profit growth now! from barolsky advisors

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 © Barolsky Advisors, 2015

"Insanity: doing the same things over and over again and expec6ng different results."

Albert Einstein


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


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


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.


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


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


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


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


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)


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


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


Stage III Execu6on -‐ Deliverables

…and sustaining this growth.


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


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.


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


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 [email protected]

Which of your key client rela0onships would be

great for a pilot?

profit growth now! from barolsky advisors

Business

rms rela

accountability prot

rms poten

new prot growth ini

super growth clients

rms compe

strategy stage

cal rela