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 ....
- Am I getting Soft?? 63 7
- Depression - HMRC penalties case won because of this illness. 468 15
- Accounting for cash put into Ltd 79 1
- LTD home office - would HMRC seek to disallow 1,280 8
- RTI and corrections to payroll 1,249 13
- Accountancy practices - are you closed over Christmas or do you let your staff take it off? 985 29
- You know its over 403 4
- HMRC BACK AND FORTH FIGHT ON BTL PROPERTY ALLOWANCES 525 9
- How do you find shareholders of a Cyprus Company ? 258 13
- Valuing my fast-growing internet business for transfer of goodwill on incorporation 207 2
- HMRC won't let me set up online DD for PAYE 197 2
- What is the amount of dividends received as a shareholder that requires registration for self assessment? 314 3
- Cocaine anyone? 554 8
- Late Registration for VAT 506 13
- EIS/SEIS 168 1
- Amortisation of Goodwill 291 1
- TaxCalc Accounts production 441 5
- Solicitors now, Accountants next 746 10
- How come if you claim benefits you are not entitled to you either have to pay a 50% penalty or are sent to court and either fined or sent to prison (sometimes suspended) and end up with a criminal record. 581 10
- ACCA - still making me laugh 606 4
- Hive up 498
- Accounting referance change & deficient accounts. 466
- corporate hierarchy 447
- Advice - 283
- Anyone had HMRC refusing to act on EPS database glitch? 230
- WWOOFers 225
- Co. limited by Guarantee now closed 212
- Art Gallery - Splitting a property between business and personal use 209
- Tax liabilities in USA for warehoused products 188
- Mutual Trading - Exempt CT Income - Do I need clearance? 185