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by donny shimamoto, cpa, citp, cgma
the center for accounting transformation
there’s a secret lurking in the depths of the public accounting world. a hidden treasure, a powerful weapon that can catapult your firm to new heights of success. it’s called “advisory services.” and yet, despite its immense potential, many firms are not yet experiencing its transformative power. why? because they’re looking in the wrong place.
more donny shimamoto: how trusted advisors transform businesses | the future of accounting: a vision of trust, clarity, and hope | donny shimamoto: future firm growth requires a mindshift | ai, ocr, nlp & cpas: oh my! | accounting nerds, unlock your super powers | early adopters gain an edge in audit | dustin wheeler: for serious cas success, hire tech teams | csr for cpas: the missing ingredient | donny shimamoto explains how ‘agile’ applies to cpa firms | staff retention for remote workers | why the future is in risk advisory | ready for non-cpa “cpa” firms?
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the truth is, advisory services are not just about technical skills and compliance knowledge. it’s a whole different game. and if you want to play and win, you need to invest in your team’s development and give them the tools they need to become trusted advisors.
the wrong assumption
many firms make the dangerous assumption that everyone on their team is naturally suited for advisory roles. they believe that their employees, who have been trained in compliance, can easily transition into this new realm. but this couldn’t be further from the truth.
not everyone has the innate ability to ask the right questions or the curiosity to dig deeper. not everyone has the empathy and the listening skills needed to connect with clients and understand their unique challenges. to succeed in the advisory space, your team needs more than just technical prowess. they need a whole new skill set, a new mindset, and a powerful framework to guide them.
the path to transformation
to tip the scales with a high percentage of advisory services in your firm, you must invest in your team’s growth. this means providing them with the coaching, resources and support they need to develop the confidence and skills necessary to become trusted advisors.
begin by creating a framework that focuses on empathy and active listening. encourage your team to put themselves in their clients’ shoes to understand their concerns and aspirations. teach them how to ask the right questions, probing deeper to uncover hidden opportunities and challenges.
but that’s not all. remember that your team is embarking on a journey, and they need your support every step of the way. this means offering ongoing coaching and mentoring to help them hone their skills, overcome obstacles and gain the confidence needed to excel in their new roles.
the power of partnership
as your team transitions from compliance experts to trusted advisors, they’ll need to forge strong relationships with their clients. this means emphasizing the importance of building partnerships based on trust, understanding and mutual growth.
in this world of advisory services, your team members are no longer just problem-solvers. they’re transformation pathfinders, guiding their clients toward a brighter future. and as they gain the skills, confidence and mindset needed to excel in this new role, they’ll help your firm tap into the vast, untapped potential of advisory services that exist within your compliance practice.
the secret to transforming your firm to provide more advisory services lies within your team. by investing in their development, providing them with the framework and support they need, and encouraging them to build powerful partnerships with their clients, you’ll build the momentum that will propel your firm to new heights of success.