Productising Additional Projects for Bookkeeping and CFO Services: A Comprehensive Guide
In the dynamic field of bookkeeping and CFO services, the ability to offer specialised, well-defined products can set your business apart. Productising additional projects involves creating detailed, standardised offerings that go beyond your core services. This approach not only helps in differentiating your services but also in streamlining your operations and enhancing client satisfaction.
In this blog post, we'll explore how to productise additional projects, the benefits of this approach, and key considerations for implementing it effectively in the Australian market.
1. Understanding Productisation
Productisation refers to the process of transforming services or projects into standardised products with clearly defined features, pricing, and delivery criteria. This approach allows you to offer clients more structured and predictable solutions, rather than bespoke services.
What is Productisation?
Definition: Productisation is the creation of tangible products from intangible services or projects. It involves defining the scope, features, and pricing of the product, allowing clients to understand exactly what they are getting.
Purpose: The main goal is to simplify the buying process, making it easier for clients to select and purchase additional services.
Benefits of Productising Projects:
Clarity for Clients: Clients receive a clear understanding of what they are purchasing, including features, benefits, and costs.
Streamlined Operations: Standardised products can be delivered more efficiently, reducing the need for custom quotes and negotiations.
Enhanced Revenue: Productisation can open up new revenue streams and opportunities for upselling additional services.
2. Steps to Productise Your Additional Projects
To effectively productise your additional projects, follow these steps:
Identify Opportunities:
Service Analysis: Review your existing services and identify those that can be standardised. Look for areas where clients frequently request additional work or where there is a high demand for specific solutions.
Client Needs: Consider the needs and preferences of your clients. Identify gaps in your current offerings and opportunities to create new, value-added products.
Define Product Features:
Scope and Deliverables: Clearly define the scope of each product, including the specific deliverables and outcomes. For example, if you’re productising financial forecasting, detail what the forecast includes (e.g., monthly projections, scenario analysis).
Pricing Structure: Set a clear and transparent pricing structure for each product. This could be a fixed fee, subscription-based pricing, or a tiered pricing model based on the level of service.
Develop Product Descriptions:
Detailed Descriptions: Create comprehensive descriptions for each product, outlining the features, benefits, and what clients can expect. Include case studies or examples if possible to illustrate the value.
Service Standards: Define the service standards and quality expectations for each product. This ensures consistency and sets clear expectations for clients.
Create Sales Assets:
Marketing Materials: Develop marketing materials such as brochures, website pages, and sales collateral that highlight the benefits and features of your products.
Sales Training: Train your sales team on the new products, ensuring they understand the features, benefits, and how to effectively communicate them to clients.
Launch and Promote:
Website Integration: Add the new products to your website, making them easily accessible and highlighting their benefits.
Client Communication: Inform existing clients about the new products and how they can benefit from them. Use email campaigns, newsletters, and social media to promote the products to a wider audience.
3. Example of Productised Projects
Here are a few examples of how you might productise additional projects in the bookkeeping and CFO services industry:
Financial Health Check-Up:
Description: A comprehensive review of a client’s financial health, including an analysis of cash flow, profitability, and financial ratios.
Features: Detailed report, recommendations for improvement, and a follow-up consultation.
Pricing: Fixed fee of $X for a complete review and report.
Budgeting and Forecasting Package:
Description: Assistance with creating and implementing budgets and financial forecasts for the next 2 months.
Features: Budget creation, monthly forecasts, and periodic review meetings.
Pricing: Subscription-based pricing of $Y per month.
Tax Compliance Audit:
Description: An audit to ensure that a client’s tax compliance is in order, including a review of tax returns and supporting documentation.
Features: Detailed audit report, recommendations for compliance improvements, and a follow-up meeting.
Pricing: Fixed fee of $Z for the audit and report.
4. Case Study: Successful Productisation
To illustrate the benefits of productising additional projects, consider the following case study:
Background: An Australian CFO firm wanted to expand their service offerings and increase revenue by productising additional projects.
Solution: The firm identified key areas where clients frequently requested additional support and developed three new productised offerings: Financial Health Check-Up, Budgeting and Forecasting Package, and Tax Compliance Audit. They created detailed product descriptions, set clear pricing, and promoted the products through their website and marketing materials.
Results: The productised offerings were well-received by clients, leading to increased sales and higher client satisfaction. The firm was able to streamline their service delivery and improve operational efficiency.
5. Key Considerations for Successful Productisation
Client Feedback: Gather feedback from clients to refine and improve your productised offerings. This ensures that the products meet client needs and expectations.
Continuous Improvement: Regularly review and update your products based on industry trends, client feedback, and changes in your service offerings.
Competitive Analysis: Keep an eye on competitors to ensure that your productised offerings remain competitive and relevant.
Summary
Productising additional projects can provide a range of benefits, including clearer pricing, streamlined operations, and enhanced revenue opportunities. By identifying key areas for productisation, defining clear features and pricing, and effectively promoting your products, you can offer valuable solutions to your clients while differentiating your business in the competitive Australian market. If you need assistance with productising your services or have any questions, contact us at Grow CFO. Our team is here to help you create and implement successful productised offerings that meet the needs of your clients.
