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 ....
- VAT Invoice 256 7
- VAT on sale of an Asset 114 1
- Cash in Hand 212 3
- Buy to let and capitak gain 214 5
- are receipts needed? 647 17
- SA302's anyone?? 634 18
- Charge for use of credit card - permitted 342 8
- High value residential property - SDLT 15% 168 1
- 2013/14 failure to submit end of year submission 361 12
- Busines software 200 5
- Goods Purchased for Rental 225 6
- Converting a barn for business use 193 2
- Sale of house with planning permission - tax free? 325 4
- Flat rate Vat Scheme & Vat on wholesale production of Cakes and other deserts 334 12
- HMRC overreaching its powers -again against a small surveying firm? 503 10
- Going to need a tax, insolvency and legal specialist I think 355 3
- Bookkeping software 744 7
- Clogged Losses 295 5
- Letting relief on property transferred to a spouse 290 9
- ideas for a bonus scheme for accountants 675 10
- Nil Rate Band Trust - index linked debt by way of charge over property 912
- International interest certificate 526
- NOVA 376
- Have we escaped Gift with Reservation of Benfit & Pre-owned asset charges? - Gift after benefit 338
- Management expenses for investment company 280
- Bonus Bonds 278
- Entertainer withholding tax in Australia 188
- EXACT ONLINE 173
- Insolvency and whistle blowing 173
- P11D benefit received by widow 171