This blog is about all matters business and personal of a sole practitioner. I have a practice with one member of staff.
Necessity is the mother of invention
We live in a highly connected world. This makes it so easy to ask more than few accountants for a quotation for compliance services required. I need to wake up to this world and face reality.
The reality is that it is inevitable that potential clients would look around (I would). I just did a Google search for accountants in my area, they have increased substantially only in the last three months. All of us are fighting to be on page 1 of Google or on the local address listing.
I do not think I can brush this off as they are price sensitive clients so they are just not worth spending time on. Let’s face it all of us are price sensitive. I think I need to change to take account of price sensitive clients. In other words to survive I need to adapt to what the market demands.
In my opinion stiff competition means that the market demands supermarket style of pricing. For the services sector like ours it means quality service at the lowest price possible.
I get fed up reading about niche markets on AW. What they fail to account of is locally niche market is just not big enough to earn sufficient fees. To remain local I need to remain general?
Bottom line, I need to reduce my fees without the service quality. I need to become a Tesco to survive and not remain a local grocery that will certainly fail.
Would this be a viable business? I think with some real thought and changes in my practice it can be. Necessity, as the phrase goes, is the mother of invention.