Blogger
Share this content
0
58
3118

Practice growing but cashflow becoming very tight......

Hi,

I have a small but growing practice, but I am getting very concerned about cashflow.

Per my forecasts, I can run for another 6 months with my current fee income, but need it to grow and not lose any clients.

Subcon work is like golddust in my area, have just applied for 2 part time jobs, and sent cv's off for contract work.

What else should I be considering...I really want to have my own practice.

Fed up...

Thanks,

Murphy

Replies

Please login or register to join the discussion.

avatar
20th Sep 2010 15:33

Are you sure you are cut out for it?

I am sorry to say that I am beginning to have my doubts as this is not the first time you have asked this type of question in a matter of weeks.

http://www.accountingweb.co.uk/anyanswers/growing-practice-year-2

What advice did you take from this question you asked? What has worked and what hasn't?

If you are serious about wanting a strong profitable practice then taking part time jobs is not the way to go about it just when you should be getting known in your local area.

You have to believe you can do it before you do it. If not you are less likely to succeed. 

-- Kind regards Andy

Thanks (0)
avatar
By murphy1
20th Sep 2010 15:46

Andy..

Andy,

 

Thanks for that. Yes, I did post recently and it is the financial pressure more than anything that is getting to me. Since them I have argued with Yell.com, as I pay circa £1,400 a year for a Heavyweight listing and haven't had one single phone call from the ad there. I have stopped my Ad Words as they were charging around £ 40 a month and generating nothing. I have lettered 300 local business and signed up one client worth £1,200 - good result! I had a further 3 new clients since then and therefore have around £ 2,700 new business since then....but realistically I will only be able to get two on standing order soon.

I monitor every call so know the source and most are from letters I send, or referrals.

Re what else I have done, work really. Was supposed to be on holiday last week but didn't take it. I looked into other networking events and with the exception of one, I cannot attend - either early morning ones ( i need to take 3 kids to nursery) or I am excluded because an accountant is already there.  The one I can attend generated zilch previously after attending for three months.

I have recently spoken to all the local banks and feel it would be a bit soon to go back to them, as they occassionally pass business on anyway.

I do enjoy what I'm doing and it is ultimately what I have always dreamed of doing, and if I had enough money coming in I wouldn't be so anxious. I

Thanks again Andy,

Murphy

Thanks (0)
20th Sep 2010 16:12

I really understand

Hi Murphuy1

I undestand what you are going through it cannot be an easy time. I also understand why you are looking for a part time job. I have been through this and now thankfully things are begining to improve.

If you need to take on a job to pay those bills, do it. Okay the growth will be a bit slower. That is life. Advertising is a waste of money. Word of mouth, google and networking are the way forward.

Please use AW to ask questions and use people's vast experience. I have found all responses on AW helpful even the negative ones. I have found responses from C_D, Paul Scholes and Peter Saxton who have years of experince a massive help. Infact even people who have lesser experience have also come out real gems.

Stick with it and just refuse to give up.

Best of luck.

 

 

 

Thanks (0)
avatar
20th Sep 2010 16:48

'refuse to give up'

A great attitute, First Tab. And this is what I was getting at. There will always be setbacks when you are working for yourself but if you have drive, commitment and optimism you will get through them. There is certainly a market out there, no doubt about it. Your state of mind just might be critical to your success.

You should be approaching a time when 'late-comers' are starting to address the idea of needing their accounts/tax return done. This is certainly my busiest time of the year for new enquiries. Don't try to win business by being cheaper - there will always be someone who can undercut you - but on the fabulous service you will give. That doesn't mean being the best accountant there is, but it does mean being professional, helpful, friendly, attentive and responsive. Accountants aren't typically very good at that so those qualities will give you a competitive advantage! 

-- Kind regards Andy

Thanks (0)
avatar
20th Sep 2010 16:57

Try some bigger local accountants...

Try to make contact with a larger accountancy practice - offer them a way of offloading smaller clients (not generally profitable for the bigger firms) and also where they feel obliged to take on clients (because they are referrals from the bank or very important clients) - you can offer a trusted service more apporpriate for those smaller clients.

Its not perfect as you tend to get the small clients (£500 or less) - but they also tend to be people who require assistance immediately (and of course will pay - most of the time), and can be straightforward to deal with.  We are always told that you should get rid of your 'd' list clients - for a small business like mine I am happy to provide this service and take the 'd' list clients (sure you can pick up some bad clients but you take the same chance when you do a mail shot etc/network etc etc.  And if you are lucky you can pick up some gems who have quick growth and require all of the additional serivces you can provide.

(I am in my second year as a sole practice - I know exactly how you feel)

 

 

 

 

Thanks (0)
avatar
20th Sep 2010 21:05

Keep going

I too have had a very similar experience but am a bit further down the line.  I am just about to complete my third year and I am now in the fortunate position that I have sufficient clients to generate what I need in financial terms and I am forecasting that next year I will be able to make significant inroads into the debt I have taken on (see below).

It hasn't always been this way, but I was very fortunate that my previous employer had two successive successors of my job totally implode just before the year end audit two years running, this gave me some much needed consultancy in years 1 and 2 although I started to resent the time away from my practice during the second stint.  I am now in the position that I couldn't take this type of work even if I wanted to.  Therefore, if you need to take this type of work then just do it, you'll need to burn the midnight oil and it isn't sustainable for long periods but for a much needed cash injection sometimes needs must.

I now have about 100 clients, have moved away from home to an office and have a trainee member of staff.  Cashflow at certain times of this year has been a bit tight but I am slowly generating a buffer.  I have found my bank to be very supportive especially when I needed to borrow £20K to buy out of an accountancy franchise.  Ouch I know but I am a young(ish) guy and I intend to do this for many years so it was a no-brainer.

In terms of marketing I (like most who have come the franchise route) have built my practice on telesales.  Some don't like it but it does work.  BNI has also been useful, providing about 10% of my GRF but this took time to develop.

One thing I would say is keep plugging away, I have found that the longer you are around the more opportunities seem to land in your lap. 

Thanks (0)
avatar
20th Sep 2010 23:39

Make them feel "special".

Please use AW to ask questions and use people's vast experience. I have found all responses on AW helpful even the negative ones. I have found responses from C_D, Paul Scholes and Peter Saxton who have years of experince a massive help. Infact even people who have lesser experience have also come out real gems.

Posted by FirstTab on Mon, 20/09/2010 - 16:12

 

Thanks for the plug FirstTab - the cheques in the post :)

Murphy1 - First stop wasting money on adverts - they dont work and the £1,400 you save is £27 a week you no longer need to earn.

Dont listen to all the "advice" about "targeting" and A,B,C,D clients.  When you start out any client is a good client. Quite simply - you cant afford to be picky.

Always remember that your target area is essentially a 10 mile area around your home/office.

Get some sub contractors on your books and get their accounts done and their refunds to them in a hurry. Believe me next year all their mates from the building site will be at your door.  These guys want the maximum refund, and, they usually want it yesterday.

Dont make clients come to see you and cut into their working day - go and see them in the evenings or at weekends so that seeing their accountant doesnt mean losing money - after 40 years we still do that with a lot of clients.

If you're at a loose end drop in on clients businesses - dont try to "sell" - just have a chat, see how business is, give the odd bit of free advice.  If you need something doing, (plumbing, car repairs etc) always employ clients to do it.

In other words - develop a reputation of being friendly, & helpful. That is the way to get referals.

Never talk down to a client - something that some accountants seem to do.  They dont understand tax - but then again you dont understand bricklaying (or whatever). 

One last piece of advice - we have a "crib sheet" on every client. That means that when we see them we know their kids names, their dogs name, whether their kids have taken exams since we last saw the client (so we can ask how they got on), what football team they support,  etc etc.  It just helps to make the client feel "special".

 

 

Thanks (0)
avatar
By GeeBee
21st Sep 2010 08:58

"When you start out any client is a good client"

Not necessarily C_D. 

I would simpy say that "any client who pays is a good client".

Thanks (0)
avatar
By murphy1
21st Sep 2010 09:16

Thanks..

..everybody for the helpful replies.

I agree that a good client is one that pays...I have wasted so much time chasing debts from 2 clients, both good fees, who pay a bit every time they need something else..it is very frustrating!

I am a bit impatient by nature and financial pressures just add to that. I hope I can look back, like some of those who replied, and can say that it was hard, but worth it!!

Thanks again,

M

 

First Tab

I have followed a lot of your posts as I know you are a bit further down the line and the questions and comments you receive are very useful for me too...thanks to you and to everyone else who take time out to reply to us.

Thanks (0)
21st Sep 2010 09:56

advertising can work

Some advertising has worked very well for me and some hasn't. Yell didn't work. On the other hand a small cheap ad in a local publication has paid for itself many times over every year. Google has also worked well for me - not paid for, but just getting onto page 1 when someone searches "[My area] accountant". Telemarketing worked also (not via a franchise) and in fact was the one piece of marketing that transformed my practice from a part-time income to a full-time practice.

Thanks (0)
21st Sep 2010 10:05

How much?

@Murphy – I’d question how much do you “really want” it? Want is not a need and or a must; it’s closer than a wish or a like, why are you applying for jobs when you should be building your business?

Could your accountancy training and/or prudent nature be holding you back? If you have proved you can win and serve clients at a profit then all you need is resources in the right place and you can past the tipping point.
I do not know what your experience and knowledge base is but if your model is to have 40%-60% compliance then each fee could be £3,000 plus. How many do you need?

Remember that you have a business asset probably worth 1 x GRF and if you spend money on marketing and grow it is an investment, everything is a cost or an expense including your time.

If you want to grow you’ll need a coordinated marketing strategy which fits your budget.

Unlike CD I would encourage you to know who your ideal client is so you can market with laser beam accuracy, you can’t afford to go broad with £1,400 advert. Sorry, that is just lazy marketing…I hope you are OK with constructive criticism? It’s meant to offend a little so you can think now and do something more effective and achieve your goals.

You won’t need crib sheets if you have a genuine relationship with clients. Have you read the Profitable and Sustainable report by the ICAEW?

Think about your proposition, do you want people to use you because you go around there house and pick up rubbish or do you want to be delivering quarterly tax reviews and tips to improve their business and financial planning?

Marketing today is less about money than ever before, it is about strategy, methodology and creativity and with 32,000 firms you need to focus on out maneuvering the competition.

Bob Harper

Portfolio Marketing

Thanks (0)
avatar
21st Sep 2010 10:42

Building up a new practice

Hi Murphy

the only problems with competing on price

(1) That clients who only focusing on price will continue to squeeze your margin and the headache has an impact on your focus on delivering your accounting services to all your clients.  Also in the end, they tend to head off to outsourcing companies with whom you cannot compete at price level. 

(2) You need to reduce your time taken to do the work for them, so you can keep your earnings per hour up to standard level.  (technology helps here, having the right software (Bookkeeping, accounts production, Tax and Payroll).

cheeky plug here,  have a look at Arithmo- online bookkeeping system:  quick to enter data onto Arithmo , It’s cheap and has the ability to automatically upload bank statement for non vat registered cash business clients.  So no inputting- saves allot of time.   

(3) Finally Patience in building your client base.  That is really hard as you have to put in allot of effort and time (for no salary) to obtain clients and have to do cheeky plugs in your local area to increase brand awareness

Keep Going, it’s a marathon- not a sprint 

 

Dalbir

arithmo.co.uk/for_the_accountant.php

Arithmo Online bookkeeping software

Thanks (0)
avatar
21st Sep 2010 11:39

Bob

Unlike CD I would encourage you to know who your ideal client is so you can market with laser beam accuracy,

You won’t need crib sheets if you have a genuine relationship with clients.

 

 

Posted by Bob Harper on Tue, 21/09/2010 - 10:05

 

 

"Targeting" simply drastically reduces the number of potential clients out there.  There may be 100 potential clients within 1/4 mile of you, but by "targetting" specific trades you reduce that to perhaps one potential client. 

A new practice which require to generate immediate income cannot afford such a strategy.

As for "crib sheets" - when your practice has several thousand clients of course you need crib sheets Bob, and it's no use starting them later, they need to be in place from day one for every new client. Relying on memory simply wont do.

40+ years of running a succesful practice and watching other practices come and go during that time tells me that targetting is the wrong thing to do. We have had 3 firms start in this area targetting the licencing trade - all three have closed within 2 or 3 years. Why? Because the offer nothing that we don't offer, and by restricting their market they simply couldnt generate enough income.  

Thanks (0)
21st Sep 2010 11:58

Strategy

@CD - I am not really interested in arguing with you because your experience shapes your thinking even though the past does not equal the future.  But, your point does allow me to suggest to the OP  that a new firm can not afford to be a general practice.  

The narrower the niche the more relevant you are.  And, it is easier to differentiate at £8,000 a year than £800. Differentiation is vital and it must be relevant and make a difference or it is just fluff.

@Murphy - you can niche within sectors, profiles and or industries and you can have more than one. Being a specialist MUST mean you can do more than a non specialist.  I'd suggest the three firms CD refered to didn't really have anything extra to offer, they just put a label on a weak proposition. Have a look at SJD as an example.

You have a choice...compete with the likes of CD on their terms or do something different.

@CD - Crib sheets...depends on the strategy/culture of the firm. I hate people trying to kid me...they phone up and ask how my kids are doing and they don't have the emotional connection with me. A cheap and tacky tactic which makes me feel uncomfortable.  Just be proactive and on point.

Bob Harper

Portfolio Marketing

 

Thanks (0)
avatar
21st Sep 2010 12:39

@Bob and Crib Sheets

Sorry Bob but I disagree.

I can only guess that what CDs crib sheets are like but we all do it.  A quick few word "how is your dog now after his operation" helps in connecting with people.  I am sure if you met some you knew you would ask a simalar type question.

When the practice is small we can all remember when it gets larger our memories need help.

Thanks (0)
21st Sep 2010 13:12

Crib sheets

@Paul - like I said, it depends.

If I were meeting a client it would be part of a business consulting focussed proposition so I'd be asking what impact did X, Y and Z have since we last met.  I do see a place for agendas and a CRM system with key marketing data so you can target effectively. I know we should never encourage clients to let the tax tail wag the dog but I am not sure how relevant asking about the dog is unless you are a dog trainer or vet. 

When I do marketing consultation I want results for the client, sometimes more than they do.  I figure the quicker the accountant implements my advice the more return they will get so talking about their kids or dog reduces their return. I'm commercial friendly.

I will only have a few clients at a time so I don't have a problem remembering what is going on because I am part of it.  This is what the OP could be doing with financial input.

If the practice strategy is compliance only then I suppose you need something to talk about and because you will need hundreds of clients perhaps a crib-sheet is needed.

Bob Harper

Portfolio Marketing

Thanks (0)
avatar
By happy
21st Sep 2010 13:28

Standing orders

Hi Murphy

You've had, in my opinion, some great advice from other accountants who really know the reality of operating the sort of practice you have.

I've been there too - I've built up 3 practices from scratch and I dont disgree with anything the other accountants on here have suggested.

One very obvious point no one has made to you is standing orders - you mentioned cashflow is your problem.

Getting your clients on monthly standing order is the quickest and easiest way to fix your monthly income and stop all that wasted time on billing and debt collection. Get the system right and you'll be glad you did.

Keep at it - being a sole practitioner is a lonely place at times.

 

 

 

Thanks (0)
21st Sep 2010 13:55

What makes the difference

@Happy - firms that have done STO for years are now moving or have moved to DDs.  Much easier for capturing change orders. Anyone interested in a contact to put this in place can email me.

By the way Murphy, get pople on pay-as-they-go so you have negative WIP and I have been there and also seen many others close up. Some make hard work of it while other succeed...it's not their accounting skills that makes the difference.

The competition is weak, get out there and win the business you need to have the life you want.

Bob Harper

Portfolio Marketing

 

Thanks (0)
avatar
By happy
21st Sep 2010 14:06

Yes but..

DD is great but when cash is tight or for a new startup standing order is fine.

We dont disgree about negative WIP.

 

Thanks (0)
avatar
21st Sep 2010 14:16

Standing orders and crib sheets

I started part time in January 2009 juggling children so you have my sympathies.

Nearly all my clients are on standing order as it is easier for them to handle a smaller monthly amount than a huge annual bill. The benefit to me is mainly the time saved on admin and credit control although the cashflow is a bonus. If clients don't want standing order for some reason then they pay a large element "up front".

I'm with CD on crib sheets even though mine is a small practice. I'd love to be able to remember all these details myself but I can't always and it is a way of showing people that they are important to you. Most clients don't have a clue about how good the accounts are and some are even terrified of the whole idea but they remember how you make them feel.

Mailshots work best for me for "instant" results but do keep up the networking as these tend to be better quality leads even if you do have to wait until next year to see results.

Good luck and remember that all these things take time.

 

 

Thanks (0)
avatar
By scohen
21st Sep 2010 14:28

networking to build business

Just to pick up on one smaller point mentioned early in the discussion - networking. You didn't get anywhere in the first 3 months of one group and the other group doesn't want/need another accountant .. there are loads of different networking organisations out there; do some research and find another one. Maybe it meets in the evening or over lunch - it may cut into your day, but if it is relevant to your business, do it. Some groups don't restrict one per industry. 3 months isn't long to build relationships with people and you need to work on these outside the meetings.

If you really think networking can work for you - and it does for many, but not all, businesses, then keep looking. Depending on your area, have a look at www.the-businessclub.org, www.netlinked.co.uk, "the best of" for your area, local FSB ....

Also suggest joining various groups on LinkedIn for accountants, for the networking groups (most you can join on LI before becoming a member at the meetings), local groups, industry groups.

As long as it's part of your marketing strategy ... also discussed above!

 

Sue

Thanks (0)
avatar
21st Sep 2010 15:49

bob

@CD - I am not really interested in arguing with you because your experience shapes your thinking even though the past does not equal the future.  But, your point does allow me to suggest to the OP  that a new firm can not afford to be a general practice.  

You have a choice...compete with the likes of CD on their terms or do something different.

Posted by Bob Harper on Tue, 21/09/2010 - 11:58

 

40 years of experience and a practice that is still expanding daily.  Now tell me Bob - which of us has got it right ?

No one has said that the past equals the future - merely that your vision of the future is totally wrong. Painting yourself into a corner by niche marketing is the road of certain failure.  Look at practices who, 10 years ago were doimng very well out of targetting the pubs & clubs - their market is shrinking at a phenominal rate.  Oddly even when it wasnt, they still managed to get only a tiny percentage of the market.

I'm not sure I like the term "the likes of CD" - that is quite derogatory.  The FACT is that they would not be competing with us, assumimg they are in our area.  We actually help & encourage new practices and often put work their way. We dont see it as a competition. We pass work on to them that they are better suited to do, and in turn any job too large for them to handle they usually pass to us. Indeed it is not unusual to see some of the "one man bands" popping in for a bit of advice. 

 

__________________________________________________________

@CD - Crib sheets...depends on the strategy/culture of the firm. I hate people trying to kid me...they phone up and ask how my kids are doing and they don't have the emotional connection with me. A cheap and tacky tactic which makes me feel uncomfortable.  Just be proactive and on point.

Posted by Bob Harper on Tue, 21/09/2010 - 11:58

 

No one is trying to "kid" anyone.  Nor is it in any way "cheap & tacky" and I consider the suggestion quite insulting.

It is simply COMMON SENSE - whether you have 50 clients or 5,000 clients you need basic notes updated after every meeting/conversation to enable you to keep track of whose kid is taking exams, getting married or whatever.

 

 

 

Thanks (0)
21st Sep 2010 16:30

Directions

@CD – like I said, I am not interested in arguing with you but my comments are not intended to be derogatory and insulting. They are just what I feel about the typical large well established firms.

If it helps, I am happy to accept that yours is the exception.  At the end of the day, the OP has both points of view which is what I think this forum is about.

@Murphy – for the record, as far as I know my vision of the future for the profession is shared with all leading consultants and commentators. It is base supported by the ICAEW and the reality of some firms today. It is not about being wrong or right, just two different directions.

For the record, I will now only work with firms who share my vision...the question is what is yours?

Good luck.

Bob Harper

Marketing for Accountants

Thanks (0)
avatar
21st Sep 2010 23:15

Get real Bob

@CD – like I said, I am not interested in arguing with you but my comments are not intended to be derogatory and insulting. They are just what I feel about the typical large well established firms.

Posted by Bob Harper on Tue, 21/09/2010 - 16:30

 

We are certainly not "typical" - nor "average". What we are, and have always been, is light years AHEAD of the opposition.

Unlike others we do not have partners - we are a dictatorship - which means that positive decisions are taken without argument.  We don't "target" - if we did there simply wouldnt be enough clients.  Indeed we never turn a client away, big or small, rich or poor, either we take them on, or, we find someone who will.

Just as everyone is entitled to an adequate defence in court, so too everyone is entitled to a defence against the tax man. It's a little thing, but in my opinion an important thing, called being professional.

Why do i say we are, and always have been light years ahead of others?  We introduced flexi-time before anyone else had heard of it - from day one.  We computerised when desk top computers were in their infancy. We gave maternity - AND paternity leave before the government insisted on it - we scrapped pointless dress codes decades ago - and we did "team building" or whatever the latest americanisation is for it way before anyone else - only we made it worthwhile by doing charity work instead of poinless and infantile paintballing and the like.

 

________________________________________________________

@Murphy – for the record, as far as I know my vision of the future for the profession is shared with all leading consultants and commentators. It is base supported by the ICAEW and the reality of some firms today. It is not about being wrong or right, just two different directions.

For the record, I will now only work with firms who share my vision...the question is what is yours?

 

Posted by Bob Harper on Tue, 21/09/2010 - 16:30

 

You refer to your "vision" - in reality its not a vision, its a fairy tale. For the new practice its a one way ticket to bankruptcy.

New starts need all the work they can get, indeed any work they can get. In your ideal world they would have thousands of pounds to spend on fancy advertising campaigns and several years to wait while they built up a client base becauise that is how long it would take by your method.  99% of potential clients would be turned away as they didnt fall within your "target group".

The reality is very different. New practices start on a shestring. They need income, any income, not to build the practice and hand over to "marketing firms " (salesmen), but to pay the mortgage and pay Tescos so they can eat.

Specialisation is something only well established firms can afford to do,. As for the ICAEW - they are, and always have been, totally out of touch with the small practice.  Its very easy to pontificate from an ivory tower - not so easy when what you earn this week is what you will pay the mortgage with next week - which is the reality for most new starts.

 

Thanks (0)
22nd Sep 2010 00:03

Commercial focus

[email protected] – like I said, I am not interested in arguing with you so I’ll just ignore the fairy tale comment, although it would be so easy. This reply is to make sure Murphy is clear what I am saying, rather than leave it with your version.

@Murphy - I am not suggesting turning work away when you are desperate for income, that would be stupid and I am not. However, I do believe you will get a much higher and quicker return by being focused.

As for turning 99% of clients away, there are 32,000 accountants in the UK and more overseas I can work with so 1% is way too much for me. It all depends on your personal goals and the demographics of the niche.

I have recently looked at a local market for a client and of the 12,000 or so businesses in the area around 1,000 have turnover between £400k and £5 million and they are going for this segment. They have specific elements of their proposition where are suited to this type of client, like advanced tax planning, budgeting and management accounts. If we win £100,000 over the next 9-18 months I’ll be happy and this may only be 10-20 clients.

You do not need to pay a consultant, you can do it yourself; in 2010 with the Internet there is no excuse for not knowing how to do something. But, it is not about spending money but using creativity and the right methodology with good systems. If you are interested, I am just about to release a free video on how to do it and why the marketing needs to change.

Have a look at who contributed to the Profitable and Sustainable report published by the ICAEW and make your own mind up if they pontificate from an ivory tower.

Bob Harper

Marketing for Accountants

Thanks (0)
avatar
By happy
22nd Sep 2010 09:38

Some advice

Hi Murphy

Some snippets of advice from me from my personal experience.

Dont take all new comers that come through the door - be selective in who you work for from day one, and dont try to gain clients by undercutting others fees.

Whilst you may feel any work you can get, which pays a fee, must be taken it can quickly be very damaging to you and your practice.

I did it with my first practice you build up a fee base of low paying, high maintenance clients and will get a reputation as that which is very, very hard to turn around.

You end up working for peanuts for clients who dont value what you do. It becomes very stressful and you'll get disillusioned with working in practice.

I did it, I got very disillusioned and ended up selling that practice - the best move I ever made, but that's another story.

 

 

Thanks (0)
22nd Sep 2010 10:18

Happy is giving you good advice

I would really urge you not to take on any available work just for the cashflow. Rubbish clients (bad payers, etc) will refer other rubbish clients, just as dodgy clients will refer other dodgy clients to you. Best not to get them as clients in the first place, otherwise your problems will just be starting. Everyone's opinion of rubbish clients will vary so set your own boundaries. This is where you DO need to be selective. Better to take in other accountants overflow rather than start down the 'any work will do' route.

Price ... no point competing on price. No matter how low you are prepared to go there is always someone cheaper. Let your cheap competitors take the losses (if they do the job right) or let them take the rap (when they have cut all the corners to get the job done within budget).

Thanks (0)
avatar
22nd Sep 2010 11:48

I have to agree with C_D's first posting...

Shirley and Happy do have a point regarding being a little more selective about clients BUT when you need to pay a mortgage (and if you haven't got a lump sum in the bank) you sometimes cannot be so fussy (3 high maintenance fee paying clients are better than none) - being paid is of course the key but that is easliy resolved...a % payment up front with amounts to follow when work is complete - or payment by standing order over the period of engagement....of course if the client isn't receptive to that then you will probably have a good idea of whether they will pay on completion....

As for fees - agreed - you ask for the fee you believe is reflective of your services.

In the end networking/mail shots/volunteer work etc will get your name out in the local community and if you do a good job for your current clients new referrals will follow.  I personally wouldn't not spend a huge amount on advertising but then i couldn't afford to in my first year and still managed to gain clients.  Now I am in a position where i am gaining more and more clients but haven't got the on-going costs of any marketing campaign so it s worked for me (but different things work for different people).

 

 

 

 

 

 

 

Thanks (0)
avatar
By happy
22nd Sep 2010 12:37

My advice be selective from day one

You may have a mortgage to pay but you also have your sanity to consider!

I did it when I started - I got it all wrong. Just opened for business no cash behind me, no planning, no idea of what clients I wanted. I had a practising certificate and thought it would be easy. Rude awakening followed.

 

 

 

 

 

 

 

Thanks (0)
avatar
22nd Sep 2010 12:39

Change of emphasis

To a large degree the debate has centred on what sort of client you should take on. This makes the great assumption that you have control. If you are short of clients you might want to look at it from another perspective, which is:

Of all the firms of accountants in the area, why should a potential client choose you over the others?

What do you have that the others don't? It may come down to specific experience, technical abilities or simply your personality, but take time to define what it is. Only then can you tailor you image and marketing to attract the type of client that would want to choose you and with whom you will have a cultural fit for a sustainable business relationship.

-- Kind regards Andy

Thanks (0)
22nd Sep 2010 13:05

Practical idea

@Murphy - we all know "Cash is king" and business owners only run their business to generate and extract the maximum amount of cash.

We also know that trading through and out of a recession is about cash management.  You are even struggling with it so it is high on the agenda for most businesses.  So why not host a Seminar "Cash Dynamics" and show businesses owners the key drivers behind cash available for distribution.

I have just sat in on a 90-minute session with a provider of software.  This is only in circa 80 firms in the UK so your message will be unique. It costs £650 a year and gives you a very relevant USP.

You will need to put the marketing material together and pay for the communication (stamp and/or telephone call) but you should be able to get 8 attendees a month to this and sign up a client every month.  If you link this with Train to Gain you could offer the seminar for free and at the end a one-to-one half-day consultation funded 100% by Train to Gain!

This type of engagement is niche marketing and will lead to monthly or quarterly management accounts for a circa £500k plus business so the fee could/should be £3,000 plus.

Bob Harper

Portfolio Marketing

Thanks (0)
avatar
22nd Sep 2010 15:24

Use you advantages - and work in the real world.

Contrary to many posts - there is no such thing as a bad client. Merely clients who need training.  Handled the right way any client can become a decent client. Just make sure you get paid up front.

"Specialisation" merely reduces drastically the number of potential clients out there. 

As a new start there is no way that you can hope to compete with the larger established firms who will all have partners specialising in different fields, and, who will have the back up and resources that you dont have.

Similarly, as a new start, it's almost certain that you wont have the resources to throw at speculative sales campaigns (however they are dressed up) that make huge promises, but rarely (if ever) deliver.

You need to get yourself known in your local area, make contacts, and let people know that you are looking for clients and that you are offering a "personal" service.  One thing the self employed & small businesses hate is seeing a different person (usually some junior) every time they go to their accountants.

As a new practice you have an opportunity to offer something the larger firms do not - personal service, home visits, seeing clients in the evening and at weekends, and lower overheads meaning you can keep your prices competative.

Thanks (0)
avatar
By happy
22nd Sep 2010 15:44

Business v Practice

''As a new practice you have an opportunity to offer something the larger firms do not - personal service, home visits, seeing clients in the evening and at weekends, and lower overheads meaning you can keep your prices competative.''

 

The only problem with a practice based on this, which I did, is that you build a practice based solely on you.

It means clients can have huge expectations of you and you are limited in growing a business on this basis. 

I'm not saying you cant build a great practice in that way, and an enjoyable one, if you like to work that way, but its difficult to build a business this way.

Once you start to grow something has to give - and clients generally wont be getting that very personal level of service they originally came to you for.

Thanks (0)
avatar
By GeeBee
22nd Sep 2010 15:59

Happy - unhappy with your reply!

You most certainly can build a business that way.

The secret is to outsource all the work so you become a "front-man" that the clients see and get to know, with the business bit being done elsewhere.

Thanks (0)
avatar
By happy
22nd Sep 2010 16:36

Happy's been there...

Its even better to build a business which isnt reliant upon you - thats much more profitable and much less stressful.

Thanks (0)
avatar
22nd Sep 2010 17:33

Another practical idea

Let's say for example that you are a working mum, then you could target mums in business as your 'specialist area' (but not your exclusive area).

Imagine how your target market would welcome your empathy. You should still take on 'all-comers' as C_D suggests, but this way you would get 'more-comers' which is surely your objective.

-- Kind regards Andy

Thanks (0)
22nd Sep 2010 17:53

Interesting how different people think

@CD – yes, targeting does reduce the number of clients a firm can target and it also increases the relevance and perceived value which increases response rates and traction. 

A start-up can compete with larger firms because larger firms are usually made up of corporate foot soldiers and managers who offer very little to a SME. But, a start-up should be careful not to take on clients who are too big because they will use the leverage against them in fee negotiations.

Marketing is not about taking risks or expecting huge returns. It is about being prudent and working the margins and financing appropriately. All a start up needs to do is use what has been proven to work. The only unknown is the effectiveness of the accountant.

Yes, the OP needs to get known in their area but it is more important what they are known for. They can run naked down the road offering free tax returns and get known.

Having a proposition that relies on picking up the books, home visits, seeing clients in the evening and at weekends is one option. Another is offering free software, online training and coaching, tax forecasting and input maximising cash for extraction. One will appeal to a certain type of client, the other attracts another. The OP can decide around their personal goals. Personally, I do not speak to clients evenings and weekends when my kids are around because that is family time. And, anyway, this type of service is likely to be a lie to the client because when the firm develops they will stop delivering the service...that's why the referrals stop!

As for a pricing strategy built on the mentality of lower overheads, I won’t even go there.

Bob Harper

Portfolio Marketing
 

Thanks (0)
avatar
22nd Sep 2010 18:10

Ignoring the sales-speak

@CD – yes, targeting does reduce the number of clients a firm can target and it also increases the relevance and perceived value which increases response rates and traction. 

Posted by Bob Harper on Wed, 22/09/2010 - 17:53

I'll get back to you on that - when I can find someone who can translate americanised sales-speak into english.

 

______________________________________________________

 

Yes, the OP needs to get known in their area but it is more important what they are known for. They can run naked down the road offering free tax returns and get known.

Posted by Bob Harper on Wed, 22/09/2010 - 17:53

 

I've met a lot of sales types who would do exactly that if they thought it would generate leads.

 

_______________________________________________________

As for a pricing strategy built on the mentality of lower overheads, I won’t even go there.

Posted by

 

 

Bob Harper on Wed, 22/09/2010 - 17:53

Which is why I have a thriving practice, and you ....................... havent. 

Are you trying to say that any business, and i do mean ANY, should not try to reduce its overheads? 

You seem to belong to the Gordon Brown school of economics - keep spending we can always print some more.

 

Thanks (0)
22nd Sep 2010 22:29

Good example

@CD – translation for you; focused marketing = greater response rates, quicker growth at a higher price with profit and sustainable future. Your pricing strategy does not.

Yes CD, I have noticed that some people will do and say anything to get noticed and I am looking forward to reading about your thriving practice. Did you do an interview with Steve Pipe for his new book?

No, I am not saying a business should not try to reduce overheads. If they are going to reduce them they should; trying is a waste of time like you trying to twist my comments. 

I don’t quite understand the Brown snipe as I have made it clear that marketing is not about money but creativity and methodology – or was that an example of the extent of yours?

Bob Harper

Portfolio Marketing

Thanks (0)
avatar
22nd Sep 2010 23:13

Advice or advertising ?

@CD – translation for you; focused marketing = greater response rates, quicker growth at a higher price with profit and sustainable future. Your pricing strategy does not.

Posted by Bob Harper on Wed, 22/09/2010 - 22:29

Which is totally wrong.  What you call "focused marketing" is actually RESTRICTED marketing deliberately restricting the potential market and therefore vastly reducing the number of potential replies. 

What exactly is my pricing strategy?  Have I outlined it?  No - so you are making assumptions.

Providing a professional service is not like selling baked beans, regardless of what you might think.  A job can only be valued on the time taken, the type of work done, the type of client, how much the client can afford, how much you want to keep the client, what the opposition are charging after taking into acount the fact that you are better than them, and numerous other factors. There is no "one size fits all" formula.

 

 ___________________________________________________________

Yes CD, I have noticed that some people will do and say anything to get noticed and I am looking forward to reading about your thriving practice. Did you do an interview with Steve Pipe for his new book?

Posted by Bob Harper on Wed, 22/09/2010 - 22:29

 

Your sarcasm is duly noted - and dismissed for what it is.

 

___________________________________________________________

No, I am not saying a business should not try to reduce overheads. If they are going to reduce them they should; trying is a waste of time like you trying to twist my comments. 

I don’t quite understand the Brown snipe as I have made it clear that marketing is not about money but creativity and methodology – or was that an example of the extent of yours?

 

 Posted by Bob Harper on Wed, 22/09/2010 - 22:29

 

"Trying is a waste of time"?  Oh dear you seem to be resorting to gramatical pedantics - again.

"Marketing is not about money"? Then what use is it to a new business that has clearly stated it needs to generate more income?

So you are saying then that we could pay you a few £thousand for a marketing campaign, and you would consider it a success if we didnt pick up any new business, so long as we had been "creative"?  

The whole point of running a business is to make money. I'm certain everyone here could find better things to do than run a business if it wasnt for the need to make money.  

 

Now some of us, with decades of experience, come here to offer some help, some insights, and some encouragement, to those starting out on the path we trod.  It does seem though that others come here to try to sell their services (marketing).

 

Thanks (0)
avatar
By happy
23rd Sep 2010 09:49

Happy is very confused...

Bob you really do puzzle me - can I ask a question?

Why do you post here?

I dont mean this with any disrepect I just am truly puzzled.

You make it quite clear you are very selective who you work with, so I assume you arent seeking work, and personaly I would have thought you alientate a huge amount of potential clients by the nature of your posts.

Is it just a case of gaining publicity or do you just enjoy the banter with CD???

Again meant with no disrespect or to be argumentative I truly am puzzled.

 

 

 

Thanks (0)
23rd Sep 2010 11:50

Happy now?

@Happy – why is at the route of all motivation and is a good question to ask.

The reason for me in everything I do is to improve the results of UK businesses. Portfolio is a brand I use in the accountancy market. The idea is that the accountants I work and would share my vision impact the businesses they work more than the competition.  This is why I think they deserve to win the best client relationships and I offer free resources and service to support that.

Why do you think I alienate potential clients? Is my style here a bit too strong? I’d urge people to focus on the content and to think about why I am so abrupt. I am a pussy cat really but having said that, I really do not have time to drag firms into the future kicking and screaming.  Nor do I wish to fight with anyone on this; life is too short, the problem and direction to move is so obvious. The only thing holding firms back is fear of something new.

The debate is over accountants need to change or they will be sidelined.  I am one person involved in that but from my experience and that of other providers I think perhaps that only a small percentage can take this on. Now is the time to start because it takes a few years to evolve.

As regards CD, there is the potential to have an enjoyable discussion but at the moment it remains only a potential.

@CD – your pricing mentality is based on cost/time. You have mentioned this in previous posts, above when suggesting to Murphy to low-ball because of low overheads as well as your last comment where you started off saying a job can only be valued on time taken time.

Costs and time taken have no place is an effective pricing strategy. The reason is that pricing is a marketing function. This is why I offer to send accountants a couple of free audio CDs recorded by Ron Baker because that mindset needs to be changed before any effective marketing can happen.

Linked to pricing is branding and packaging and learning from baked beans. This is part of turning the intangible into tangible so it is more valued and marketable. All this should be done BEFORE spending any money on promotion. This is probably the biggest mistake accountants make.

I wasn’t being sarcastic. Did you do the Steve Pipe interview for his new book? You were invited and I think you agreed?

Listening precisely is the ultimate respect, you should try it, and I made the point because listening carefully is a key sales skill. And, listening to your own self-talk can be useful; this is why I asked Murphy about how much they want it?

Read the OP..Murphy “needs” to grow but only “wants” to have a practice. The good part is that they “really” want it and if they can crank the motivation up to a need, must or better still “going to have” then they will find a way through the cash crisis.

No, I am not saying pay me a few thousand for a campaign, and consider it a success if it didn’t pick up any new business, so long as it was "creative". You know this isn't what I am saying, you are an intelligent man and so am I...you ain't in court and you ain't going to twist my words. 

What I would do it make sure firms are ready to spend money and fully understands how much and what they need to do after they invest. For example, they need good sales and pricing plus systems/resources to handle the leads effectively. Provided they do this, the investment will usually be 40% to 60% less than buying fees and better that just waiting for referrals.

As you would expect I disagree with you. The whole point of running a business is to create value outside of it. The money made is a consequence and measurement of the value.

I know it offends you that service providers to the profession, like me, are allowed to post here. For me that brings balance and a different view and keep in mind without the the sales/marketing people (clients) you'd have nothing to count so don't be too quick to put me down because the likes of me are called clients.

Bob Harper

Portfolio Marketing

Thanks (0)
avatar
By happy
23rd Sep 2010 12:11

Happy is starting to understand Bob

Well thank you Bob.

I suspect you are a very interesting character to meet in person and one with whom anyone could have a very interesting and thought provoking conversation.

Maybe the accounting world just isnt ready for you, yet.

I wish you well in your pursuits anyway. Life is, as you say, too short.

To answer your question - ''Why do you think I alienate potential clients? Is my style here a bit strong? I’d urge people to focus on the content and to think about why I am so abrupt. I am a pussy cat really.''

I am sure you are a pussy cat, my personal view - your enthusiam and passion for what you do just sometimes comes across as arrogance.

Many of the accountants that post here have been there and done it and I suspect at times you're flogging a dead horse maybe the new blood will focus more on content. I'll leave that one to someone else.

Thank you for replying (and mind old CD's blood pressure!)

 

 

Thanks (0)
avatar
By happy
23rd Sep 2010 13:14

Options

Murphy just remember their is no shame in taking a backward step maybe going back into employment for a while to build some cash reserves and keeping your practice part-time for while.

A mortgage and young family puts a huge amount of pressure on anyone and without any financial back-up or cash reserves it can be very stressful.

The reality of building fee income from a small practice to match a salary of £60k without any finance behind you is one tough goal.

Whichever options you take I do hope it works out well for you and your family.

 

Thanks (0)
23rd Sep 2010 13:48

Choices

@Happy – no problem. I appreciate some people can take me the wrong way, it’s easy to do with email and forum postings because my voice intonation and inflection which is where most of the real communication is.

For what it’s worth I don’t consider myself arrogant, ask my butler who irons my paper in the morning he gets every other Sunday off.

Yes, there are some who post here who can not accept there is a different way to what has been done in the past. The rate of change is increasing and what worked in the past will not work in the future.

@Murphy…unless you have developed an effective strategy, built the marketing infrastructure and have the sales skills/systems and know how to price on value I would advise you to not spend any money on promotion.

By the way, great post hypnotic suggestion from the health (un) professionals. I am glad you decided to be in the minority. That is my choice as well!

So, what’s to stop you developing what you need to develop and getting on the phone for an hour or two a day to drum up the new business you need?  There is loads of it out there and you can do some work in the evening and weekends for a bit. That’s why I asked how much you want it.  Is the fear of cold calling bigger than the desire to achieve your lifetime goal because that is how simple and easy this could be for you?

I don’t know about your house and equity but I sold mine to fund what I really wanted to do and I do get on the phone to win the work I want when I want it. Do this and you will be in total control of your life.

I would wish you luck but you don't need it.  What you have overcome takes more than making a few calls a day to people who are at most apathetic about their accountant.

Too strong or spot on?

Bob Harper

Portfolio Marketing
 

Thanks (0)
avatar
23rd Sep 2010 15:45

Part time ?

@CD – your pricing mentality is based on cost/time. You have mentioned this in previous posts, above when suggesting to Murphy to low-ball because of low overheads as well as your last comment where you started off saying a job can only be valued on time taken time.

Posted by Bob Harper on Thu, 23/09/2010 - 11:50

 

It seems you have difficulty understanding.  What i said was - " a job can only be valued on the time taken, the type of work done, the type of client, how much the client can afford, how much you want to keep the client, what the opposition are charging after taking into acount the fact that you are better than them, and numerous other factors. There is no "one size fits all" formula".

That is specifically NOT based solely on cost/time. However, they must be part of the consideration as if your fee doesnt cover your costs and time there is no point in doing the job.

 

_____________________________________________________

Costs and time taken have no place is an effective pricing strategy. The reason is that pricing is a marketing function. This is why I offer to send accountants a couple of free audio CDs recorded by Ron Baker because that mindset needs to be changed before any effective marketing can happen.

Posted by Bob Harper on Thu, 23/09/2010 - 11:50

 

As stated - they are the basic consideration as if costs and time are not covered you are effectively making a loss. 

I have noticed you obsession with Ron Baker, but I fail to understand why or how any intelligent person could fall for the absolute drivel this self appointed "guru" spouts. (for guru read "self opinionated prattt). 

 

___________________________________________________  

 

As you would expect I disagree with you. The whole point of running a business is to create value outside of it. The money made is a consequence and measurement of the value.

Posted by Bob Harper on Thu, 23/09/2010 - 11:50

 

I think, Bob, that you will find that for 99% of people running abusiness is all about making enough money to pay the mortgage and Tescos, and hopefull have a bit left to enjoy life with.

Only once you are financially secure can you affortd to worry about any other consideration.

 

___________________________________________________

I know it offends you that service providers to the profession, like me, are allowed to post here. For me that brings balance and a different view and keep in mind without the the sales/marketing people (clients) you'd have nothing to count so don't be too quick to put me down because the likes of me are called clients.

 

 

Posted by Bob Harper on Thu, 23/09/2010 - 11:50

 

???????

Why would it "offend" me.

What does offend me is when those who have "been there and done that" are discounted as old foggies who know nothing.  For instance you say "the debate is over accountants need to change or they will be sidelined" and you say "there are some who post here who can not accept there is a different way to what has been done in the past. The rate of change is increasing and what worked in the past will not work in the future."

Now, would you say that Google are an outmoded outdated business who are behind the times?  Take a look at their business model.  A few years ago they introduced flexible working, a relaxed work environment, the ability for staff to work on their own projects part of the time, staff bringing their pets in to work with them, casual dress code, profit sharing, the freedom for staff to work from home etc.

Now oddly Bob these are all things we introduced 30+ years ago. In fact Google could have copied us. So, it seems that this old fashioned, stuck in the past business has, in fact, been 30 years ahead of Google.

Perhaps before making sweeping generalisations you should consider their accuracy.

 

_______________________________________________

@ Murphy

You have 3 children and a mortgage etc so obviously you need a steady income.  Whilst having your own practice is something you can aim for, you also need to be realistic about how long this will take.

There are firms out there who need a resident accountant but can't justify employing one full time. Why not look (possibly through an agency) for a part time position 2-3 days a week?  That will give you a basic living wage, and, time to grow your practice.

The difficult point will be deciding at what point you are simply too busy to do both.

 

 

Thanks (0)
23rd Sep 2010 16:31

Outcomes and incomes

@CD – I know what you said and what you did not…the price should be based on the client’s perceived value, nothing else matters. Whether you take the work on is a different matter but that has nothing to do with price.

Ron Baker…you seem to be the one with an issue. His work is world class (in my opinion and in some others) and it does drive much of what I do. I think others have given Ron the guru name but having met him and worked with him I can assure you he is not a prat.  However, he does have an opinion which he created himself so I think you could accuse him of being self-opinionated, a bit like you and me.

If people focused more about the outcome of their business they may find their incomes increasing.  New start-ups may find they start up quicker and with less money.

The internal culture is just part of it. Accountants need to change what they do and how they do it because technology, outsourcing and new global competition is eroding margins and traditional revenue streams. The market is so crowed start-ups need to do something different to get going and creating a new service category is a good answer.

Bob Harper

Portfolio Marketing

Thanks (0)
avatar
23rd Sep 2010 19:17

@ bob

@CD – I know what you said and what you did not…the price should be based on the client’s perceived value, nothing else matters. Whether you take the work on is a different matter but that has nothing to do with price.

Posted by Bob Harper on Thu, 23/09/2010 - 16:31

 

Then why misquote me.

Working ONLY on perceived value is absolute twaddle and the quickest way to bankruptcy.

1) You MUST cover your own costs + labour or you are working at a loss.

2) Your price beyond that can be partially perceived value, BUT, you also must be competative or clients simply go elsewhere.

3) The clients ability to pasy is also a consideration - what is the point in charging what the client cannot afford and therefore wont be able to pay?  Unless you like working for nothing.

 

___________________________________________________

Ron Baker…you seem to be the one with an issue. His work is world class (in my opinion and in some others) and it does drive much of what I do. I think others have given Ron the guru name but having met him and worked with him I can assure you he is not a prat.  However, he does have an opinion which he created himself so I think you could accuse him of being self-opinionated, a bit like you and me.

Posted by Bob Harper on Thu, 23/09/2010 - 16:31

 

Ron Baker reminds me of a snake oil salesman. He is full of americanised jargon and sorely lacking in common sense and business accumen.

 

_____________________________________________________

The internal culture is just part of it. Accountants need to change what they do and how they do it because technology, outsourcing and new global competition is eroding margins and traditional revenue streams. The market is so crowed start-ups need to do something different to get going and creating a new service category is a good answer.

 

Posted by Bob Harper on Thu, 23/09/2010 - 16:31

 

What start ups need to do is provide a quality service. If they are not capable of doing that then they will deservedly go out of business.

THAT is why we actively assist new start ups by making our experts and our facilities available to them on the occasions when, purely because of their size, they find themselves out of their depth.  We dont see them as "competitors" and are quite happy to mentor them and help them survive the early years. 

As for "change" - the core business of accountants (compliance work) is unlikely to radically change in our lifetime. However, in an ever more litigious world and with the advent of money laundering regulations, the seizing of assets by the state, etc clients do need much more legal support than they once did.

A good accountant also needs to react to current needs. As with the last recesion, we are now concentrating with our clients much less on profit and tax, and much more on cash flow.  In a recession with reduced turnovers, tighter credit control, etc cash flow is the key to survival. Tax becomes almost irrelevent other than its effect on cash flow.

 

 

Thanks (0)
avatar
23rd Sep 2010 22:55

The usual responses

Unfortunately, these sort of threads tend to get the same sort of responses on here with people selling themselves rather than actually helping the op.

Murphy - First of all have you incorporated your practice? I incorporated mine and can draw a low salary and then draw off my loan account. Why? When you have kids in nursery and say are earning £6k per year then your tax credits go through the roof. It helps in the short term while you build your business I can tell you.

You do need to take on most clients just to build yourself up. Yes, you do have a few clients once you have built yourself up that you would class as 'Z' category clients but you can always double their fee or something once you are loaded. Don't price yourself too low though or you will find you are working more on poor fees and not spending your time developing new and better business.

You should focus your marketing but just say on small businesses within say 5-10 miles of you. Why bother specialising at this present time when you are struggling to pay the bills?

Finally, take heed of CD's advice no matter what people here say. I think someone who has succeeded in practice for 40 or so years and continues to grow must know a few things about this business.

 

 

Thanks (0)
23rd Sep 2010 23:00

Directions

@CD – I didn’t misquote you…you started off saying a job can only be valued on time taken time and yes you must know costs but that has nothing to do with setting the price. The only thing that matters is what value the client puts on it.

I know Ron’s work is challenging but it is verified in the real world. I happen to think it makes sense to price by basing the fee on the value the client perceives.  It just seems better than adding up hours and multiplying them by a made up hourly rate. Not only is it more ethical and better for the firm but it also improved the economy. Accountants can do more than anyone to get us out of the recession or they can count how long it took to work out what happened.

Compliance has changed in your lifetime.  Accountants are three times more productive today than fifteen years ago and this change will speed up. Not noticing the change, not accepting it will mean a firm is not in front of it and this is what kills businesses.

New technology is eliminating work and it is starting to look like the computers will do the work for us rather than us using them to do the work.

I agree that a good strategy for any firm is to focus their services and marketing on improving clients cash which is why I made the suggestion above. 

Bob Harper

Portfolio Marketing

 

Thanks (0)

Pages