On Episode 053 of the Epic Business Growth for CPAs Podcast, I talk with Tracy Jepson, founder and owner of TLJ Consulting, about how adding advisory services and niching down can transform your business.
Moving from Charging by the Hour to Consulting
Your expertise is highly valuable to your clients, but charging an hourly rate to simply track their money does not encompass the value you are capable of providing. Charging an hourly rate misrepresents that value. Your top clients are looking for much more than your hourly tax service. The knowledge you have about how to use a business’s financials to decrease expenses, increase profits, and game out scenarios is where you really provide value.
How to Get Started
Like Tracy did, you might feel under-equipped to be a consultant, but, in all reality, you have extensive knowledge about the back end of business. Here is how Tracy got started:
- She talked to her clients. Tracy interviewed her existing clients to see if they would be interested in the help of someone who could consult on how to use their financials to make business changes that lead to higher profits.
- She became a Profit First Consultant. While this step is not necessary, Tracy felt like it gave her the confidence she needed to become a great consultant.
- She taught her clients. Tracy was assumed that her clients understood the financial reports she would give them, but when she found out they usually didn’t she started by teaching them.
- She found out her clients are excited to learn. After discovering that there were many ways she could consult her clients, she realized that not only were they interested in her consulting services, but they were excited and eager to learn more about their businesses.
Understanding What Your Clients Really Need
In order to become a consultant for your ideal clients, you need to understand what information they really need, not just what they say they want. Here are a few common needs your customers might have that you help with:
- Not understanding the terms you and other finance professionals are using such as gross vs net.
- Getting confused by their balance sheet, statement of cash flow, and other financial documents.
- Missing out on opportunities to make more money by not paying attention to the gaps in their financials.
Episode 053 is an amazing episode full of great consulting and niching tips– listen now! I help my clients niche down and become consultants which leads to doubling their income with a third of their client load. If you would like to learn more about how I help my clients work less and make more, schedule a free 15 minute coaching session with me, and let’s chat.
For more information about Tracy Jepson visit her website here.