The SMSF Academy’s Aaron Dunn has outlined key questions for SMSF practitioners to consider as they look to grow their businesses this year.
Speaking via his blog, Mr Dunn said practitioners should consider whether to re-engage their SMSF clients, stressing the importance of having the right mix of clients.
“What level of segmentation have you done amongst your SMSF client base? What do you understand about the different behavioural types of SMSF trustees and how that impacts on your service offering? Having the wrong mix of SMSF clients can be not only draining on your own time, but also on the profitability of your business,” Mr Dunn said.
Practitioners should also be considering 20 existing relationships they need to nurture to help their business expand, including business partners, service providers, and technology partners.
“Figure out how to cultivate and deepen these relationships before thinking about asking for any favours. Make sure that you can create an outcome in the relationship that will benefit the other person, not just focusing on how you can make it work for you,” Mr Dunn said.
Mr Dunn also said practitioners should consider what could potentially disrupt their SMSF business, in particular stressing the influence of technology.
“Advancements in technology, integrations between cloud-based systems, [and] a globalised workforce are all putting significant pressures on maintaining profit margins with your SMSF clients,” he said.
“Your ascent will stall if you get blindsided by a similar SMSF business that is 10 times better, faster and cheaper to run than yours.”
SMSF practices should also evaluate their SMSF business strategy, ensuring there is a clear grasp of target audience and value proposition.
“‘We do SMSFs’ is not a strategy. If you can’t articulate your approach to meet the specific needs of prospective SMSF clients, then don’t expect your staff or the market to understand what you stand for,” Mr Dunn said.
In light of the digital push and accountants’ licensing reforms, Mr Dunn also said now is an ideal time to map out a five-year business plan, at a time when others in the industry are evaluating how they deliver and charge for SMSF services.
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