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 ....
- Would this save hours of your time? 367 9
- Wrong career 423 18
- Laptop purchase 1,352 20
- PTP software disaster 221 2
- Producing graphical KPI's etc 155 4
- CIS repayment shambles finally over? 203 2
- Treatment of EU Purchases on Sage 88 2
- Director's tax return 192 3
- Tricky VAT question 136 1
- RTI Annual Scheme Query 101 2
- MONEYSOFT - EARLIER YEAR UPDATE 229 6
- VT accounts licence key 234 5
- Weely paid employees 211 2
- Splitting the tax year 81 1
- FPS Submission 133 2
- Value pricing 638 20
- non resident receiving UK dividends 205 3
- P11d & Medical Ins 127 1
- vat return 221 1
- Underpaid National Insurance 174 3
- Residential Property Purchase Above £750K 789
- Using Sage with Sofa Categories 545
- Does anyone have an unwanted ICAEW wooden plaque? 409
- Goods shipped inter EU and VAT Reporting 291
- Free Tax Legislation? 253
- Non-Resident Director - UK Tax Position? 235
- Director Loan account operation 233
- transferring simply accounting 2010 from xp to windows 7 230
- Sage 200 and Access Dimensions reviews 224
- Paye procedures for CVA 159