Customer Story
Billy Lacey: Ipsum Advisors
Ipsum Advisors by the numbers
$55,000
Revenue growth the first year of using LivePlan
Background
Ipsum Advisors is a 27-person accounting and strategic advising firm located near Melbourne, Australia. Known for its excellent work culture and friendly staff, Ipsum offers a range of services including tax advisory, wealth advisory, and estate planning. The firm, led by Director Billy Lacey, has a history of providing strategic business advice to small business clients but has sought to scale and improve the efficiency of these services.
"Many of the clients that we've helped along the way now have a better understanding of cost in their business and where they are spending their money."
Billy Lacey
Director, Ipsum Advisors
Problem
While Ipsum had been offering strategic advice to clients for years, they lacked an efficient system and set of tools to scale these services effectively. Their existing reporting solution, though insightful, was not always user-friendly. The firm struggled with packaging and pricing their advisory services, often struggling with initiatives that grew far beyond their initial scope, wasting time and affecting profitability. They needed a more streamlined method for delivering advisory services and a way to prevent unexpected issues from impacting their profit margins.
Solution
Ipsum Advisors discovered LivePlan while searching for financial forecasting tools that integrated with Xero. They implemented the software and started using LivePlan resources for delivering and scaling advisory services. Using resources from LivePlan training programs, Ipsum created three levels of strategic advising packages, allowing them to offer clients the exact level of consulting needed while maintaining strong profit margins.
Outcome
Ipsum Advisors significantly increased revenues in their first year of using LivePlan. They also developed a more efficient client onboarding process, which reduced the amount of time needed to get each client onboarded. Using LivePlan's forecast and dashboard features, clients have a better understanding of their cost drivers and spending patterns. They're able to spend more time discussing business strategy and less time double-checking their financials. Ipsum has since expanded its service offerings to include comprehensive forecasting and one-on-one business coaching. It has also been able to transition to a more lucrative pricing model.
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