Today's episode dives into a question many of you have been pondering: How do I shift my firm to focus on advisory services? The journey from a compliance-only firm to offering advisory services can seem daunting, but with the right approach, it's entirely achievable. Key Takeaways: Understand the Challenges: The major hurdles in shifting to an advisory model include mindset, skillset, and client base challenges. Recognizing these early on can help you navigate the transition more effectively.Five Practical Strategies:Sell to Current Clients: Your existing client base might already be primed for advisory services. It's about identifying their pain points and offering solutions that go beyond compliance.Increase Compliance Prices: Weeding out low-value clients by raising prices can free up resources and focus for building out advisory services.Sack Non-Ideal Clients: Grading your clients from A to D and letting go of those who don't align with your advisory vision can streamline your transition.Sell Your Client List: If a complete shift is what you're after, selling off parts of your compliance client list can provide the funds and focus needed for advisory services.Hire a Practice Manager: Bringing in a manager to oversee compliance operations can free you up to develop and grow your advisory offerings.Start with the Right Mindset: Shifting to advisory requires a proactive approach and moving out of your comfort zone. It’s about becoming a strategic partner to your clients rather than just a service provider.Develop Necessary Skills: Advisory services demand analytical skills, strategic thinking, and an in-depth understanding of business operations. Soft skills like empathy and communication are also crucial.Evaluate Your Client Base: Transitioning may mean reevaluating your client list and focusing on those who see the value in advisory services. This could involve parting ways with clients accustomed to compliance-only services. Subscribe & Review If you enjoyed this episode please subscribe or follow and leave a rating and review wherever you listen to your podcasts to support the Business Advisor Podcast. Reviews help in reaching more audiences and enabling more professionals to benefit from the valuable insights shared in each episode. WIN A COACHING SESSION WORTH £2000 Simply share my latest podcast episode on your social media platforms. For each share, take a screenshot and send it to [email protected] to enter our monthly draw. The more episodes you share, the more chances of winning this exclusive coaching opportunity! (Remember, we need a separate screenshot for each share) When you are ready here are 3 ways you can get more help/support: Join our webinar on how to Launch and Scale Your Business Advisory Offering. Download our free guide “The 500:200 Model” and put an end to being overworked, low fees, and finally be paid what you’re worth, starting today… Reach out and book a call to find discover how you can join The Academy to create, sell and deliver your own business advisory offer. Speak to you in the next episode...