Corelytics Advisor Call - Mar14
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- Corelytics is launching a new "Advisor" program to help small businesses using their financial dashboard software. - The program no longer charges fees for the base level and advisors can earn incentives by referring customers. Health checks are available to help advisors engage customers. - Advisors are encouraged to position themselves as consultants offering health checks, customer engagement, and a commitment to continuous improvement. Some advisors will be selected to participate in a small business tour event series in major cities.
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Corelytics Advisor Call - Mar14
- 1. Advisor Call March 14 Kris Fuehr John Timberlake Channel Program Manager Sr. Account Manager kris@corelytics.com john@corelytics.com
- 2. Updates ‐ New friction-free Advisor Program ‐ “Coach” now “Advisor” ‐ New Certification offering - April ‐ Small Business Tour ‐ Advisor Spotlight: Loretta Hanson, Optima ‐ Free Health Checks to get started! ‐ Industry opportunities ‐ Q&A For Newbies: ‐ What is Corelytics and the Advisor Network? ‐ Q&A
- 4. Updated Advisor Package No more fee to join at base level (was $450/yr) We will bill customers, you refer them Health Checks are readily available to you Incentives available at referral milestones Premier offerings still available
- 5. Advisors are positioned as: ‐ Positioning as consultative ‐ Offering health checks ‐ Customer cadence ‐ Commitment to continuous improvement
- 6. Small Business Tour Selected Advisors badged “Experts” All Advisors are welcome. Register at www.thesmallbusinesstour.com DISCOUNT CODE: IMSpecial20 200 customers/city, 100,000+ online Innovative discussion & Meet-up format SBA, Cisco, Intuit, Microsoft, Constant Contact, Concur, T-Mobile, more…
- 7. Event Topics 1. MONEY 2. CUSTOMERS 3. GROWTH 4. PEOPLE
- 8. Dates LEG 1 LEG 2 Seattle Apr 12 San Francisco TBA Los Angeles May 17 Dallas TBA Houston May 24 Atlanta TBA Boston June 14 New York TBA Raleigh* June 21 DC TBA Philadelphia TBA Chicago TBA * Still need Advisors
- 10. Health Checks ‐ Great way to engage your client ‐ Analyze core financial KPIs ‐ Spot troubling financial trends
- 11. Process ‐ We’ll send to you to deliver to the customer 1. Complete 2. User 3. Report form setup - Email instructions - Sent by email - Links QuickBooks in 24 hours - Links to Guide
- 12. The Report – page 1
- 13. The Report - page 2
- 14. Industries IT Industry Breaking into new industries • Joint marketing effort • Advertising • List of leads • Electrical • Engineering • Professional Services If you belong to an association (customers), let us help pave the way with you as lead!
- 16. Corelytic Founded by finance professor, Frank Coker who noticed a few things wrong… Since 2005, passionate for smallbiz – 1,000 customers, 18 industries , 26 countries – $2B in aggregate accounting tracked Award-winning financial dashboard
- 17. New Tools for a New Climate Small Business Owners Accountants • Working in their business, • Seasonal, not on it compliance business • Expecting more from • Desire to offer more business their accountants advisory services – 60% want trends & benchmarks* – 65% want help applying best practices* – 52% want consulting best practices* *2010, Perquest study
- 19. NextGen Accountants • Compares client performance • Offers diagnostic services • Supports strategic decisions • Serves clients year-long • Aides in sharing performance with client’s staff • Gives clients a clearer view
- 20. Income Analysis for Advisors Your Service Package may include: 1. Initial assessment 2. Setup & goal setting 3. Monthly review 30 Clients; 1 hour/ month $300 per month/client $100,000+ annual revenue
- 21. Benefits • Year-long revenue • Save time collecting data • Easy to set up and use • Share visually your client’s goals, trends, benchmarks • Business support • Marketing support • Peer Networking • Continuing education
- 22. Getting Started 1. Set up your FREE dashboard 2. Refer customers 3. Start offering Health Checks
- 23. Join our LinkedIn Group “Corelytics Advisor Network” • We’ll be discussing new opportunities • You can connect with each other • Get your Dashboard questions answered
- 24. USING THE DASHBOARD WITH CLIENTS
- 25. START: Learn Corelytics • FREE Demo account • Register for training • Analyze your company – You experience dashboard – Speak to clients with experience – Helps your own company improve Mail to: John@coreconnex.com
- 26. 3 Things Great Coaches Do 1. Offer assessments 2. Recurring client process 3. Guide the client to their goals
- 27. 1. Qualify with Assessments • Interview new clients • Earn trust • Learn about your client and how they assess themselves • Provide 1-2 page Analysis Report
- 28. Results from Assessment BEFORE AFTER
- 29. 2. Have a Recurring Process 1. Analyze client performance 2. Set agenda for client discussion 3. Show the client their picture and discuss – Set Goals on Key Metrics – Watch trends, pace on goals – Identify high growth potential areas – Spot problem areas – Compensation to owners – Analyze line of business performance • There is always a low performing LOB
- 30. Analyze Client Performance Review recent performance against goals Drill down on problem areas and success areas Combined Each LOB
- 31. 3. Show Clients the Picture & Discuss • Review the report • Share with their staff
- 32. Integrates w/Top Accounting Software MAS 50, 90, 200
- 33. Advisors Are Saying… “I can see myself saving literally days of labor by running a tool like this …” “I can purely look at adding value not maintaining their numbers.” “We can take the data analysis from 2 hours down to a few minutes and spend less time on tactics and more time on consultancy.” “It’s become an integral part of our business.” “You say it takes 30 minutes a month. I’m finding that it’s only taking me about 10.”
- 34. Q&A
- 35. Thank You! Kris Fuehr John Timberlake Channel Program Manager Sr. Account Manager kris@corelytics.com john@corelytics.com
Editor's Notes
- Premier offerings still available
- Why we’re hosting this event…We’re in our infancy and need coverage
- Let’s meet Loretta Hanson one of our Advisors who will be one of our selected advisors in Seattle…
- Free Health Checks get customers started with you! Quick way to get your customers some value… Halfway to full implementation
- Frank found while teaching his favorite lessons “make sure your expenses are not outpacing your revenues” “watch your best/worst LOB” --not only were these students not equipped, but small businesses in general –– Gosh, how without a great deal of data manipulation time?partnered with Tony (you’ll hear from him later) and since 2005 we’ve been building with a passionWe think there is not only the opportunity to help small businesses, but since Small businesses generate more than 50% of the GDP and employ about 70% of the workforce … and we could see this climb occurring real-time time with our aggregate data
- What we’ll be talking about at the event….Everyone is trying to do more with fewer peoplethey need helpBusy-ness Owners” – Main point in Small business guru Michael Gerber’s booksNearly 1/3 simply give their accountant a P&L, a pile of receipts and cross their fingers!The kind of accountants who monitor, assess and advise really act more like coaches (with you along the way)So we decided to call them coaches – guiding their clients to their goals. Perquest Survey Finds Accountants Struggling to Respond to Rising Client DemandsAccounting practices are struggling to keep pace with business change and rising customer demands, according to a research study commissioned by Perquest, a provider of Web-based payroll to small and medium businesses. The report, titled "2008 Accounting Practice Benchmark Trends & Best Practices," describes current business trends based on survey responses. It summarizes findings from accountants, CPAs, business owners and partners, financial planners, tax advisors, and consultants. The findings include data on changes and trends in small business, top challenges, and tools to improve performance and motivation. They also describe how to effectively adopt best practices to deliver more profits and a better-performing accounting practice.The data for this report was collected during Q1 2008. Among the findings, the survey showed that accounting practices are challenged to keep pace with rising customer demands and business change. "Many accountants want to simplify their practice while maintaining options for growth," says Thomas H. Sinton, President and CEO of Perquest. "Adopting best practices such as partnering with outsourced service providers can help." Key findings include:Accountants as trusted advisors are being asked to offer more comprehensive solutions, and be experts in areas outside the normal comfort zones. 70 percent of accounting firms will provide more tax planning services in 2008, and 60 percent will provide business management and advisory services. Day-to-Day management of the practice has also become more complex as time distractions (83 percent), legal and compliance issues (70 percent), and people management issues (68 percent) have increased for the majority of accountants. Few firms use business or operational metrics or analytics, but a majority recognize the need for these tools. Labor productivity analytics are being utilized by 10 percent of respondents to provide visibility and insight into business performance on a real-time basis. 60 percent indicate employee productivity as critically important but less than 12 percent have measurement and other programs in place to manage. Accountants are struggling to find the information they need to improve their businesses. 60 percent want trends and benchmark information; 65 percent want help applying best practices; 52 percent want consulting best practices; and 48 percent want workforce analytics best practices. Finding talent remains a top concern, in fact 60 percent cite a shortage of qualified job candidates as the major barrier to growth Other survey topics include: What has changed for accounting practices over the last two years What accounting services are expected to increase or decrease in 2008 Factors limiting profits Workforce measurement gaps Top workforce headaches Top technology issues Compliance challenges Accounting and payroll outsourcing, by functionAbout the Research Perquest has launched a multiyear research initiative to gather the needs, practices, and benchmarks of small business and their advisors including accountants, consultants, and other small business providers. The objective is to inform executives and managers about the trends, tools, and techniques available to improve their business. A complimentary copy of the Accounting study, titled "2008 Accounting Practice Benchmark Best Practices" is available through the Accounting Professionals [Accounting Professionals page of the Perquest site and Accounting Trends newsletter registration. About PerquestPerquest is an innovative payroll processing company delivering Web-based payroll services to small and medium-size businesses in the United States. It delivers easy-to-use, quality services focused on helping small businesses grow and prosper. For more information, visit www.perquest.com">www.perquest.com. Media Contact: Tamara Deverell, 503.740.6300
- When we say a “visual” dashboard, this is what we mean and this is what we’ll talk about in our tour.You can see visually see highlights of your performance over the past 6 months – called leading indicators. Corelytics shows you a picture of your business so you can quickly and easily see if they are on track to hit goals in various parts of your business. A red indicator, for example, tells you performance is off pace to hit your goal in that area. With Corelytics Financial Dashboard, We see basic elements of financial performance – revenue, expenses, gross margin… The color heading tells us if we are hitting our goals – green says we are on target, red says that we are below goal by more than 20%, yellow says we are close but not hitting goal. This immediately points us to the areas that we need to investigate and where corrective action is needed.
- Accountant, Advisor, CPA, Bookkeeper… Provides analysis for making strategic decisions root cause analysis, decision-making Serves clients year-long. Monitor performance and support them until they reach their goalsCompares performance. Is this good? Gives them a better viewof trends, forecasts and industry benchmarks -- fasterAides in sharing performance with client’s staff for better company-wide visibility and performance
- You can do this remotely or in person
- Visibility for lead opportunitiesEvents, Associations, Press, WebinarsAnd there are no initial barriers to startPartnered with someone you probably know, Edi Osborne from MentorPlus on Continuing Ed.
- Qualify clients with assessmentsHave a recurring client processGuide the client to their goals
- Any Industry (Services, Product, Projects, T&M)They are searching for something…“I need to be accountable to someone”“We don’t get what we need from reporting”“We don’t know what to focus on to improve”“I’d really like to know what my business is worth”Need a trusted advisor
- This is the opportunity for discussion that Corelytics facilitates
- Keep it simple!
- <<TRANSITION TO SLIDE>>No matter which accounting system you use, Corelytics is able to import your data quickly so you can analyze financial performance.
- Now you’ve learned the new things that we’ve got going. Tony’s going to talk to you about once you’ve signed up, how do you go about using the dashboard with your clients…
- The financial dashboard to monitor client performance with more insight and more client valueTake advantage of opportunities for recurring revenue, high-value client relationships and fresh, real insight into the industries you serve. (with almost ZERO data manipulation time)We’ll talk through what’s going on out there with small business customers, accountants and our dashboard as the new way to manage clients. Who is Corelytics?Small Business ClimateWhat is a Business Coach?Value to CoachesFinancial Dashboard for ClientsIncome OpportunityResultsPricingGetting Started
- With Corelytics, all the analysis is done automatically in a matter of seconds, and derived directly from your accounting data. With Corelytics, your data is organized in a standardized way that allows you to compare your business performance to other companies like yours. <talk about how granular we can get whether industry, community, membership, etc> Now you can make fact-based decisions on a clearer picture to take your client in the direction they want it to go! Use detailed tracking to see trendsSet your goals to industry benchmarks or create your own goals across multiple lines of business. [during narration, user opens Revenue goal and types in values for Combined and each line of business]This process helps drive your business forward – valuable to new and more experienced business owners alike.For example, it’s easy for you to determine the trend in spending on Marketing initiatives and compare that to overall expenses and expense growth.
- FORECASTING. Corelytics helps you see ahead and understand key trends without spending a lot of time doing analysisUsing trends and forecasts you can forecast best case and worst case scenarios [user selects Forecast tab and mouse points to best case and worst case scenarios and/or INSERT ARROW TO SHOW BEST CASE/WORST CASE SCENARIOS>] based on past performance and [user selects Goal trend box] how you are performing against goals you set.
- COMPARING WITH BENCHMARKSUnlike most dashboards, Corelytics, you not only lets you manage your own performance but can compare yours with your peers. Aggregate accounting data from other companies with a similar profiles to your own are presented so you know where you stand.
- If needed
- Community coaches
- Guide client to assign people to get the job done
- 2-3 accountants in each city will be selected to come for free and mingle on Main Street after the main session is over. Corelytics Coaches always have first priorityChosen accountants will have special badges and be identified in the keynote for Q&A from 2:30-4:30.You may earn free admission by bringing 3 guests.If you are coach in the process of joining our network, you will also get a promo code.
- Overall, how has Corelytics changed the way you work with clients? (What can you do now that you couldn’t do before?)We are focused on doing M&A transactions. Corelytics helped us in at least three ways:Allows us expand our prospecting geographically and to work and develop relationships with clients who are in different parts of the country.If we can increase our volume of coaching clients, it will provide some monthly income and help fill in the revenue “valleys” between transactionsAllows us to start working with clients and earning their trust months or years before they are ready for an M&A transactionWhat was it like getting set up?Technical setup - was easy and the support from Bob Taylor et al. has been great. Marketing setup – Tony and John Timberlake have been most helpful. But we are still trying to figure out the best way to market financial coaching (and Corelytics) so that we can reach critical mass.Any difficulties along the way?One technical problem that I can think of happened last year when Corelytics added dynamic allocation. Bob Taylor helped us figure out what was going on so that we could look good in front of the client.Tips for other coaches? Here are a few off the top of my head:If you have a strong accounting background, you may want to ask for the client’s financial statements at the beginning of the project and spend the first session reviewing them with the client and learning more about how they operate.Spend a few minutes before each coaching session reviewing their dashboard before you meet with the client.Don’t make changes to the system yourself, direct the client to make changes or have them work on the changes off-line and get back to you at the next session.Use a screen-sharing tool such as GoToMeeting.Have a standard agenda that you modify for each session. Keep track of your commitments and the goals, priorities, and tasks that the client commits to. Help keep them accountable.Networking opportunities for the peers on the call with you? (e.g. mention your specialization and what you’d like to partner on with Accountants or other financial advisors). We are focused on M&A transactions and related services, including valuations and exit planning. In a perfect word, an owner would start planning her exit from her business 3 or 4 years out, but that is too rare. If our peers have clients that are thinking of selling, we can help. And if they are in good shape and thinking of accelerating their growth through acquisition, we can help. We offer generous referral fees for any closed transactions that are referred to us.