Two popular roles that have emerged in response to this demand are virtual assistants (VAs) and online business managers (OBMs). While they both offer remote assistance to businesses, and there are some similarities. In this article, I share six key differences between VAs and OBMs and which will help you work out what is right for your business.

Defining the Roles:

Virtual Assistant (VA): A VA is a skilled professional who provides remote administrative, technical, or creative assistance to businesses. They undertake various tasks such as email management, scheduling, data entry, social media management, and more.
Online Business Manager (OBM): An OBM, on the other hand, is a strategic partner who helps business owners manage and grow their businesses. They focus on higher-level tasks like project management, team coordination, system implementation, business planning, and client communication.

Scope of Work:

Virtual Assistant: VAs typically handle day-to-day operational tasks and provide support on specific projects. They are usually task-oriented and assist with various administrative, technical, or creative aspects of a business’s operations.
Online Business Manager: OBMs take a more holistic approach to business management. They are responsible for overseeing and streamlining operations, coordinating projects, implementing systems and processes, and ensuring the business operates efficiently and effectively.

Level of Expertise:

Virtual Assistant: VAs are generally skilled professionals who specialise in specific areas such as social media management, content creation, graphic design, or bookkeeping. They often have expertise in multiple tools and platforms relevant to their area of specialisation.
Online Business Manager: OBMs possess a higher level of expertise and strategic thinking. They have a deep understanding of business processes, marketing strategies, and technology. They can provide guidance and recommendations to help businesses achieve their goals.

Business Impact:

Virtual Assistant: VAs contribute to improving productivity and efficiency by handling routine tasks, allowing business owners to focus on core activities. They play a crucial role in reducing workload and enhancing the overall functioning of a business.
Online Business Manager: OBMs have a more significant impact on the overall growth and success of a business. By implementing effective systems, managing projects, and streamlining operations, they help business owners scale their operations and achieve long-term objectives.

Working Relationship and Collaboration:

Virtual Assistant: VAs typically work on a project-by-project basis or offer ongoing assistance as needed. They collaborate with business owners and provide regular updates to ensure smooth communication and successful task completion.
Online Business Manager: OBMs establish a long-term partnership with business owners. They work closely with the client, understand their goals, and develop strategies to achieve them.

While both virtual assistants and online business managers offer remote support to businesses in Australia, their roles and responsibilities do differ greatly. Virtual assistants focus on task-oriented assistance, while online business managers help with strategic plans and operational oversight. Understanding these distinctions is crucial for businesses to leverage the right support to enhance their productivity, efficiency, and growth.

While I started as a VA after many years of experience my value is now best used as an Online Business Manager to help you grow your business as a strategic partner. Think of me as a high level Executive Assistant. If you would you like to discuss your businesses requirements, please get in touch.

A view from a client:

It was a miracle that we located Andrea to assist us with our activities way back in 2009 and continues to the present day. Our two directors are time poor with a large number of commitments. Andrea exemplifies what an Online Business Manager should be. She’s not afraid to get out the stick when she needs things from the directors. She’s proactive – always looking for ways we can improve as a business. All things in a package of professionalism, trust and reliability. In a business where all of us work remotely, she is the glue that holds us together.

The best decision we have made was to go down the road of engaging Andrea as our remote business manager. It transformed our business.

David Smith, Director, Smithink

*https://www.statista.com/statistics/1122987/change-in-remote-work-trends-after-covid-in-usa/

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Perhaps the ideal first step is to undertake a strategic planning workshop on your own firm and use this planning session as a learning exercise that has a two-fold effect: firstly, you set the future direction for your firm and document SMART goals to be achieved and secondly what you do on your firm can be replicated on your clients businesses.

To get the strategic planning process moving in your firm you need to consider the following eight step process;

1. Assess internal capabilities: Before offering strategic planning services, you should evaluate your own capabilities and expertise in this area. Determine if you have professionals with strategic planning experience or if they need to invest in training or hiring individuals with the necessary skills.
2. Define service offerings: Once you have assessed your firm’s capabilities, clearly define the strategic planning services you intend to offer. This may include developing a comprehensive strategic plan, conducting market research, facilitating strategic planning workshops, or providing ongoing strategic guidance and support.
3. Develop a framework or methodology: It is essential to establish a framework or methodology for your strategic planning services. This framework should outline the steps involved in the process, the tools utilised, and the deliverables provided to clients. Having a standardised approach enhances the firm’s credibility and ensures consistency in service delivery.
4. Promote the value proposition: Clearly articulate the value proposition of your strategic planning services to potential planning clients. Highlight benefits such as improved decision-making, enhanced resource allocation, and long-term goal alignment. Emphasising your firm’s expertise in financial analysis and understanding of the economic environment positions you as valuable partners in strategic planning.
5. Identify ideal clients: Identify the ideal clients for your strategic planning services. These may include small and medium-sized businesses, startups, or organisations in specific industries that could create a niche opportunity. Understanding the needs and challenges of target clients allows firms to tailor their services accordingly.
6. Market and educate clients: Actively market your firm’s strategic planning services. This can be done through various channels, such as creating informative content on your website, hosting webinars or workshops, social media and thought leadership or networking with potential clients at industry events. By educating clients on the benefits of strategic planning and how it complements your existing accounting services, firms can generate interest and attract new clients that fit their ideal client profile.
7. Collaborate with other professionals: Strategic planning often requires multidisciplinary expertise. To offer comprehensive strategic planning services, accounting firms should consider collaborating with professionals from other fields, such as financial planning, management consulting, human resources, or information technology. This collaborative approach ensures clients receive holistic guidance and support in their strategic planning efforts.
8. Provide ongoing accountability and support: Strategic planning is an ongoing process, and your firm can offer ongoing support to clients. This may include periodic reviews and updates of the strategic plan, monitoring key performance indicators (KPIs), and providing guidance on course corrections if needed. Regular communication and engagement help build long-term relationships with clients and become the trusted advisor in their strategic planning journey.

Why not take the challenge, expand your business advisory offering, and help clients create clear strategic pathways to build profitable, cash strong, and more valuable businesses in the future?

You can view a webinar I presented earlier this year on Strategic Planning for Client’s Business Success here.

To help you get started on this strategic journey with your practice and your client’s businesses see my Strategic Planning Enabled service here.

I would be happy to offer your firm a complimentary 45-minute online Strategic Planning Assessment and chat about the pathway forward and how to get this dynamic service working in your firm. Just email me at: [email protected] and we will organise a suitable day and time.

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• Effectively leading a team leverages your time, expertise and impact
• The skills of leading people also apply to quality client relationships
• You don’t want to be doing it yourself forever

You already know that and will undoubtedly be looking forward to discovering more about this (and other insights) at the 2023 Young Guns Workshop.

There is one leadership skill that isn’t often mentioned that truly is a critical one. It’s like it’s a well-kept secret, although I believe it’s more that it is overlooked than intentionally kept quiet.

It’s the art and the skill of effective listening.

All too often focus is placed on the charismatic, dynamic and passionate speaker style of a leader. The public figures that come to mind when thinking about leadership. But that’s not what workplace leadership is about.

If you consider the leadership training that is all around you, much of it focuses on speaking and influencing by speaking. There doesn’t seem to be anything about the powerful skill of listening.

Think about the leaders who have had the most positive impact on you.

• The leader who was an effective mentor and coach to you because they understood your goals and objectives – because they listened to you.
• That leader with whom you had an open conversation about your next career move
• The leader who helped you through that tough situation

It’s most likely that they were able to create those environments because you felt heard – that the leader had listened to you, your concerns and your needs. A sense of trust had been created that encouraged you to speak about what matters most to you.

Your clients will most likely respond in similar ways. Going beyond the transactional nature of professional services happens when clients feel that they have been heard and valued by their advisor. It’s much more than your technical proficiency and certifications – clients want to know that the work being done for them is the right work for them – not just being done by the smartest person in the room.

In most cases the leaders who have had the most positive impact on others are not the great speakers – instead, they are the great listeners. Great listeners are people who:

• Listen for and respond to the meaning not only the words said
• Enable others to genuinely feel heard
• Are respectful and don’t talk over others

Here’s a challenge for you – please think about what you are thinking about the next time you are “listening” to someone. If you are thinking about what your response is going to be – or an unrelated issue: chances are that you need to work on developing your listening skills.

Pam Macdonald
Broadspring Consulting

Having made multiple successful career transitions, Pam Macdonald has turned her passion for people (along with her energy) into powerful and practical coaching and leadership development. Known and respected for her ability to cut to the chase, Pam is also highly effective at guiding people into new and effective levels of leadership performance. Pam is a speaker at our November Young Guns Workshop event for Smithink.

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Whether or not you’ve been on holiday, I hope you can find the time to take a break and reflect on the year that was. What has gone well and what needs to be improved? Now is the time to put a plan in place, and set some new year’s resolutions to improve your business and your client service. Here are a few things to consider:

1. Do you have sufficient free capacity (the excess of available time over predicted work)? Aim for well north of 10%. Growth focussed firms aim for 20%. If you do have free capacity do you have a plan for senior people to delegate more of their work? The objective should be to try to ensure that most of the free capacity resides with senior people. These are the people who can then engage with clients and develop new work opportunities.
2. Should you be considering different sources of labour? Many firms have taken the leap to offshoring with varying degrees of success. It needs to be considered. Are there opportunities to employ retirees, many of whom would like to work for a couple of days a week? Their IT skills are not as bad as you think! Longer term have you pondered a cadet program to employ school leavers on a part-time basis as they do their studies? Many tend to stick around and can have senior skills at a younger age due to the experience they receive from starting early.
3. Do you have a plan to regularly conduct client needs reviews? Regular readers would be aware that we have long advocated that practitioners should be having a broad-ranging, open-ended discussion with every client every year to discover the issues that are concerning them and opportunities to help. It’s a fishing expedition. We have developed a Needs Review document that outlines up to 100 issues that could be discussed with a client. If you don’t have this document, you can download it here. By doing these needs reviews you are showing clients that you care and are changing perceptions that you can assist them well beyond tax compliance.
4. Have you implemented a resource plan? A resource plan outlines when each compliance job will be done, who will do it, and how many hours it should take. You plan your work this way to 80% of capacity leaving 20% for unexpected work. Client agreement is obtained as to the month their work will be done, and that information will be submitted six weeks before the month the work is due to start. This allows work to be smoothed throughout the year. It improves turnaround time and lock-up. Team members are happier with less stress and time pressure. Those that have implemented these plans report that it is the most transformative concept that they have ever applied to their firm.
5. Do you have a plan to review your technology? In the past few years we have seen many of the incumbent suppliers stumble, new suppliers have emerged for different parts of the core suite. FYI is establishing itself as the leader in cloud document management. Kloud Connect is revealing next generation practice management. Do you have a plan to experiment with process automation? Have a look at FYI’s process automation functionality. Have you experimented with and pondered how you may be able to make use of artificial intelligence (AI)? Throw some tasks at ChatGPT. It is unlikely to be 100% right, but I suspect you’ll also find some interesting responses that you may use.
6. Lastly, do you have an aggressive plan to pull apart and rebuild your processes? We need to find opportunities to automate, eliminate process steps, and improve how you receive and send information to clients. Build a list of all your processes and conduct a detailed review of one each month. Some firms have adopted two-tier processes with simpler more streamlined processes for smaller less risky clients.

So there are a few things to ponder. What else could you add to your new year’s resolution list?

I hope you have a highly successful and enjoyable 2023/24.

David Smith conducts firm reviews and facilitates the development of strategic plans and business plans. Contact David at [email protected] to explore how he may be able to help your firm.

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1. Making Profit-Based Business Decisions:

• Empowering golf professionals to make informed decisions that enhance profitability
• Using financial data to drive better business strategies

2. Understanding Price and Volume Variances:

• Unveiling the relationship between price, volume, profit, and cash flow changes
• Leveraging this understanding to optimise revenue streams

3. Unlocking Profit Within Financial Statements:

• Equipping golf professionals with the knowledge to identify profit sources in financial statements and reports
• Harnessing hidden profit potential for financial growth

4. Evaluating Profit Performance and Driving Future Success:

• Assessing profit performance to identify strengths and areas for improvement
• Developing strategies for sustainable growth and enhanced profitability

5. Strategic Inventory Management:

• Analysing inventory turnover rates and identifying strong and weak performing items
• Strategic acquisition of fast-moving, high-profit inventory lines

6. Effective Cash Flow Control:

• Implementing measures to manage cash flow efficiently
• Identifying potential cash shortfalls and securing appropriate financing solutions

7. Budgeting and Cash Flow Analysis:

• Collaborating with golf professionals to develop and analyse budgets and cash flow projections
• Providing insights for effective financial planning and decision-making

8. Optimising Capital Investment and Returns:

• Assisting golf professionals in making informed decisions regarding capital investments
• Maximising returns and ensuring efficient utilisation of financial resources

9. Strengthening Financial and Internal Controls:

• Developing robust financial and internal control systems
• Safeguarding assets and minimising risks

10. Efficient Tax and Payroll Management:

• Managing tax obligations and optimising tax strategies for golf professionals
• Ensuring compliant and accurate payroll management

Express Your Interest:
Smithink is seeking expressions of interest from accounting firms across Australia to gauge the demand for PGA Approved Service Provider training in early 2024. To confirm your interest, please email me at [email protected].

For any inquiries or questions, feel free to reach out to us. We’re here to assist you in enhancing your accounting services for golf professionals.

The post Unleashing Growth Potential: Developing a Niche Industry Market for Your Firm appeared first on Smithink.

The hustle culture of the early 2000s has taken a back seat in recent years with flexibility, mental well-being and maintaining a healthy work/life balance coming to the forefront of business. While this concept may be difficult to implement in industries such as Accounting with firm deadlines and client demand, it is essential to produce the best results from your staff and keep up with future generations’ priorities.

With many workers opting for flexibility over financial compensation, it’s imperative to create a business plan with this factored in. Some companies exchange overtime for days off while others allow flexible working times so that their employees are able to begin and finish when suits them. It instills trust and boosts morale when staff feel as though they don’t need to be micromanaged to reach their goals.

Flexibility within the workplace extends all the way back home. Many companies have adopted hybrid working models allowing staff to work from home and the office if they choose either part- or full-time. After the 2020 lockdown period this became the norm with many workers discovering, they had found comfort and satisfaction working from home.

Businesses seamlessly pivoted into the digital realm by utilising collaborative software like Zoom, Slack or Workflow Max. Some companies have taken this model a step further, implementing a WFA or Work From Anywhere approach, allowing employees to take their work on holiday or an overseas sojourn.

Mental well-being is at the forefront of any healthy company’s practices. The importance of managing burn-out and stress can only benefit a business and its staff. Creating a safe space for which personal leave can be used for mental health days will allow your employees to feel supported by your management. This improves the work/life balance of your company and increases loyalty, motivation, and the overall wellbeing of your workplace across the board.

Some companies have been encouraging staff to seek treatment, offering access to pre-paid psychologists and mental health apps such as ‘Headspace’. This would be included in their health benefit schemes much like a fitness passport is offered. Another option is encouraging team bonding sessions which are centered around mental well-being activities like group yoga or hiking.

Maintaining a healthy work and life balance is a tricky feat for those in the Accounting industry. Being self-employed is an option which while there is a fair amount of hustle needed to get a small business off the ground, your sacrifices will pay off by setting your own hours and expectations to clients.

Accounting is great in that the option to work from home or hybrid working is usually an easy transition for an employer to take. With this industry being mostly in the digital and software space, clients are able to reach you from anywhere.

It’s been proven that given the option; many workers prefer this method of work with 66% of those surveyed by Flex Jobs preferring to work from home after the pandemic. 75% of participants agreed that work stress impacted their mental health leading to anxiety and depression which can be easily mitigated by creating a better work/life balance.

During peak season it can become chaotic and understandably, stress amongst staff can reach fever pitch. It’s important during this time to utilise the above methods to support your employees so that when faced with high density workloads, there is reprieve on the horizon. Prioritising mental health and the flexibility to create a strong work/life balance within your workplace and for your staff will only increase morale, productivity, and contribute to the overall well-being of your business.

Source: www.flexjobs.com/blog/post/flexjobs-mha-mental-health-workplace-pandemic

To chat further with Jess about the younger accountants in your firm and how to best manage them please email me at: [email protected] and I will put you in contact with her.

The post Finding The Right Balance appeared first on Smithink.

They are certainly interesting. It is that interest that has seen the fastest take-up of a technology in history although, I suspect, being free and interesting has something to do with that. It seems to me there are lots of people playing with it to determine the impact on how they may operate in the future.

In some people’s minds, they could signal the end of search engines. Having consumed 30% of the internet means they can interpret the web in a far more intelligent fashion and interact with the user to enhance the information delivered.

So at a simple level, you can interact with it, ask questions, and get it to do something. In a more sophisticated fashion, you can feed it some data and get it to analyse it.

Some accountants have gotten excited about its ability to code transactions or analyse financial results. However, we already have some pretty sophisticated tools to do these things and from what I have seen the analysis that the current version of the AI bots come up with are pretty basic. However, it will only improve as more and more sophisticated models with bigger datasets are rolled out.

It might be in advisory where it will initially deliver some advantages. Posing questions about a particular issue (such as a tax issue) could be interesting. In a way, it provides another set of eyes looking at a problem. At no cost, you might find some ideas that may enable you to improve the advice that you would give a client.

Would I rely upon it? No. You need to treat what is served up to you the same as you would treat research delivered to you by a junior staff member. It may contain some helpful elements but it is likely to contain errors.

We are already seeing the IT providers starting to add AI functionality to their applications. This is perhaps where we will see some substantial efficiency gains delivered. Automating responses to client queries might be one example. Automating basic tasks inside the firm is another.

Another area of some substantial gains might be in auditing – looking for anomalies in transactions for example or perhaps assessing risk.

At the simplest level, it may help with the written word. Writing blogs for example. Below is a blog that ChatGPT wrote for me from the question “Sophisticated ideas to run an accounting firm”. It’s interesting but the ideas aren’t that sophisticated in my opinion, but they’re also not dumb.

Everyone should at least fire it up and have a play. Try different things. There will be uses found that no one has even thought of yet.

Think of it as your personal cyborg who can help enhance your performance. I am firmly of the view that this technology will not replace accountants but it will definitely enhance them.

CHATGPT’s sophisticated ideas to run an accounting firm (unedited)

Running an accounting firm requires more than just crunching numbers and filing taxes. To truly stand out in a crowded marketplace, you need to have sophisticated ideas and strategies that set you apart from the competition. Here are some sophisticated ideas to run an accounting firm:

1. Emphasise value over price: Many accounting firms compete on price, which can be a race to the bottom. Instead, focus on the value you provide to clients. Highlight your expertise, your personalised service, and the ways you can help clients save money and grow their businesses. By emphasising value, you can attract clients who are willing to pay a premium for your services.
2. Leverage technology: Technology is transforming the accounting industry, and firms that don’t embrace it risk falling behind. Consider using cloud-based accounting software that allows clients to access their financial information from anywhere, or incorporating artificial intelligence and machine learning into your processes. By using technology to streamline your operations and provide better service, you can gain a competitive edge.
3. Offer specialised services: While many accounting firms offer a broad range of services, consider specialising in a particular niche. For example, you could focus on serving a specific industry, such as healthcare or real estate, or offer specialised services like forensic accounting or business valuation. By becoming an expert in a particular area, you can attract clients who are looking for specialised knowledge and expertise.
4. Develop a strong brand: Your brand is more than just a logo or a tagline – it’s the way you present your firm to the world. Invest in developing a strong brand that reflects your values, your expertise, and your unique selling proposition. Consider hiring a branding agency to help you develop a cohesive visual identity and messaging strategy.
5. Focus on client relationships: At the end of the day, accounting is a people business. Focus on building strong relationships with your clients by providing personalised service, being responsive to their needs, and going above and beyond to help them achieve their goals. By building a loyal client base, you can create a steady stream of referrals and repeat business.
6. Invest in your team: Your team is the backbone of your firm, so it’s important to invest in their professional development and wellbeing. Provide opportunities for training and education, offer competitive compensation and benefits, and create a positive work culture that fosters collaboration and innovation.

In conclusion, running an accounting firm requires more than just technical expertise – it requires a strategic approach to business. By emphasising value over price, leveraging technology, offering specialised services, developing a strong brand, focusing on client relationships, and investing in your team, you can create a successful and sustainable accounting firm that stands out in a crowded marketplace.

The latest technology will be just one of our sessions at our popular Young Guns Workshop being held on 2-3 November. Click here to find out more – more details will be confirmed soon.

The post So, will AI be the end of the world (or at least the accounting profession)? appeared first on Smithink.

As the latest generation of accountants enters the workforce, it’s important to update and revise policies and practices to ensure that you can lead effectively.

Looking toward careers that impact and serve a purpose, Gen Z is open to a career in accounting more so than ever. A study from the International Federation of Accountants found that 73% of those surveyed were interested in this field proving the younger generation sees its benefits.

Leading a work environment that promotes inclusivity and diversity should be at the forefront while using technology as a tool to lead this new partnership, a close second.

Leading Gen Z into the future of accounting firms will include some of these values:

• Communication is key – creating a safe space to discuss feedback and work on tasks together. Approachability as a leader allows your staff to feel confident when discussing mental health and burnout.
• Technology and Social Media – it’s great to utilise social media to train, educate and guide staff on practices and policies. Young accountants who are motivated by and well-versed in the latest accounting software are a strong advantage also.
• Harness marketing strategies – using sites such as TikTok, Meta, Reddit etc. to advertise business and allowing the younger generation to advise on these mediums to grow your client base and brand.
• Leading with well-being in mind – embrace this new generation of workers by using pragmatic goal setting alongside fostering your staff’s work/life balance which has become a strong value when choosing a career.
• Inclusivity matters – ensuring your workers feel seen and included in your workplace is integral to healthy morale while being able to lead by example to demonstrate inclusivity in the workplace.
• Diverse and aware – Gen Z values diversity and awareness in leadership with 88% of those studied by Tallo citing that gender pronouns should be clarified by potential employers.

By understanding the younger generation’s motivations, your role in leadership can greatly benefit both your staff and your accounting firm. As we welcome new accountants into this field, your leadership will be the guiding light as they work toward developing soft skills that are invaluable to every accountant of all generations.

To chat further with Jess about the younger accountants in your firm and how to best manage them please email me at: [email protected] and I will put you in contact with her.

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Yet, there are thousands of practitioners out there who have their own experiences and insights as to what works and what doesn’t work. They have scars and great learnings from the mistakes they have made. Perhaps leveraging this knowledge might be a great way to gain insight into how you can improve your business.

Many firms like to look at benchmarks to compare how their business is tracking compared to other businesses. Benchmarking only goes so far. It might highlight where your business may be performing better or worse than others but what is lacking is insight as to what is driving the performance.

For some years now we have been conducting “Online Collaboration Network” meetings (www.smithink.com/online-collaboration-network). These meetings bring together similar firms online every couple of months for 90 minutes. These meetings allow them to raise issues and to discuss with others the approaches they have taken. Before decisions are made they’re able to learn from others to understand successes and failures which can help more informed decisions to be made.

Outperformance can be driven by a whole variety of issues. Some might be more courageous in pricing, some might simply work harder, some are better at culling the BMW clients (per Mark Holton – Bitch, Moan & Winge). Some have better processes and/or technology just to name a few issues. Others may wish to have better work/life balance and are willing to trade it off for lesser performance. It is understanding these underlying issues that delivers true insight.

Bouncing around strategies to address the core issues being faced by everyone is also very helpful. No-one may have the perfect answer but merely talking about these issues with others can help clarify the best approach for your business. How to attract and retain star performers is of constant interest to everyone as is the experience of different firms with different technology solutions.

One of our groups has been running for over seven years. The members have found it invaluable in developing plans for their firm. Relationships have been built where firms interact outside the formal meetings when an issue arises.

By running the meetings online, costs can be kept low and firms from across the country can join together so that there is no issue in sharing information with potential competitors. Everyone these days is pretty comfortable with video conferencing. It works well.

The firms share their financial performance online which goes deeper than just profit and loss information. Information on salaries and productivity is also gathered and reported. This forms the basis of discussion to understand the drivers of any out performance.

If you’re interested, you can participate in an obligation free, free trial to experience how it works and the benefit gained from sharing insights with your peers.

More information can be gained from www.smithink.com/online-collaboration-network
If you have any questions, email [email protected].

This can be an invaluable resource to help you manage your business.

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We all know that most business comes from personal referrals and personal reputation. We also know that there are significant opportunities to be unlocked in our existing fee base. To maximise these opportunities much of the marketing heavy lifting needs to be done by the practitioner themselves.

Blogs need to be written to highlight the knowledge and personality of the practitioner. A client needs review needs to be conducted requiring time to engage with clients. Seminars and webinars need to be run, speaking engagements need to be sought, referral partners need to be met, clients need to be asked for referrals, and prospects databases need to be built. A number of basic marketing initiatives need to be executed on a regular basis. Very few require the input of any significant marketing expertise.

Most firms are not executing these things on a consistent basis. To be effective these fundamental marketing activities need to be occurring month in and month out. Don’t expect any returns on the investment until you’ve been doing these things for more than 12 months. The investment firms need to make is in a marketing coordinator – an admin person with an interest in marketing. The coordinator gets out the baseball bat to “encourage” practice leaders to write the blogs, conduct the webinars, meet with clients and conduct needs reviews. With encouragement, the coordinator can organise the newsletter, post on social media, seek out speaking engagements for the leadership team and effectively manage the marketing calendar as a start.

The simple marketing calendar maps out all the activities in the year highlighting who needs to complete each task with due dates. This assists in keeping on track and provides a high-level view to ensure activities are spaced throughout the year.

Marketing expertise does have its place. Creative input is an important component so that websites, newsletters and promotional prices cut through and convey the essence of the firm. Assistance in developing some quality video content is worthwhile. Digital marketing (Google, social media, remarketing) is an important component and can’t be ignored. Every firm needs a digital marketing strategy. Use an expert to help you set it up and train your coordinator to manage it day to day. Periodically, get them to review and make suggestions. But don’t let the marketing consultants take over your whole marketing program.

Consider also some training for your team – how to ask for referrals; how to conduct themselves at a cocktail function; public speaking skills; how to conduct quality needs reviews are all skills that not only benefit the firm but make your team better professionals.

With the current labour shortages, a virtual coordinator could be the right move for many firms – you only pay for the projects and/or hours worked.

To be successful in your marketing time needs to be spent. The leadership group must make the commitment to a marketing strategy, the coordinator must manage it. Use the consultants sparingly. Own it yourself. You’ll be surprised by the results.

Smithink founder David Smith has spent over as a practitioner and as an adviser to professional service firms. His advice is not from a textbook but is practical down to earth suggestions that experience has shown to achieve results. If you would like to find out more about working with David in your firm, contact us. 

Andrea Ives has been working with Mark and David for more than 10 years coordinating their marketing. She has the capacity to help other firms. Click here to contact Andrea and find out more.

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