New Corelytics Coaches Network Program: Earn Recurring Revenue as a Business Coach
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The document introduces the new Corelytics Coaches Network Program. It discusses (1) how coaches can provide better counsel and add recurring revenue by using Corelytics' financial dashboards to track client metrics and goals, (2) the benefits coaches and their clients obtain from participation, including insights, best practices, and accountability, and (3) how coaches can grow within the program from initial client onboarding to training other affiliates.
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New Corelytics Coaches Network Program: Earn Recurring Revenue as a Business Coach
- 1. Overview of the New Corelytics Coaches Network Program Kris Fuehr Tony Lael Channel Program Executive Vice President Manager tony@corelytics.com kris@corelytics.com
- 2. Corelytic • Founded by professor of finance, Frank Coker who noticed a few things wrong… • Since 2005, a passionate for small businesses – 2,000 customers – 11 countries – $2B in aggregate accounting tracked last year Award-winning financial dashboard
- 3. Business Owner Climate • Owners working in their business, not on it • No visibility on their business A 2010 Perquest findings survey showed that accounting practices are challenged to keep pace with rising customer demands and business change.
- 4. Accounting Industry Climate • Seasonal, compliance business • Desire to business advisory services – 60% want trends & benchmarks – 65% want help applying best practices – 52% want consulting best practices *2010, Perquest study Tax-time is a perfect time to start! “We learned a lot from your numbers this year. Should we continue to track these and make improvements for next year?”
- 5. New Breed of Advisor • Offers diagnostic services • Supports strategic decisions • Serves clients year-long • Compares client performance • Gives clients a clearer view • Aides in sharing performance with staff
- 6. We introduce… 1. Better counsel to your clients; add more value 2. Fill your seasonal revenue gaps 3. Use best practices within a community of new breed of accountants. NextGen Accountants* *Edi Osborne, MentorPlus
- 7. Benefits • Recurring revenue yearlong • Save time collecting data; no manipulation • An easy platform to set up and use • Insight to client goals, trends, benchmarks • Business support and best practices • Marketing support for visibility with prospects • Peer Networking with NextGen Accountants • Continuing education to sharpen the saw
- 8. Income Opportunity Service Package: 1. Initial assessment 2. Setup & goal setting 3. Monthly review 30 Clients; 1 hour/ month $300 per month/client $100,000+ annual revenue
- 9. Coach Spotlight Corelytics helped us in at least 3 ways: 1. Geographic expansion M&A- 2. Monthly income to fill in revenue “valleys” focused 3. Allows us to start working with clients Bob Dale, Austin, TX months or years before their M&A austindalegroup.com Tips • First, review client’s financial picture to learn how they operate • Review dashboard before each coaching session • Don’t make changes to the system yourself, direct the client to • Use a screen-sharing tool such as GoTo Meeting, Join Me • Standardize your agenda for tracking commitments, goals, priorities, and tasks that the client commits to. Help keep them accountable.
- 10. Coach Spotlight • George Siergio • Client perspective “It’s become an integral part of our business”
- 12. Growth Paths A Coach can grow to become… Premium Coach Master Coach* Community Coach 15 clients & $1300 Train & sign on Recommended as or 5 clients & $3000. affiliates to earn trained & specialized Branded dashboard when they earn “go-to-coach” *H2, 2012
- 13. Continuing Education • Corelytics guidance plus: • Continuing Ed. opportunities aligned with top accountant trainers such as MentorPlus® www.mentorplus.com
- 14. Marketing & Visibility • Coach storefront in directory • Speaking, PR engagements • Joint-webinars & events • Association communities
- 15. Getting Started is Easy 1. Sign up as Corelytics Coach 2. Set up your FREE dashboard 3. Select first 5 clients before you pay your $450 Coach Registration Fee We provide training & initial customer setups No contracts You set your own prices
- 16. Tony Lael Presents USING THE DASHBOARD WITH CLIENTS
- 17. TIP: Learn Corelytics for Your Company • FREE Demo account • Register for training • Analyze your company – You experience dashboard – Speak to client’s with experience – Helps your own company improve
- 18. 3 Things Great Coaches Do 1. Qualify Good Clients 2. Have a Process 3. Show Clients the Picture & Discuss
- 19. 1 Qualify Good Clients • 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
- 20. TIP: Use Management Assessment • Interview new clients • Earn trust • Learn about your client and how they assess themselves • Provide 1-2 page Analysis Report
- 21. Results from Assessment BEFORE AFTER
- 22. 2 Have a Process • Assess Current Position • Set Goals on Key Metrics • Regular Conversations – Watch trends, pace on goals – Identify high growth potential areas – Spot problem areas – Compensation to owners – Have a conversation! – Analyze line of business performance • There is always a low performing LOB
- 23. Using Corelytics to Coach Analyze client performance (Proxy to Client) Create agenda for discussion with client (< 30 min) Guide client to assign people to get the job done Show client the picture and discuss (review progress on priorities)
- 24. TIP: Use Goals to Track Metrics Define Business Need Use Metric Top 10 Make sales - Revenue - Margins Create process efficiencies - Profit - Revenue per FTE Support use of technology - Expense per FTE - EBITDA Support clients/customers - Travel/Entertainment Expense - Sales Expense Innovate - Marketing Expense - Cash Link Behavior to Metrics
- 25. Client Opt-In Client Adds your company as Affiliate Configuration > Business Profile You proxy to client’s company to see performance
- 26. Analyze Client Performance Review recent performance against goals Drill down on problem areas and success areas Combined Each LOB
- 27. Drill to Get Detail Analyze, spot successes and problems PROFIT
- 28. 3 Show Clients the Picture & Discuss • Don’t strand your client with a report • Deliver on value – “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” • Start simple
- 29. Tip: Sometimes simple is better
- 30. Do you and your clients see where their business is headed?
- 31. Thank You! Kris Fuehr Tony Lael Channel Program Executive Vice President Manager tony@corelytics.com kris@corelytics.com
Editor's Notes
- 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
- Talking point on Frank partnering with Tony (who you’ll hear from later)
- Busy-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!Focus (where to be busy) was said by owners to be a “fleeting aspiration”EXAMPLE: One client spent over 60 days on the road going to conferences and seminars to drum up new business while revenue was not his biggest problem – his expenses were growing 25% a year while he was out on the road! (penny saved/earned)
- …So we thought “They’re really more like a coach aren’t they?” and decided to call them coaches – who are there with you every step of the wayPerquest 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
- 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
- Because our dashboard lets you see your clientsAnd our program helps you build your business, here’s how:
- Visibility for lead opportunitiesEvents, Associations, Press, WebinarsAnd there are no initial barriers to start
- 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.
- Net this out for you. NO CHARGE FOR FIRST 5.
- Earn 15 clients to become a Premium Coach with your own dashboard…
- This is the opportunity for discussion that Corelytics facilitates
- 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
- If needed