AUS/NZ Sounding Board Solutions Accountability App.

In 2020/21, Bstar released a SME Research Report. 2,071 business owners stated they needed a sounding board they can turn to and trust to reduce non-financial risks, improve business performance and owners’ quality of life.

A sounding board is a person you run things by or someone you turn to for advice.

The Report insights were the catalyst for Bstar to develop its Sounding Board Solution - the Accountability App.

The Accountability App. enables professional and financial services advisers to focus on accountability and execution support in their regular client meetings.

Focusing solely on the numbers has limitations. Feedback confirms unless execution support is offered, CFO services have a two-year ‘shelf-life’ engagement period.

Sounding Board Solutions empower advice businesses to grow high margin, recurring or repeatable revenue.

They boost profitability and generate higher valuation multiples.

The Accountability App. can be used for a range of different Sounding Board relationships:

• Small Business Mentor.
• SME Virtual CFO.
• Board of Advice Adviser.

The App. includes an agenda setting platform/graphs, action item creation, management and reporting, Gantt charts and special month end reports.

Action item reports can be filtered by status (Open/Closed/Overdue), Start/End Dates and the following Sorting:

• Goal
• Assignee
• Cost
• Revenue
• Title

The Overdue Assignee Report features a red title and an exclamation mark encouraging immediate action.

Financial and non-financial quantification of value is critical to ‘retain the retainer’ client fee relationships.

One of the popular Accountability App. reports used to secure re-engagement is the Closed Action Item Report.

The Report highlights completed action items during the engagement period.

The Accountability App. can be used as a standalone or an integrated offering from clients engaged in business valuation and advisory services.

If a client identifies a medium or higher concern, the Accountability App. will automatically list action items to address these concerns.

After the meeting has finished, business owners are able to access the App. Action Item and Gantt Chart platforms to update the status of their action items.

This preserves the profitability of the Sound Board Solutions offered and focuses implementation responsibility on the client not their trusted adviser.