Dealing with the stress and pressure...

Dealing with the stress and pressure...

Didn't find your answer?

HI,

Most of the time I enjoy what I do working as a sole practitioner and have the usual mix of really good, ok and crap clients, albeit that the 'crap' will be sent letters soon!

Over January, I have never felt so much pressure and stress and it maybe that I am just not cut out to do this, but given that I have built the business up to around 140 clients since three years ago and have now moved to an office and have an office junior who can do account prep, I don't want to give up!

What do you do to deal with this?

Here is a couple of scenarios that have led to me feeling like giving it all up:

1. Get HOME, yes home and not the office to a disengagement letter from a client who I only signed up in Sept, and gave 110% to get their accounts and tax done in mid January. This client was suing their previous accountant for negligence and they are being fully invesigated by the appropriate professional body. I called and asked if there was any reason and they merely said the business couldn't affrord an accountant - it is a Ltd co, but directors took £ 20k more out the company than they should and I pointed out that they owed this back to the company.

2. Client who approved and signed accounts in Oct emails last night asking why certain expenses were £ 6k short - details were exactly as he provided on receipts.

3. Cients asking for specialist advice - eg Seafarers deductions etc. I feel that I cannot give the right advice.

4. Client going through a 'Pre Pack' with an administartor but asking me all the questions - again, feeling a bit 'thick'

Any thoughts on changes I can make on how I am dealing with this would really help, as I can't allow my health and family to suffer because I am not dealing with my issues here correctly.

Replies (5)

Please login or register to join the discussion.

avatar
By Jekyll and Hyde
01st Feb 2012 13:39

My thoughts below to senerios

I started on my own about 7 years ago and have gone through times and thoughts similar to yours, others will disagree and have other views:

1) I now screen potential new clients more fully and if I have a gut feeling that, well they are not for me I don't take them on. Your senerio is one that exactly turns me off. January work for January deadline and they have had problems with previous accountant. I always ask who the accountant at the initial meeting and if they do not want to give me such information then I don't wish to provide them witha quote. Does mean that I haven't expanded as quickly as I could, but also means that I don't do as many "crap" jobs as well. Not easy to get right, but I learned quite earlyon from taking on a pub that sounded too good to be true.

2) This is a difficult one, as its probably time for them to pay their tax bill and they are trying to somehow magically reduce it. Again the only way around this is getting to know the client and being honest with them. Some you keep, some you lose.

3) Always tell the client what I can and cannot do in the first place. I took on a client with redeemable shares 2 years ago. Now on of my best clients (was having a good chat with him this morning), when I saw redeemable shares on the B/S at the new client meeting, I informed him that I would have to pass this up to a specialised tax advisor to do with any specifics as and when they arose. His reply was (along these lines) thats what my current accountant has said. So if I have a client which is asking for advice, outside of my comfort zone I always tell them and ask they whether they wish for me to go to a specialist. Again some clients you keep, some you lose but 1 person cannot know everything.

4) I've tried to get around this last year by stating that I would not do anything without being paid first, It's nothing to do with me, etc. To be honest I struggle with this one as I ultimately feel that I have a professional obligation to hand over company information that I hold and also I want to retain the business of the director and the new company. I suspose this is a factor of some of our work. Unfortunately this is my livelihood and unlike some, where it is just a job and on with the next attidute, I really do care. That is why I screen clients more initially than most as I don't like getting to the point where I have a conflict between what I think I should be doing and what I want to be doing.

Unfortunately for me the world of the sole practitioner can be lonely at time and can be very stressful. Although I cannot do this myself I think the only way that you can make it less stressful is if you make a decision not to care and to treat your buisness as a job. My problem with that is that by doing so you take away some of the reasons why you left employment in the first place.

Best of luck.

Thanks (2)
avatar
By Jimess
01st Feb 2012 15:27

Similar experiences/thoughts

Like Chesterfield accountant I too struggle with the fact that I really do care about my clients and my business is my livelihood, that makes for some very tough decisions at times.  You have done amazingly well to build up your client base so quickly and as you say it would be a real shame to give up on what you have built so far.

I am lucky in a many respects - I had a really good working relationship with my former boss and when I set up my business she offered fantastic support and encouragement and a shoulder to lean on when things got a bit rough going.  I have a network of people that I know in the business that I bounce ideas off and they do the same to me.  I also have a reciprocal arrangement with another accountant to provide support to each other in our own areas of expertise.  Even though I have all of these fantastic people to call on in times of need, it still gets very tough and very stressful as whatever happens the buck stops here.

Over the years I have developed a second sense as to whether a potential client is going to be a good'un or a bad'un and it is not just relying on airy fairy feelings - there are all sorts of little things that point to it - reluctance to provide ID, information on previous accountants, information about their business etc, asking leading questions, displaying reluctance to disclose sources of income, being rude or disparaging about their previous advisers etc - all of these things will have me showing them the door saying thanks but no thanks.  I actually had one potential client walk out of the meeting in a huff because I told him that he needed to disclose monies received for scrap - I was not worried because that one dishonest client would have put my entire client base at risk.  I will always tell a potential client if I think something is outside my area of expertise and mostly they respect you for doing that. I have some very good clients where I do the things I can do and work with other practitioners for the things I can't do. It's about knowing your limits and finding a network of people you trust to pass things on to that you know will not try to entice your client away from you.

You must be doing something right to have got so far, don't let a few clients causing hiccups drag you down. They were a few examples out of 140 other happy clients. Remember that as a self employed person you can choose whether you work for those clients or not, so own it and use it.

If you want a support buddy please feel free to PM me.

Best of luck

 

 

 

 

Thanks (2)
By ShirleyM
01st Feb 2012 16:11

Crap clients!

Most of the time I enjoy what I do working as a sole practitioner and have the usual mix of really good, ok and crap clients, albeit that the 'crap' will be sent letters soon!

You hit the nail on the head with your opening sentence. I think most of us feel the same way. It is the crap clients that cause us to feel bad, drag us down, and are more trouble than they are worth. There is a certain amount of pleasure in telling these clients to 'go elsewhere', and you will feel as though a great weight has been lifted from your shoulders.  :)

Thanks (0)
By Steve Holloway
01st Feb 2012 17:09

Pretty much the same view from me ...

Similar size sole practitioner albeit it took me 10 years not three! 

After three years perhaps you haven't quire fine tuned your crap client radar? With experience all of the problems you describe here could have been avoided with a better filter in place.

1. Done take on other people's rubbish.

2. Trying it on. Invoices will magically appear to reduce there bill. Be tough .. if they walk let them.

3. Say you don't know. I don't either! Either research or have a tax consultant in the background (Cathy Grimmer at Raven is great) to ask questions of.

4. Tell them you aren't licensed to give insolvency advice.

You have done a great job to grow so quickly and that means that you shouldn't be hand to mouth any more. Be more discerning, say no, say I don't know and stop beating yourself up. It is a lonely trade and having emotional resiliance is probably the greatest attribute you can bring.

 

 

 

Thanks (2)
avatar
By BMary83
02nd Feb 2012 11:26

I'm just starting out here and have to say that your practice minus the crap clients of course, is where I aspire to be in a few years time. 

So glad to see all the comments of support from other accountants, I find it all very encouraging and has convinced that I'm doing the right thing.

 

Thanks (0)