Could an HR advisory business create happier clients, happier staff and more profit?
As an Accounting practice. Have you ever wondered what extra services that your clients would like? Have you ever considered helping your clients with their HR issues?
Your practice may already be providing some advice and services around the HR function to your clients due to some payroll questions. So how can you formally start and grow that business?
7 steps to set up your HR advisory business
1. Risk and Commercial assessment: Check from compliance and insurance standpoint if there are any restrictions or issues in you providing HR advisory services. Do a financial assessment of the cost and benefit of providing these services to your clients.
2. Get the right resources: Talk with AusDocsOnline or another provider about how they can help you get started with the right HR advisors, documents and systems to help you build your HR advisory services.
3. Assign an owner: Within the practice assign the people responsible for building the HR advisory business and delivering the services.
4. Understand your clients' needs: Survey your clients on what % would like these additional services. It would be worthwhile talking to the clients where you are currently providing informally some level of HR services to understand what they need and what they are willing to pay.
5. Start small: Work with a handful of clients to refine your service and package your pricing. AusDocsOnline can help with you some industry knowledge on this.
6. Promote: Once the HR advisory product is ready then you are ready to promote this to your existing clients by:
- Producing marketing materials, fact sheets
- Update the website, social media, etc
- Briefing staff and Partners on the services
- Launch your services
- Holding breakfast briefings or webinars for clients on HR topics
7. Feedback: It is important to collect feedback from HR customers along the way and adjust your HR services for that feedback.
You are not alone in creating your HR advisory business.
AusDocsOnline would be happy to help along the way the journey that you have in creating an HR advisory business - they can provide the following:
- Experts in HR which you use in answering questions which you can buy for each client that doesn't break the bank.
- HR documents - current legal templates, contracts, checklists and policies
- HR systems designed to help manage your clients' HR processes and procedures
Benefits of having an HR advisory business
In the end having a HR advisory business may result in the following benefits for your practice:
1. Happier clients that don't go elsewhere
2. Extra billings for the practice and profit
3. Interesting work for Partners and Staff
Contact us at firstname.lastname@example.org to find out how you can build an HR advisory business in your practice.
David Woolstencroft - Founder AusDocsOnline