83. 14 Costly Mistakes Accountants Make When Shifting to Advisory

Welcome to another episode of the Business Advisor podcast! today we’re diving into the 14 biggest mistakes accountants make when transitioning from compliance work to business advisory. This shift can be incredibly rewarding, but it’s also fraught with challenges. Many accountants struggle because they’re still thinking like a compliance firm, not as advisors. I’ve worked with hundreds of accountants making this move, and I’ll share common pitfalls so you can avoid them. We’ll cover issues like equating advisory with answering client questions, failing to productise services, overloading clients with data instead of insights, and pricing advisory like compliance work. By the end of this episode, you’ll have actionable strategies to transform your practice into a thriving advisory business.Key Takeaways:1. Advisory is about leading conversations: accountants should guide clients rather than just reacting to their questions. "Advisory is about leading that conversation and identifying challenges before your clients do." - Amanda C. Watts2. Productising advisory services: Selling outcomes instead of time helps in scaling advisory services. "Instead of selling time, sell on an outcome and transformation." - Amanda C. Watts3. Speaking the client's language: Clients need clarity, not jargon. "If you want to sell advisory, you need to speak the language of your client." - Amanda C. Watts4. Pricing based on value, not time: Advisory should reflect high-value transformation. "Your pricing advisory should be based on the value it delivers, not the time it takes." - Amanda C. Watts5. Understanding emotional buying: Business owners buy emotionally, not just logically. "Logic backs up the sale, but emotion will make it big." - Amanda C. WattsWant more? Join THE FREEDOM TRIBEHere's all the FREE BONUSES you'll receive when you join our exciting community on Skool; The Freedom Tribe Global Community Of Peers: CPAs, accountants, fractional CFOs, bookkeepers and finance professionals from all over the world sharing ideas, best practice and innovations with each other. Digital copy of Amanda's NEW BOOK, the Business Advisor Playbook: 300+ pages that will transform your approach and share the strategies you need to create, sell and deliver business advisory services. Digital copy of 500:200 Model™ Guide: My tried-and-tested formula for taking home at least 200K with business advisory revenue of 500K. 12 Days Of Business Advisory video series: that walks you through creating the perfect advisory offer. Hand Picked And Categorised episodes of the Business Advisor Podcast to accelerate your journey from a compliance-led to an advisory-led practice. PLUS: There are a few other surprise bonuses that can be UNLOCKED once you are inside the community: Get Clients Course and 5 Day LinkedIn Challenge. Super excited to see you there, and looking forward to helping you achieve all that you want in life. -Speak to you in the next episode...

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