Financial Services
Jones Advisory Improves Revenues & Sales with Executing Coaching
Client Profile
Jones Advisory is a full-service financial management firm, providing accounting, tax and financial planning services to companies throughout the Mid-Atlantic region. Their clients span a variety of industries including — restaurants, medical, non-profit, manufacturing, retail, technology and more. Jones Advisory was established in 1977 by Bob Jones, and is currently managed by Stephanie Drane, Principal. In 2016, Drane helped the company purchase their own building and relocate to Belair, MD. The practice is working to keep on track with the organizational growth.
Client Challenge
Since taking over Jones Advisory in 2016, Stephanie Drane has had a fresh perspective on the future of the financial firm. While the company was successful, she evaluated the clientele of the business, and realized that a significant number of clients had been with the practice since its inception. Their growth was slowly tapering off due to the attrition of older clients retiring and she wanted to put her efforts into growing the business and acquiring new clients. She knew she needed a marketing plan, and she needed guidance to make the plan come to fruition.
That’s when she reached out to David Kelly and the Growth Solutions Team (GST). “David helped me think like a CEO and better understand what I should be doing and spending my time and what I needed to delegate to someone else on my staff,” remarked Drane. Additionally, GST worked to set goals, establish and nurture referral partners and improve everyday processes.
Recommendations & Solutions
PHASE 1: SALES & BUSINESS DEVELOPMENT
- Establish a target demographic of clients and referral partners
- Create a contact marketing campaign to build relationships
- Develop an effective value message and value delivery process
- Utilize a sales process for successful conversations leading to new client acquisition
- Build a network of referral partners who send new opportunities for business (contracts)
- Qualify potential referral partners (other CPA firms, Financial Planners, Bankers and Attorneys) to focus the most time on individuals with the highest and best capacity to refer clients
PHASE 2: ADDITIONAL TEAM MEMBERS, TOP GRADING TEAM & TEAM TRAINING
- Hire key positions (CPA, Bookkeeper, Staff Accountants)
- Sales Training for client facing team members (In-office and Sales Mastery Retreats)
- Raise Prices as appropriate with level of service
- Test and measure marketing methods (referral sources, networking groups, associations, etc.)
- Recruiting future team members for continued growth in projects and revenue
PHASE 3: OFFICE EXPANSION & SALE OF ADJACENT PROPERTY
- Delegate responsibilities from Owners to key team members
- Create internal processes for each position
- Establish standards for write-downs, employee expectations and accountability to results
- Developing strategy for physical office expansion, construction loan, sale of adjacent parcel
Results
Jones Advisory has only been working with The Growth Solutions Team for about 18 months, and in that time, there have been tremendous improvements in the day-to-day operations of the firm. “The Growth Solutions Team holds me accountable, and that’s probably the #1 thing I value about our relationship. David is available in our monthly meetings, quarterly executive coaching classes and also via text, phone or email whenever I need him. I know that I need to stick to the plan we create, because he will keep me on track,” advised Drane. Additionally, GST has helped Jones Advisory realize the following results:
PHASE 1: SALES & BUSINESS DEVELOPMENT
- Increased referral partners 100% leading to more qualified referral leads
- Identified a plan to nurture referral partners
- Established ROI actions
- More than 25% increase in business revenue growth
PHASE 2: ADDITIONAL TEAM MEMBERS, TOP GRADING TEAM & TEAM TRAINING
- Hired 3 new employees since January 2016
- Sent entire staff to GST Sales Training Classes
- Principal recognized 50% reduction of “technical work” allowing focus on revenue generating activities and renewed focus on acquisition of new clients
PHASE 3: OFFICE EXPANSION & SALE OF ADJACENT PROPERTY
- Identify and hire additional team members
- Actively looking for profitable expansion opportunities
When asked if anyone one else in the firm has worked with the GCGB, Drane replied, “I’ve actually sent my entire staff to sales training classes. Accountants are inherently terrible sales people, so I wanted them to reap the benefits of sales coaching so they can sell our firm when prospecting.” The Growth Solutions Team will continue to support Jones Advisory as they continue to grow and expand.
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