How's the recession affecting you?

How's the recession affecting you?

As I travel round the country, seeing accountants who want to buy or sell a practice, I am getting very mixed messages as to how the recession is affecting them.

Some say they are waiting longer to be paid: others that they have several clients in trouble, especially those clients in the construction industry and restaurant and pub trades. Some say that the recession is not really affecting them and they are thinking of expanding.

A few accountants say they want to change to a ‘lifestyle’ practice, preferably in a rural town or in the country, where they can combine work with a better lifestyle for their families. I am not sure this has much to do with the recession but is more a lifestyle choice.

There seems to be little difference between north and south but I do hear more tales of woe in rural practices where the clients are mainly farmers. In towns, practices with clients in small businesses, especially retail, would seem to be suffering.

I’d be interested to hear your thoughts on whether your practice has been affected by the recession, how, and which client industries seems to be suffering most. This isn’t intended to be anything more than a discussion – I would just be interested in your comments.

Nicola Draper
www.draperhinks.co.uk
email: n.draper@draperhinks.co.uk