Unlocking Profitability: Embrace Advisory Services and Client-Centric Solutions with Simon Severino

“If you're only working in the business, you're doing it wrong. Cut your activities in half. You have to free up time to think about the business, to work on the business.” – Simon Severino

The finer details of this episode:
• Transition from traditional tax-based practices to advisory-oriented services in accounting.
• Challenges faced by accounting firms in defining and marketing their services.
• Importance of understanding client needs and delivering tailored solutions.
• Decoupling time from value in professional services to enhance profitability.
• Strategies for effectively packaging and pricing advisory services.
• The role of marketing in differentiating accounting firms in a competitive landscape.
• Implementing structured approaches like "Strategy Sprints" for business growth.
• Identifying operational constraints and improving processes for better service delivery.
• Building long-term client relationships to foster loyalty and satisfaction.
• Emphasizing the need for continuous improvement and agile responses to market demands.

Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Check out Strategy Sprints here: https://www.strategysprints.com/

Timestamps:
Introduction to the Podcast (00:00:00)
Overview of the podcast's mission to provide insights on accounting firms' growth and innovation.

Guest Introduction (00:00:22)
Co-host introduces Simon Severino, highlighting his expertise and the challenges accounting firms face.

Simon's Background (00:01:29)
Simon shares his non-linear career path, emphasizing his passion for market strategy and problem-solving.

Transitioning to Advisory Services (00:03:09)
Discussion on the shift from tax-based practices to advisory services in accounting firms.

Decoupling Time from Value (00:05:14)
Simon explains the importance of separating time spent from the value delivered to clients.

Client Example: Cash Flow Reporting (00:06:15)
Illustration of how an accounting firm expanded services and improved profitability through automation.

Challenges in Changing Mindsets (00:08:54)
Discussion on the difficulty accountants face in shifting their perception of time-based billing.

High Margins of Advisory Services (00:09:31)
Simon highlights the significant profit margins in advisory services compared to traditional services.

Understanding Entrepreneurial Needs (00:10:51)
Exploration of what entrepreneurs truly need from their accounting services and reports.

Importance of Advisory in Cash Flow (00:12:40)
Discussion on the necessity of advisory services in helping clients interpret cash flow reports.

Strategic Value of Consulting (00:13:37)
Simon emphasizes the value of being a sparring partner for clients in decision-making.

Subscription-Based Services (00:14:45)
Discussion on how subscription models can help disconnect time from billing in professional services.

Impact of AI on Professional Services (00:15:58)
Simon discusses the challenges posed by AI in the financial services sector and competition.

Marketing on LinkedIn (00:17:16)
Emphasis on the importance of LinkedIn for professional services and strategies to gain mindshare.

Mindshare and Marketing Strategies (00:19:59)
Simon discusses the need for consistent marketing efforts to stay top of mind with clients.

Common Marketing Mist