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 ....
- Microsoft One Drive 248 8
- Capital Allowances for cars/hackney carriages 89 2
- Travel expenses for director - flight 376 4
- Invoices 119 1
- Not a question but made my day 614 14
- Accounts Package 266 8
- Question about VAT Group Registration 116 1
- Employee leaving mid month and Payroll Manager 648 18
- Does reputation of a tax agent affect likelihood of a HMRC audit 251 3
- Reclaim VAT charged by US company 265 3
- Repayment of Share Capital 404 8
- VAT on property 131 1
- To make a claim against my PI insurer 286 4
- PPR ELECTION 315 9
- Late night meals self employed 372 2
- Auto enrolment pension scheme set up 424 9
- EBT Self Assessment Return 273 1
- Is there a way around new dividend tax changes? 2,891 18
- Vat Exemption moving to a partnership 134 1
- Is it okay to make full time drivers self employed? 1,887 25
- NHS finance professionals 572
- Auto Enrolment and Foreign employers 378
- Foreign Pension Contribution 348
- Fines for late submission of the RDR 330
- Employee's statement of sickness (SC2) form - no longer available as downloadable pdf 311
- vat gross profit percentage margins 308
- Pre Season Invoice dated September how do you treat the VAT as not due until May 16 287
- SWAT AML v Anti Money Laundering Compliance Plus (AMLCP) 253
- Thinning income 233
- Does pension term assurance count for unused relief purposes? 204