Marketing of Professional Services

1. Marketing of Professional Services By: CMA SUKRUT MEHTA Kirit Mehta & COMPANY Cost Accountants

2. Takeaways from this session How to conduct assignment – Consulting & Audit Preparation of Consultancy Report Why Retainers Matter and How to get them Fields for Practice – new avenues for practice KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS

3. How to conduct assignment – Consulting Types of Consultants: Which one are you? Management/ Corporate / Independent Which do you aspire to be? Strategy Consultants Operations Consultants Human Resources Consultants Financial Advisory Consultants Risk & Compliance Consultants KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS

4. Questions that require Quality Cost Information How Much would I save if I outsourced this product? How Cost Effective is this supplier? How much does this customer cost? How profitable is this customer? How big of an incentive/concession can I give my customer/supplier to get them to hold inventory? How much could I save if I invest in….? How much could I save if I had fewer but longer runs of a product? Am I better of taking more frequent deliveries or holding greater inventory? How cost effective is this distribution channel? Am I better off outsourcing or insourcing logistics services? KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS

5. Step 1: Define the problem Confirm what you know about the problem and distinguish assumptions from facts Use the 5 Why Rule Understand and map the data requirements Write the problem in detail and identify all areas it affects Define all key terms: definitions help in law and in process Write the consequences of problem continuing and need for urgency of change Identify controllable factors and focus on them KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS

6. Usual questions that help in defining the problem Why do you think there is a problem? (Result, and pain point) What is happening? (Cause) When is it happening? (Urgency and frequency) Where is it happening? (Areas Affected) Who do you believe is involved? (Actionable Area) Why is it happening? (Root Cause) Note: Who do you believe is involved? Should focus on facts and refrain from pointing fingers KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS

7. The Other Steps Gathering the relevant data is the second most important step Assemble a team which can deliver the results Identify stakeholders or data providers in the company ALWAYS suggest reallocation of resources Communicate the timelines frequently and to appropriate people in the organization Prepare for the report not the presentation KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS

8. How to conduct assignment – Audit Follow the Audit Checklist Complete the Audit Notes KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS

9. How CMAs must prepare Read or follow news related to your client’s industry Begin by leading with questions and provide solutions or suggestions at end Restrict to the questions whose answers can be linked back to price, costs and productivity Get insights from across functions and industry forums (share practices and common issues) Meet with clients when they are free not the other way round; best to talk strategy in pre-audit meetings Management accountants must update themselves continuously, lead with questions, understand strategy and communicate recommendations KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS

10. Preparation of Consultancy Report Executive Summary – entails details of the parties, period of assignment, report, scope of work (brief bullet points), stages of the report, and progress report Discovery Stage – Define the Problem (What, when, why) Review of Existing System - Current operational areas and lacunas in existing resource allocation (Where and who) Explain the process followed Name the contact points and acknowledge their roles KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS

11. Preparation of Consultancy Report Explain the current environment – internal and external Change, if any, or work undertaken with timelines to be specified Key impact areas with KPIs to be measured for improvements due to the assignment Future proof the assignment with additional assignment or frequent audits Thank you note with disclaimer in small font size KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS

12. Why Retainers matter A retained Consultant is always working on a client which increases his fees for adhoc assignments and demand too Helps in creating business insight for both consultant and company Allows consultant to become an expert and share best practices The Client is always in control of his budget and has the ability to stop at any time without overhead Familiarity leads to closer working relations with higher efficiency and continued support (in high turnover areas) Can be made a responsible part of the internal process of the company KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS

13. Stages of Quoting Fees (Pricing) Adhoc / estimated pricing Competitor / Market based pricing Cost Plus Pricing Time based Pricing Value based Pricing KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS

14. THANKYOU KIRIT Mehta & Company Cost Accountants KIRIT MEHTA & ASSOCIATES COST ACCOUNTANTS sukrutkmehta@gmail.com; +91 98333 93398 KIRIT MEHTA AND COMPANY - COST ACCOUNTANTS