83. 14 Costly Mistakes Accountants Make When Shifting to Advisory

Business Advisor Podcast

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. Watts

2. 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. Watts

3. 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. Watts

4. 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. Watts

5. Understanding emotional buying: Business owners buy emotionally, not just logically. "Logic backs up the sale, but emotion will make it big." - Amanda C. Watts

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