Are the Big 4 Following Your Footsteps?

Cathy Roth
Posted by Cathy Roth on Jun 15, 2021 10:18:13 AM

For years, we have all heard the thought leaders calling us to transform our practices by embracing advisory work and what Joe Woodard calls "relationship work". Some of you have fully adopted this type of work, some of you are along the path to achieving it and some of you having chosen to continue with traditional practices. 

It seems that one of the Big 4 has been listening as well. 

Today, PricewaterhouseCoopers announced its "New Equation". PwC's strategy includes a re-structuring  in the U.S. business into two business segments - Consulting Solutions and Trust Solutions. 

Consulting solutions will help "clients identify value and design and deliver large-scale business-led change, from strategy to outcome." Trust solutions will bring "together our Assurance and Tax Reporting capabilities to better serve the needs of our clients as they seek to build trust with their stakeholders."

“Our new strategy is one that is relentlessly focused on our clients and other stakeholders, helping them build trust and deliver outcomes for their businesses,” said Tim Ryan, US Chair and Senior Partner, PwC.

Sounds a lot like advisory work and relationship work, doesn't it?

In truth, PwC has even taken it a step further and actually refers to their "New Equation" as transformation - "Innovative mindsets and the right technologies combine to move beyond the tried and tested. Together, they drive toward new ways of delivering transformation with the right business outcomes." 

You and your practice are far more flexible and nimble than the behemoth PwC. It has taken them years to steer their ship in this direction. You, on the other hand, can take real steps today to embrace advisory and relationship work.

1. Learn about the nature of advisory services

2. Understand why you should embrace transformation work

3. Identify and overcome the barriers preventing you preventing you from beginning transformation work

4. Add one entry-level coaching service now to your client offerings, such as financial measurements essentials, accounts receivable management or cash flow management

5. Create an intentional plan to add advisory services over the next year

6. Most importantly, follow through

Topics: Practice Growth


 

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