From XU Magazine, 
Issue 18

Answering the million-dollar client question: “Where did my money go?"

Client relationships are often fraught with challenges but value-sensitive clients want answers and they are eager to pay for your insight. The difficulty often lies in a breakdown in communication and understanding. A sustainable and effective advisory practice ties Cloud technology with cash flow management to deliver the service your clients are badly need…
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Today’s Client

Contact with businesses and their advisors in over 70 countries around the world offers us insight into the struggles that businesses face.

We regularly hear the question: “Where did my money go?” but in reality, they are less concerned about where it went and much more concerned about fixing the problem so it does not happen again. Of course, fixing the problem is not simply a one-time patch. Consistent forecasts with topical insight are needed.

Setting some ground rules:

Business owners place a premium on actionable information that is proactive, effective and progressive, not reactionary and filled with regret.

In order to equip today’s clients with the power to make better decisions, clients need information that is clearly stated, ruthlessly prioritised, highly topical and quickly actionable. In other words, they need someone with empathy and business insight that can guide them from discovery to strategic action planning by offering quality data over quantity. That someone is you, when you have the right mindset.

It is easier than you think:

Simple but critical steps pave the way for a valuable advisory relationship based on clear communication and insight.

First, the business needs books that are up to date and reconciled. Today’s Cloud systems mean that data entry is thankfully a rare task, but ensuring that the data is accurate, up-to-date and meaningful takes financial expertise tied with communication.

Next, regular and consistent communication with your clients is essential. Stay clear and focused on their biggest business problems, underlying factors, strengths and weaknesses, and what success should look like. No jargon allowed.

Propose a solution:

Use your detective work and conversations with your clients to keep their forecasts up-to-date and explore ‘what if’ scenarios. Give them access to their own data so that they can review between meetings and are better prepared for your meetings.

With up-to-date weekly books, you offer near-effortless support for their business, provide valuable insight, and drive accountability that leads them to success. Your service keeps them motivated and feeling secure as you watch for issues that could hamstring the business.

Success unfolds by leading your client one step at a time.

At Dryrun, we are cash flow experts first and software second. We are here to help you offer your clients advisory services so you can both thrive and grow.

Why leave it there?

Find out more

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