner’ will need trusted, quality expert Suppliers as part of your supplier base to help businesses grow and prosper.

Business Growth Advice as a Profit Centre – A Three Phase Strategy

(No increase in overheads for the accountant - everything is done for them, by you and Enquir3).

For the accountant, the strategy outlined below can be deployed and delivered by partnering to deliver business growth advice allowing them to focus on what they do best:  Accountancy.  The unique nature of the process allows you to develop your own practice, as a scalable, saleable business with spectacular growth potential.

Phase 1:  The B2B Professional Service Supplier Referral Mastermind Group:

There are core services every business needs, but you would be surprised how hard it can be to find a good quality business you can rely on to deliver an outstanding service for a fair price.  Your first ‘Referral Mastermind Group’ will comprise 12 to 14 businesses covering the core services, including:

  • Accountancy
  • Telecoms
  • Human Resources
  • Finance
  • Internet Marketing
  • PR and Branding
  • Virtual Office
  • Telemarketing
  • Sales Training
  • IT Support
  • Legal
  • Insurance

The group meets each month to prove their ‘quality credentials’, share case studies, and work through the structured ‘Business Growth Process’ to become ‘Referral Ready’.   The successful Referral Group Member will enjoy introductions to potential clients who are of a perfect profile, at a time and in a quantity of their choosing.

Shortly after Phase 1 is underway, the work to recruit additional ‘trusted, quality expert Partners’ can commence…

Phase 2:  The Niche, B2B Vertical Sector Referral Mastermind Groups:

There are 6 key ‘Vertical Sectors’:  Manufacturing, Hospitality, Construction, Healthcare, Education, and Retail.  Each sector has its own unique characteristics and specialist suppliers.  Accordingly, the clients and prospects for each group member are potential clients for all group members so the process repeats itself with one important difference.

The services represented in the first Referral Mastermind Group are also the suppliers of choice for both the members and clients of the ‘Vertical Sector’ groups which means they have a vested interest in the success of the strategy, a real win-win proposition.

With a ‘full portfolio’ of trusted quality suppliers covering the key services your own and your accountant partner’s clients might need, the deployment strategy can then move ‘up a gear’…

Phase 3:  General Business Referral Mastermind Groups for all Businesses, Clients and Others:

A good Business Advisor will charge c.£800 per day for non-specialist business growth advice, which is more than the average business owner will be happy to pay.  However, advising a number of businesses together in the Referral Mastermind Group format becomes extremely viable for the Business Owner, Accountant and you as the Business Advisor.

Over and above ‘affordability’, there are additional benefits to the group format, commitments made publicly are much more likely to be realised and working with a group of fellow business owners provides the perfect environment for members to help motivate and support each other.

Small Steps Building to a Big Picture:

Far too many strategies look like an ‘all or nothing’ roll of the dice, requiring significant investment in terms of both finance and time.  The Referral Mastermind Group Strategy is deployed one group at a time, so the cost is extremely modest, the cash flow almost entirely positive and all the hard work is done for you.

Referral Mastermind Group members start out paying for group membership only.  Accordingly, you only commit a very modest amount of time to the group mentoring.  In the process, you develop a strong personal trust relationship with all group members and inevitably some will request more help and assistance that translates to additional one-to-one consulting engagements.

Depending on how you chose to structure ‘your’ Referral Mastermind Groups, you will either focus solely on group facilitation, or you will also seek to pick up additional consulting work.  As the primary aim of the entire group is to work together to establish trust and cross refer, if you want one-to-one consulting work you should never need to go prospecting ever again.

Most successful consultants rapidly realise that taking on one-to-one consulting commitments is a backward step.  Short term cash, but a slowdown in the development of their scalable, saleable practice.  The ‘Smart Move’ is to develop partnerships and deploy the process with a handful of non-competing accountants, to spread the risk, increase the chance of success and build a bigger practice, faster that would be possible by working with just one accountant partner.

Revenue and Time Scales:

It is important to have a plan and clear targets to aim for:

Phase 1:  The B2B Professional Service Supplier Referral Mastermind Group:

12 to 14 businesses each paying several hundred pounds each month adds up to a reasonable revenue over the course of the year.  It typically takes 3 to 4 months to recruit the members of the first group and get the process underway.  This leads logically to Phase 2.

Phase 2:  The Niche, B2B Vertical Sector Referral Mastermind Groups:

Six additional Referral Mastermind Groups of 12 to 14 businesses formed during months 7 to 12, results in 84 to 98 Referral Mastermind Group members, or clients for Business Advisory Services.  Each member pays several hundred pounds each month for membership, the amount you charge will be a function of both your practice and the profile of the members recruited.

If, each RMG member pays between £350 and £500 each month, by the end of the first year, monthly revenues could potentially be £29K to £49K, or £353K to £588K per annum.  Then the real growth phase can begin…

Phase 3:  General Business Referral Mastermind Groups for all Businesses:

At this stage, all RMG members, especially those in Phase 1 have a vested interest in the formation of additional Referral Mastermind Groups. So there should be no shortage of potential members and some superb sales collateral in the form of success stories from members of the initial groups.

Your plan would be to establish additional Referral Mastermind Groups at the rate of 1 per month.  The target for years 2 and 3 will be to form an additional 24 RMG’s bringing the total to 31.

Too optimistic? A quick sanity check would indicate that in fact, it may be extremely conservative.  31 groups of between 12 and 14 means between 372 and 434 ‘Business Advisory Clients’’.  In all probability, less than 24% will come from your accountant ‘Partners’ client base.

Revenues will range between £130K and £217K per month, £1.6M to £2.6M per annum.

The upsell potential for the Accountant is significant. For most this will be the key reason they deploy the strategy and partner in the first place. Members who start as pure ‘Business Advisory’ clients for the accountant are potential recipients of the full suite of accountancy services.

Improving Key Performance Indicators

At the core of the ‘Business Advice’ proposition, all of the following key performance indicators will be improved. Due to the compounding effect of improving several key drivers at the same time, the bottom line impact will inevitably be significant.

  • Improved Client Satisfaction = increased Client Retention.
  • Client Satisfaction = Improved Cross Sales and Client Referrals.
  • Increase Lead Generation and Improved Conversion Rates.
  • Leading to formal Referral Partnerships.
  • Value for Money = 5/5… Increase prices / Profit Margins.
  • Eliminate Dissatisfaction => less firefighting, improve morale.
  • Lower Overheads and more Productive Output / Efficiency.

The approach is built on solid and proven foundations of the '6 Step Enquir3 Process'.

 

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