Service Opportunity Matrix
One gateway to successful advisory deployment is right before you. It is easier to sell to people that already know and respect you and your offerings, so begin by systematically identifying service opportunity gaps across your existing client base.
A service Matrix spreadsheet can be used for this journey of discovery. The Matrix is a spreadsheet with possible service options listed across the columns, and client names listed in rows. By ticking the boxes for services you actually provide and highlighting the cells where you could (and probably should) offer more, you'll find plenty of opportunities to scale advisory fee streams from existing relationships of trust.
This could include:
- Virtual CFO & full suite bookkeeping
- Strategic and Business Planning
- Cashflow Forecasting
- Succession Planning
- Systems Review
- Consolidations
- Tax Planning
And so the list goes on.
This process will allow you to consider each client, and identify which types of services will be relevant for them. You can assign team members, the next steps, dates, and expected fee levels associated with this. You will then build up a picture of the areas of strength, and target packages and prices that you offer as a firm.
I have seen lots of firm feel they do this “organically” or in their head, but there is real power in actually putting it down on paper / in black & white, and sharing this with your team as well. It’s a bit like writing down your goals. They start to come to life. Maintain a service opportunity matrix ideally monthly, but at least quarterly and watch your advisory services to come to life as well.
Onion Rings of Opportunity
A number of great advisory services can be built around the client, opportunities beyond reporting. Which allows you to add depth and scale.
Service opportunities that can be incorporated into your cadence of client activity:
- Annual strategic planning (facilitated by you).
- Annual budget and cashflow forecasting (scenario planning too).
- Annual KPI setting (and periodic monitoring of).
- Monthly or bi-monthly advisor meetings (present your Spotlight Report, provide advice, evaluate opportunities and threats, and listen to the customer).
- Monthly or bi-monthly calls or coffee meetings with the key decision maker to nudge onwards towards agreed milestones, or to keep the finger on the pulse.
- Quarterly projects (process review, financing, policies review, software implementation, strategy overhaul, growth/ profit, people review, mentoring).
