Latest / Advisory Secrets with Deb Halliday / Contextualizing Data: The Key to Effective Financial Advisory

Transcript

Contextualizing Data: The Key to Effective Financial Advisory · Advisory Secrets with Deb Halliday

• 0:00
  Foreign.
• 0:09
  Welcome
• 0:10
  to
• 0:10
  Advisory
• 0:11
  Secrets
• 0:11
  with
• 0:12
  Deb
• 0:12
  Halladay,
• 0:13
  the
• 0:13
  podcast
• 0:13
  for
• 0:14
  accountants
• 0:14
  and
• 0:14
  bookkeepers
• 0:15
  who
• 0:15
  are
• 0:16
  ready
• 0:16
  to
• 0:16
  move
• 0:16
  beyond
• 0:17
  compliance
• 0:17
  work
• 0:18
  and
• 0:18
  step
• 0:19
  confidently
• 0:19
  into
• 0:20
  advisory.
• 0:21
  If
• 0:21
  you
• 0:22
  ever
• 0:22
  felt
• 0:22
  there
• 0:22
  must
• 0:23
  be
• 0:23
  more
• 0:23
  to
• 0:23
  your
• 0:23
  role
• 0:24
  than
• 0:24
  year
• 0:24
  end
• 0:25
  accounts,
• 0:25
  tax
• 0:25
  returns
• 0:26
  and
• 0:26
  deadlines,
• 0:27
  you're
• 0:28
  right.
• 0:28
  In
• 0:29
  this
• 0:29
  podcast,
• 0:30
  I'll
• 0:30
  share
• 0:30
  the
• 0:31
  strategies,
• 0:32
  insights
• 0:33
  and
• 0:33
  real
• 0:33
  world
• 0:34
  lessons
• 0:34
  that
• 0:35
  help
• 0:36
  accounting
• 0:37
  professionals
• 0:38
  transition
• 0:39
  from
• 0:39
  technician
• 0:40
  to
• 0:40
  trusted
• 0:41
  advisor.
• 0:42
  We'll
• 0:42
  explore
• 0:42
  how
• 0:42
  to
• 0:43
  lead
• 0:43
  better
• 0:43
  financial
• 0:44
  conversations
• 0:44
  and
• 0:44
  deliver
• 0:45
  real
• 0:45
  value
• 0:46
  to
• 0:46
  clients.
• 0:46
  I'm
• 0:47
  Deb
• 0:47
  Halliday,
• 0:48
  author
• 0:48
  and
• 0:48
  creator
• 0:49
  of
• 0:49
  training
• 0:49
  programs
• 0:50
  for
• 0:50
  accounting
• 0:51
  professionals,
• 0:51
  and
• 0:52
  this
• 0:52
  is
• 0:52
  Advisory
• 0:52
  Secrets.
• 0:53
  Foreign.
• 0:59
  Welcome
• 0:59
  back
• 1:00
  to
• 1:00
  Advisory
• 1:00
  Secrets
• 1:01
  with
• 1:01
  Deb
• 1:01
  Halliday.
• 1:02
  That's
• 1:03
  me.
• 1:03
  Numbers
• 1:03
  are
• 1:04
  essential.
• 1:04
  They
• 1:04
  tell
• 1:05
  us
• 1:05
  what
• 1:05
  has
• 1:05
  happened.
• 1:06
  They
• 1:06
  highlight
• 1:06
  trends,
• 1:07
  they
• 1:07
  reveal
• 1:08
  patterns.
• 1:09
  They
• 1:09
  give
• 1:09
  us
• 1:09
  structure
• 1:10
  and
• 1:10
  clarity.
• 1:11
  But
• 1:11
  on
• 1:12
  their
• 1:12
  own,
• 1:12
  they
• 1:12
  are
• 1:12
  only
• 1:13
  part
• 1:13
  of
• 1:13
  the
• 1:13
  story.
• 1:14
  Behind
• 1:14
  every
• 1:14
  set
• 1:15
  of
• 1:15
  numbers
• 1:15
  is
• 1:16
  a
• 1:16
  business
• 1:17
  with
• 1:17
  people,
• 1:18
  with
• 1:18
  pressures,
• 1:19
  with
• 1:19
  decisions
• 1:20
  being
• 1:20
  made
• 1:21
  every
• 1:21
  day.
• 1:21
  And
• 1:22
  this
• 1:22
  is
• 1:22
  where
• 1:22
  advisory
• 1:23
  begins
• 1:23
  to
• 1:24
  move
• 1:24
  beyond
• 1:24
  reporting.
• 1:25
  Because
• 1:26
  advisors
• 1:26
  learn
• 1:26
  to
• 1:27
  see
• 1:27
  what
• 1:28
  sits
• 1:29
  behind
• 1:29
  the
• 1:29
  numbers.
• 1:30
  Not
• 1:30
  just
• 1:31
  what
• 1:31
  the
• 1:31
  figures
• 1:32
  say,
• 1:33
  but
• 1:33
  what
• 1:33
  is
• 1:33
  driving
• 1:34
  them,
• 1:34
  what
• 1:34
  has
• 1:35
  changed
• 1:35
  in
• 1:35
  the
• 1:36
  business,
• 1:36
  what
• 1:37
  decisions
• 1:37
  have
• 1:37
  led
• 1:37
  to
• 1:38
  these
• 1:38
  results,
• 1:39
  and
• 1:39
  what
• 1:39
  might
• 1:39
  happen
• 1:40
  next.
• 1:40
  For
• 1:41
  example,
• 1:41
  a
• 1:41
  drop
• 1:42
  in
• 1:42
  profit
• 1:42
  is
• 1:42
  not
• 1:42
  just
• 1:43
  a
• 1:43
  number.
• 1:43
  It
• 1:44
  might
• 1:44
  be
• 1:44
  linked
• 1:44
  to
• 1:45
  rising
• 1:45
  costs,
• 1:45
  pricing
• 1:46
  decisions,
• 1:47
  changes
• 1:47
  in
• 1:47
  the
• 1:48
  market,
• 1:48
  or
• 1:49
  internal
• 1:49
  challenges
• 1:50
  within
• 1:50
  the
• 1:50
  business.
• 1:52
  Growth
• 1:52
  in
• 1:52
  revenue
• 1:53
  is
• 1:53
  not
• 1:53
  always
• 1:53
  a
• 1:53
  sign
• 1:54
  of
• 1:54
  success.
• 1:55
  It
• 1:55
  might
• 1:55
  be
• 1:55
  putting
• 1:56
  pressure
• 1:56
  on
• 1:56
  cash
• 1:57
  flow,
• 1:57
  capacity
• 1:58
  or
• 1:58
  delivery.
• 2:00
  Without
• 2:00
  understanding
• 2:01
  the
• 2:01
  business
• 2:02
  behind
• 2:02
  the
• 2:02
  numbers,
• 2:03
  it
• 2:03
  is
• 2:03
  easy
• 2:04
  to
• 2:04
  draw
• 2:04
  the
• 2:04
  wrong
• 2:04
  conclusions.
• 2:05
  This
• 2:05
  is
• 2:06
  why
• 2:06
  curiosity
• 2:07
  is
• 2:07
  so
• 2:07
  important
• 2:07
  in
• 2:08
  advisory
• 2:09
  we
• 2:09
  ask
• 2:09
  questions
• 2:10
  such
• 2:10
  as
• 2:10
  what
• 2:11
  is
• 2:11
  driving
• 2:11
  these
• 2:12
  results?
• 2:13
  What
• 2:13
  has
• 2:13
  changed
• 2:14
  recently?
• 2:14
  What
• 2:14
  is
• 2:15
  working
• 2:15
  well?
• 2:16
  What
• 2:16
  is
• 2:16
  not
• 2:16
  working
• 2:17
  as
• 2:17
  expected?
• 2:18
  What
• 2:18
  challenges
• 2:19
  is
• 2:19
  the
• 2:19
  owner
• 2:20
  currently
• 2:20
  facing,
• 2:21
  and
• 2:21
  what
• 2:22
  opportunities
• 2:22
  might
• 2:23
  be
• 2:23
  emerging.
• 2:23
  These
• 2:24
  questions
• 2:24
  take
• 2:24
  us
• 2:25
  beyond
• 2:25
  the
• 2:25
  data.
• 2:26
  They
• 2:26
  help
• 2:26
  us
• 2:26
  understand
• 2:27
  the
• 2:27
  context.
• 2:28
  And
• 2:29
  context
• 2:29
  is
• 2:30
  what
• 2:31
  turns
• 2:31
  numbers
• 2:32
  into
• 2:32
  insight.
• 2:33
  This
• 2:33
  is
• 2:33
  where
• 2:33
  commercial
• 2:34
  awareness
• 2:34
  becomes
• 2:34
  a
• 2:35
  key
• 2:35
  skill.
• 2:36
  Understanding
• 2:36
  how
• 2:37
  businesses
• 2:37
  operate,
• 2:38
  how
• 2:38
  different
• 2:39
  areas
• 2:39
  of
• 2:39
  the
• 2:39
  business
• 2:40
  connect,
• 2:41
  how
• 2:41
  decisions
• 2:42
  in
• 2:42
  one
• 2:42
  area
• 2:42
  can
• 2:43
  impact
• 2:43
  performance
• 2:44
  in
• 2:45
  another.
• 2:45
  For
• 2:45
  example,
• 2:46
  a
• 2:46
  marketing
• 2:47
  decision
• 2:47
  may
• 2:47
  impact
• 2:47
  sales.
• 2:48
  A
• 2:49
  pricing
• 2:49
  decision
• 2:49
  may
• 2:50
  impact
• 2:50
  margins.
• 2:51
  A
• 2:51
  hiring
• 2:51
  decision
• 2:52
  may
• 2:52
  impact
• 2:52
  both
• 2:53
  costs
• 2:53
  and
• 2:53
  capacity.
• 2:55
  When
• 2:55
  we
• 2:55
  begin
• 2:55
  to
• 2:56
  see
• 2:56
  these
• 2:56
  connections,
• 2:57
  our
• 2:57
  role
• 2:57
  changes.
• 2:58
  We
• 2:58
  are
• 2:59
  no
• 2:59
  longer
• 2:59
  just
• 2:59
  reviewing
• 3:00
  financial
• 3:00
  performance.
• 3:01
  We
• 3:02
  are
• 3:02
  helping
• 3:02
  to
• 3:03
  interpret
• 3:03
  how
• 3:03
  the
• 3:03
  business
• 3:04
  is
• 3:04
  functioning
• 3:05
  as
• 3:05
  a
• 3:05
  whole.
• 3:07
  And
• 3:07
  that
• 3:07
  allows
• 3:08
  us
• 3:08
  to
• 3:08
  contribute
• 3:09
  more
• 3:09
  meaningfully
• 3:10
  to
• 3:10
  the
• 3:10
  conversation.
• 3:11
  Because
• 3:12
  when
• 3:12
  we
• 3:12
  understand
• 3:12
  the
• 3:13
  business,
• 3:14
  the
• 3:14
  numbers
• 3:14
  start
• 3:15
  to
• 3:15
  make
• 3:15
  more
• 3:15
  sense.
• 3:16
  And
• 3:16
  when
• 3:17
  the
• 3:17
  numbers
• 3:17
  make
• 3:17
  more
• 3:18
  sense,
• 3:18
  our
• 3:18
  advice
• 3:19
  becomes
• 3:19
  more
• 3:20
  relevant,
• 3:21
  more
• 3:21
  practical,
• 3:22
  more
• 3:23
  grounded
• 3:23
  in
• 3:23
  reality.
• 3:24
  We
• 3:24
  are
• 3:24
  no
• 3:25
  longer
• 3:25
  commenting
• 3:25
  on
• 3:26
  data.
• 3:26
  We
• 3:26
  are
• 3:27
  contributing
• 3:27
  to
• 3:28
  direction.
• 3:28
  We
• 3:29
  are
• 3:29
  helping
• 3:30
  business
• 3:30
  owners
• 3:31
  see
• 3:31
  the
• 3:32
  bigger
• 3:32
  picture,
• 3:33
  to
• 3:33
  understand
• 3:34
  how
• 3:34
  different
• 3:34
  parts
• 3:35
  of
• 3:35
  their
• 3:35
  business
• 3:36
  interact
• 3:37
  and
• 3:37
  to
• 3:38
  make
• 3:38
  decisions
• 3:38
  with
• 3:38
  greater
• 3:39
  awareness.
• 3:39
  This
• 3:40
  is
• 3:40
  what
• 3:40
  separates
• 3:41
  reporting
• 3:41
  from
• 3:42
  advisory
• 3:43
  it
• 3:43
  is
• 3:43
  not
• 3:43
  about
• 3:44
  knowing
• 3:44
  more
• 3:44
  numbers,
• 3:45
  it
• 3:45
  is
• 3:45
  about
• 3:45
  understanding
• 3:46
  what
• 3:47
  sits
• 3:47
  behind
• 3:47
  them.
• 3:48
  And
• 3:48
  when
• 3:48
  you
• 3:48
  develop
• 3:49
  this
• 3:49
  skill,
• 3:50
  something
• 3:51
  shifts.
• 3:51
  Clients
• 3:52
  begin
• 3:52
  to
• 3:53
  see
• 3:53
  you
• 3:53
  differently,
• 3:54
  not
• 3:55
  just
• 3:55
  as
• 3:55
  someone
• 3:55
  who
• 3:56
  understands
• 3:56
  their
• 3:56
  accounts,
• 3:57
  but
• 3:57
  but
• 3:57
  as
• 3:58
  someone
• 3:58
  who
• 3:58
  understands
• 3:59
  their
• 3:59
  business.
• 3:59
  And
• 4:00
  that
• 4:00
  is
• 4:00
  where
• 4:00
  your
• 4:01
  value
• 4:01
  as
• 4:02
  an
• 4:02
  advisor
• 4:02
  truly
• 4:03
  grows.
• 4:04
  Next
• 4:04
  time,
• 4:04
  I'll
• 4:04
  talk
• 4:05
  about
• 4:05
  becoming
• 4:05
  the
• 4:05
  advisor
• 4:06
  the
• 4:06
  clients
• 4:07
  rely
• 4:07
  on.
• 4:17
  Thank
• 4:18
  you
• 4:18
  for
• 4:18
  listening
• 4:18
  to
• 4:19
  Advisory
• 4:19
  Secrets
• 4:20
  with
• 4:20
  Deb
• 4:20
  Halliday.
• 4:21
  If
• 4:21
  you
• 4:21
  enjoyed
• 4:22
  this
• 4:22
  episode,
• 4:23
  make
• 4:23
  sure
• 4:23
  you
• 4:23
  follow
• 4:24
  the
• 4:24
  podcast
• 4:25
  so
• 4:25
  you
• 4:25
  don't
• 4:25
  miss
• 4:26
  future
• 4:26
  insights
• 4:27
  on
• 4:28
  building
• 4:28
  your
• 4:28
  advisory
• 4:29
  role.
• 4:29
  For
• 4:30
  more
• 4:30
  resources,
• 4:31
  training
• 4:31
  and
• 4:32
  support
• 4:33
  for
• 4:33
  accounting
• 4:34
  professionals
• 4:34
  stepping
• 4:35
  into
• 4:35
  advisory,
• 4:36
  visit
• 4:36
  debhalladay.co.uk
• 4:40
  or
• 4:40
  theaccountsoffice.co.uk
• 4:45
  until
• 4:45
  next
• 4:45
  time.
• 4:46
  Keep
• 4:46
  building
• 4:46
  a
• 4:46
  practice
• 4:47
  that
• 4:47
  creates
• 4:47
  real
• 4:47
  value
• 4:48
  for
• 4:48
  your
• 4:48
  clients
• 4:49
  and
• 4:49
  the
• 4:49
  lifestyle
• 4:49
  you
• 4:50
  want.