how 'big' do you want your practice to be?

i'm interested in hearing the views of aweb members about how big they would like to grow their practice to, and why.  

 

our little practice has now grown to 250k in fees after just shy of 2 years.  its been hard work, but i've enjoyed it (mostly!).  i've transferred my pension into a SIPP & just bought an office that could accomodate 20 staff (or, could just be a very spacious office for a smaller practice!).  we have several marketing channels in place now, and a steady stream of prospects means i can be selective about clients we take on.  its strange that we seem to turn away as many prospects as we take on - so just take the cream of the cream.  

 

i'd always regarded 2 years as the time needed to establish a practice.  i'm just wondering about 'phase 2' now ... half of me would like to get to around 300-350k GRF & then settle at that level, earning a decent income, & with good staff & my own premises i would be 'living the dream' LOL.  

 

the other half of me wants to grow, grow, grow ... and take the fees up to 500,750, £1m .... 

 

i've read some great posts from steve mcqueen on here about how growing a larger practice wasn't for him in the end ... (thanks for the honesty steve!) ... whereas other peeps seem bigger and perfectly happy ... 

 

would love to hear what others thoughts are ... do you grow 'deliberately' or just drift along / upwards ... when you cant handle any more clients and dont want to grow how do you turn away new clients ... do you have a 'practice plan' ... etc

 

thanks all ....

 

 

 

 

 

Comments
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Great Question

bobhurn |

Control freak

andy.partridge |
andy.partridge's picture

Thanks for the shout out

Steve McQueen |
Steve McQueen's picture

niche + marketing = brand strength = good fees

Lancsboy2 |

systems + good staff = easy delegation

Lancsboy2 |

20 staff?

bookmarklee |
bookmarklee's picture

I would like to do a set of standard procedures

zarathustra |
zarathustra's picture

Do less Be more

Paul Scholes |
Paul Scholes's picture

More is less

Kent accountant |
Kent accountant's picture

£300k GRF = 4 staff + me

Lancsboy2 |

80-20 rule

Lancsboy2 |

scholesy - are you me back from the future?!

Lancsboy2 |

£3.3m practice! Gulp!

Lancsboy2 |

Would you mind a email question?

Sloane Walker |

The race

Tom 7000 |
Tom 7000's picture

Sounds Familiar

richard leighton |

What do you eat for breakfast Lancsboy2?

pauld |

first things first

lme |
lme's picture

Am I unusual

Homeworker |

Unusual?

Paul Scholes |
Paul Scholes's picture

This is a bit of a cliche ....

Steve Holloway |
Steve Holloway's picture

It is all so familiar

ShirleyM |
ShirleyM's picture

Slow growth

bigdave1971 |

@: Dave

Steve Holloway |
Steve Holloway's picture

I agree with Steve

andy.partridge |
andy.partridge's picture

Steve/Andy

bigdave1971 |

Unusual? - Not so difficult

Homeworker |

@homeworker

Tom 7000 |
Tom 7000's picture

How big, or how good?

angusnicolson |

aweb cheaper than therapy

Lancsboy2 |

the £1m club - like the sound of that

Lancsboy2 |

A simple formula

littlemoaner |
littlemoaner's picture

good point - client selection is key

Lancsboy2 |

breakfast is for wimps LOL

Lancsboy2 |

You forgot a couple of lines

BKD |
BKD's picture

Bid Dave

Steve Holloway |
Steve Holloway's picture