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Profit Growth Now! from Barolsky Advisors


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Profit Growth Now! from Barolsky Advisors

  1. 1. 1  ©  Barolsky  Advisors,  2015   ©  2009  Beaton  Research  and  Consul=ng  Pty  Ltd     Profit  Growth.  Now!       Get  more  from  your  firm's  cri6cal  client  rela6onships       A  new  profit  growth  ini=a=ve  developed   exclusively  for  law,  accoun=ng  and   business  advisory  firms
  2. 2. 2  ©  Barolsky  Advisors,  2015   "Insanity:  doing  the  same  things  over  and   over  again  and  expec6ng  different  results."     Albert  Einstein  
  3. 3. 3  ©  Barolsky  Advisors,  2015   Some  ques6on  to  consider   •  Have  some  of  your  "Rising  Star"   or  "Super  Growth"  clients     stagnated?   •  Are  some  of  your  cri=cal  client  rela=onships  going   backwards  in  terms  of  client  profitability?     •  Are  you  are  doing  the  same  things  year-­‐in  and  year-­‐out  and   somehow  expec=ng  a  significant  leap  in  revenue  and   profits?   •  It's  just  crazy,  according  to  Einstein,  to  expect  different   results  when  you  keep  doing  it  the  same  way  
  4. 4. 4  ©  Barolsky  Advisors,  2015   A  new  service  from  Barolsky  Advisors   •  Barolsky  Advisors  is  offering  a  new  service  called  Profit   Growth.  Now!  which  aims  to:     –  Reset  (Ctrl  Alt  Del)  stalled  rela=onships   –  Bring  a  higher  level  of  strategic     analysis  and  thinking  to  growing   your  firm's  cri=cal  rela=onships   –  Cra  a  winning  game  plan  to  win  more  profitable  work  and   strengthen  the  firm's  compe==ve  posi=on  over  the  long-­‐term   –  Implement  a  process  which  drives  ac=on,  supports  strategy   execu=on  and  ensures  accountability     •  Profit  Growth.  Now!  is  about  realising  the  full  poten=al   from  your  firm's  rela=onship  capital  
  5. 5. 5  ©  Barolsky  Advisors,  2015   Profit  Growth.  Now!  focuses  on  those  few  cri6cal   client  rela6onships  that  offer  significant  growth   poten6al   Selec=ng  the  right  rela=onships  is  crucial.  The  rule  of   thumb  we  like  to  use  is  a  10  to  1  benefit  to  cost  ra=o.   In  other  words,  a  $7,500  investment  should  have  the   poten=al  of  yielding  more  than  $75,000  worth  of   benefits  over  =me.    
  6. 6. 6  ©  Barolsky  Advisors,  2015   Profit  Growth.  Now!  has  three  dis6nct  stages   Stage  I.   Audit   Stage  II.   Strategy   Stage  III.   Execu=on   A  fresh  set  of     expert  eyes     to  review  the   overall  rela6onship   Cra?  a  big-­‐picture   game  plan  and   specific  ac6ons   to  accelerate   growth   Ongoing  support   to  drive  account-­‐   ability  and  ensure   agreed  ac6ons  are   implemented    
  7. 7. 7  ©  Barolsky  Advisors,  2015   Stage  I  Audit  -­‐  Firm-­‐client  rela6onship     reviewed  from  six  perspec6ves  [1  of  2]   1.  The  context  of  the  rela0onship,  including  client  industry  trends,  the   client's  corporate  and  business  strategy,  their  values  and  culture,   their  future  capex  and  opex  spend,  their  in-­‐source/outsource   strategy,  and  the  nature  and  intensity  of  compe==on  faced  by  the   firm   2.  The  client's  specific  needs  and  expecta0ons,  including  iden=fying  the   buying  unit,  their  KPIs,  their  value  drivers,  value  destroyers,   emerging  issues  and  future  needs   3.  The  client’s  percep0ons  of  the  firm,  including  their  views  on  the   firm’s  current  exper=se,  service,  people,  pricing  and  value,  the   strength  and  breadth  of  the  person-­‐to-­‐person  rela=onships,     their  willingness  to  consider  the  firm  as  a  provider  across     other  prac=ces  and  loca=ons,  and  the  firm's  poten=al   role  in  addressing  other  unmet  needs  
  8. 8. 8  ©  Barolsky  Advisors,  2015   Stage  I  Audit  -­‐  Firm-­‐client  rela6onship     reviewed  from  six  perspec6ves  [2  of  2]   4.  The  strategies  and  tac0cs  used  to  develop  the  rela0onship,  including   what’s  been  tried  and  what  hasn’t,  what’s  worked  and  what  hasn’t,   what  the  key  financial  and  opera=ons  metrics  tell  us,  and  the   proposed  game  plan  for  the  next  12  to  18  months   5.  The  people  and  processes  involved,  including  the  skills,  confidence   and  drive  of  the  Client  Rela=onship  Partner/Rela=onship  Manager   and  Client  Team,  and  the  internal  systems  and  processes  used  to   prepare,  execute  and  review  their  plan   6.  The  cost-­‐to-­‐serve  and  profit  drivers,  including  trends  in  the  cost  base   and  resources  used  to  service  the  client,  margin  analysis,  pricing   structures  and  levels,  recovery  and  discounts,  the  efficiency   and  effec=veness  of  current  service  delivery  methods  and   the  cost  and  impact  of  value-­‐adds  and  rela=onships   development  ac=vity  
  9. 9. 9  ©  Barolsky  Advisors,  2015   Stage  I  Audit  -­‐  Deliverables   •  The  output  from  Stage  I  Audit  will  typically  include:   –  An  independent  expert  SWOT  analysis   –  Fresh  insights  and  observa=ons  from  the     consultant   –  A  list  of  strategic  op=ons  to  drive  profit  growth   and  improve  the  firm's  compe==ve  posi=on   •  In  many  instances  the  firm-­‐client     rela=onship  and  the  way  its  being     managed  needs  to  be  'reset'.  You  need  a  new  way  to   compete  -­‐  just  doing  the  same  old  things  wont  deliver  a   beler  outcome    
  10. 10. 10  ©  Barolsky  Advisors,  2015   Stage  II  Strategy  –  CraP  goals  and  strategy   •  Typically  this  Stage  involves  a  strategy  workshop  with  the   CRP  and  client  team,  facilitated  by  Barolsky  Advisors   •  The  workshop  agenda  would  typically  include:   –  Table  and  discuss  the  findings  of  Stage  I  Audit   –  Clarify  the  firm's  long-­‐  and  short-­‐  term  goals:   what  does  success  look  and  feel  like?   –  Discuss  the  big-­‐picture  strategy/game   plan  to  deliver  these  goals  (based  on   consultant's  sugges=ons)   –  Agree  the  preferred  strategic  op=ons  and   priori=sed  opportuni=es   –  Map  out  an  ac=on  plan  to  commence   implementa=on  (what,  who,  when)  
  11. 11. 11  ©  Barolsky  Advisors,  2015   Stage  II  Strategy  –  Deliverables   •  A  new  game  plan  and  associated  ac=ons  to  [i]  drive   profit  growth,  [ii]  fix  problems,  and  [iii]  build  the   confidence  and  skills  of  the  CRP  and  Client  Team     •  This  ac=on  plan  would  likely  introduce  new  strategies   to  gain  a  compe==ve  edge  and  recommend  various   internal  changes  to  accelerate  the  development  of  the   rela=onship    
  12. 12. 12  ©  Barolsky  Advisors,  2015   Stage  III  Execu6on  -­‐  Ac6vity   •  Stage  III  is  about  “suppor=ve  intolerance”.  The   suppor=ve  element  is  about  providing  =ps,  tools,   training,  coaching  and  guidance  to  those  execu=ng  the   plan.  Intolerance  comes  from  peer  and  partnership   pressure  on  follow-­‐through  on  agreed  ac=ons   •  Stage  III  typically  involves  the  consultant  co-­‐chairing,   with  the  CRP,  five  client  strategy  execu=on  mee=ngs   over  an  eight  to  ten  month  period  plus  on-­‐going   telephone/email  support    
  13. 13. 13  ©  Barolsky  Advisors,  2015   Stage  III  Execu6on  -­‐  Deliverables   …and  sustaining  this  growth.  
  14. 14. 14  ©  Barolsky  Advisors,  2015   What's  special  about  Profit  Growth.  Now!?   ü  Focus  on  profit  not  just  revenue  growth   ü  A  clear  process  to  drive  accountability  in  execu=on   ü  The  ability  to  transform  a  CRP  and  client  team  that's  a  bit  set  in   their  ways     ü  Elevates  the  posi0on  and  impact  of  internal  BD  managers   ü  Leverages  all  exis0ng  data  around  the  rela=onship     ü  A  fresh  set  of  eyes  and  insights     ü  A  strategic  approach,  not  just  who  do  we  have  coffee  with  next   ü  Injec=on  of  market-­‐leading  research  and  thinking  
  15. 15. 15  ©  Barolsky  Advisors,  2015   Lead  consultant:  Joel  Barolsky   Joel  is  the  consultants'  consultant!     For  the  past  25  years  he  has  helped  law,  accoun=ng,     engineering  and  other  business  advisory  firms  plan,   innovate  and  grow.     In  addi=on  to  heading  up  Barolsky  Advisors,  Joel  is  a     Senior  Fellow  of  the  University  of  Melbourne,     Associate  of  Mt  Eliza  Execu=ve  Educa=on  and   a  former  Principal  of  Beaton  Research  &  Consul=ng.   He  is  a  recognised  thought-­‐leader  evidenced  by  regular  conference   keynotes,  press  men=ons  and  the  global  reach  of  his  blog,  Rela6onship   Capital.   Joel  has  advised  over  100  of  Australia  and  Asia’s  leading  professional   service  organisa=ons.  Around  70%  of  his  clients  are  repeat  clients  or   come  directly  from  referrals  from  exis=ng  clients.    
  16. 16. 16  ©  Barolsky  Advisors,  2015   Some  tes6monials   •  "We  have  had  significant  success  in  recent  years  –  in  my  mind,  there  is  no   doubt  that  Joel  has  contributed  greatly  to  this  success.    We  enjoy  and   appreciate  working  with  him.  I  have  no  hesita6on  in  recommending  Joel.”   Tony  Macvean,  Managing  Partner,  Hall  &  Wilcox  Lawyers   •  "Joel  has  a  great  style  and  always  grasps  the  key  strategic  issues  with  ease.   His  facilita6on  methods  have  always  provided  great  support  to  these   organisa6ons  and  their  leadership  teams  in  an  outcome  focused  and   commercial  way."   Joff  Macleod,  Partner  PwC  and  former  Managing  Partner  MGI  Melbourne   •  “Joel’s  insights  shaped  our  thinking  and  provided  us  with  a  plaOorm  for   success.  His  unique  ability  to  communicate  ‘beRer  prac6ce’  both  conceptually   and  prac6cally  has  engaged  and  excited  our  CRM  team  here  at  Beca.    His  blog   is  now  compulsory  reading.”  Damian  Pedreschi,  Group  Director  Sales  and   Marke6ng,  Beca   •  “Over  many  years  Joel  has  been  a  reliable  source  of  knowledge,  innova6on   and  mo6va6on  in  assis6ng  Hyder  successfully  implement  its  Key  Account   Management  program.”  Greg  Steele,  Managing  Director,  Hyder  Australasia  
  17. 17. 17  ©  Barolsky  Advisors,  2015   Engaging  Barolsky  Advisors   •  It  is  recommended  that  Profit  Growth.  Now!  commence   with  one  pilot  project  to  tailor  the  process  to  your  firm   and  to  prove  the  benefits   •  To  find  out  more  informa=on  around  =ming,  costs  and   roles,  please  contact  Joel  Barolsky  on  +61  (0)  417  305  880   or       Which  of  your  key  client     rela0onships  would  be     great  for  a  pilot?