Growth Hacks for the End of the Yearadmin
5 EOFY Growth Hacks
1. Get paid for next year now
Move your business to an “in advance” model:
- Bring revenue forward for your firm and retain and grow your clients
- Present your client with an invoice for your services for the next 6 – 12 months
- Offer them the option to fund with SmartFee
- This approach may be suitable for clients to bring forward cost into the current financial year
- The value proposition to your client can be simple:
- Funding with SmartFee matches the cost of their accounting solution to their cashflow (and you are not the fee funder!)
- Paying in advance should provide a higher level of service or additional benefits (something you need to think about!)
- Funding with SmartFee supports the firm to invest in resources (people, process, technology) to deliver enhanced solutions
Note: This model is not the same as a monthly subscription. An in advance model locks commitment to your approach with your client and brings forward revenue for the firm to accelerate investment in developing and delivering differentiated value for your clients.
2. Get your debtors in line now and lock in this year’s revenue!
Here’s a simple plan of attack:
- Review WIP and consider interim invoicing
- Invoice all clients NOW and ensure SmartFee is an option for payment – if you have a monthly invoice run consider making this weekly for the balance of the year
- Prepare for objections (excuses) in advance – see our download below for conversation tips
- For anyone who has crept out beyond terms issue a reminder (see the download for a template)
- For anyone who is beyond 60 days consider a final notice and offer of an additional 60 or 90 days – a 3 or 4 instalment option through SmartFee (see the download for a template)6. Wants some tips on how to deal with difficult clients – give us a call and we’ll help you plan for a specific conversation
The plan includes a structured approach to debtor management and all the communication templates you need.
3. Take on multi-year tax return clients
Many SmartFee firms are having significant success with this approach. While other firms are rejecting the multi-year return client, here’s a strategy that works:
- Complete an initial review to confirm client fit and business viability
- Complete your estimate and request 50% upfront – advise the client that at the end of the job they will have the following options (provided the business cash flow supports)
- Pay the balance of the invoice; or
- Fund the balance of the invoice with SmartFee over 6 instalments; or
- Fund the full invoice with SmartFee over 10 months and use the 50% initial payment to offset the ATO liability
- This approach minimises the “flight risk” of the client and sets you up to accelerate advisory work by embedding a “pay with cash flow” behaviour. What’s more, you have just secured new revenue!
4. Get your client ready to take on the new financial year
Start the conversation about the new year now. Some of the great options to consider are:
- Cash flow review and forecast (may include some “what-if” analysis)
- New year’s sales planning
- Debtor review and strategies to manage the February cashflow slump
- Business Plan and KPI setting – do it now so you’re ready to start the new year with clear goals
Using SmartFee to support this type of “project-based” advisory work can be a great business accelerator for your client – they can keep working capital in their business to invest in the advice you have given them and also ensures that they are better prepared for the traditional February cashflow slump. What’s more this approach also accelerates revenue for the firm!
5. Lastly, a timely opportunity
Think about the one thing no one wants to address (research says over 60% of business owners don’t have this) – Estate Planning!
Yep, it’s the end of the financial year however just maybe this is the time to get your client thinking about the impact of not having a proper plan in place.
Estate planning is the one topic that many people avoid – are you prepared to stand out from the crowd and get the best options in place for your clients now? (and get a revenue boost at the same time?)
SmartFee can be a great solution to help you proactively introduce your estate planning package – the conversation points include:
- We know this is important
- Here’s what happened to one of my clients that didn’t have this in place
- We have a solution which means you can get this in place before Christmas and you can fund with cashflow next year
- Now is the right time to think about this!
By the way – our pre-approval option means you can present a pre-approved SmartFee plan with your proposal – making the decision that much easier for your client!
With a core focus on growth, SmartFee is seeing more and more firms adopting the motto “We have the expertise, SmartFee is how we make it accessible to our clients NOW”
If you’d like our support to accelerate your revenue for the balance of the year just give us a call. We’re happy to share our experience and expertise.