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My Week: Closed For New Business

10th Dec 2016
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My week was even busier than last week. It was another stressful week where the work demands very nearly drove me nuts. Thankfully, most nights, I am now managing to get a good night’s sleep. I hope this continues.

You have to understand stressful period is to be expected. It is the time of the year, combined with block fees acquisition. Added to this, once again, organic growth has got it’s time so damn totally wrong.

I know this difficult time will pass. I just have to put in the hours. Looking at it from a different perspective, at least I have a practice that, for the moment, is going the way I want regarding client numbers. I will also be increasing fees for new clients. I think I now have that luxury.

I came across another practice’s website. On its Home page, they had a massive notice stating “CLOSED FOR NEW BUSINESS.” Reading the detail, they had a clear message saying that they are not taking on new clients at this stage. Wow! That is a luxury I would love to have.

Think about it. The practice in question, have expanded to such a level they have put on their website, that they do not want any further growth!

I do not see myself every saying “CLOSED FOR NEW BUSINESS.” How can any practice say this?

I so want January to pass asap. I do not think the great and the good like accountants to set January as THE MONTH!  

 

Replies (7)

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Locutus of Borg
By Locutus
11th Dec 2016 13:10

I don't see anything wrong with declining new work if you don't have the immediate resources to do it. Indeed, that would seem quite seem quite sensible to me.

Although putting a "closed for new business" message on their website is quite extreme, it suggests they want to get things right with their existing client base before they expand further. If that is correct, then again it is quite sensible.

Many years ago I worked in one practice that tried the "chaotic growth" model trying to rapidly expand without putting sufficient resources in place to do the work. It just resulted in high client turnover and over the medium term a decline in the overall fees and staff numbers.

There is also nothing inherently wrong with any practice getting to a size that it feels comfortable with and staying there. Growth isn't everything! Other metrics in life and business may be more important to them.

Thanks (1)
Man of Kent
By Kent accountant
11th Dec 2016 19:41

What!?

That was my initial thought when I saw the thread title - well done FT you got me!

Agree with Locutus dangerous tactic putting up a closed sign, far better to be selective when taking on new clients and perhaps ditch some of the D's.

I've recently taken something of a U-turn and decided to go for growth rather than stay as a sole sole practitioner. Hopefully I won't follow the 'chaotic growth' model.

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Replying to Kent accountant:
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By tom123
11th Dec 2016 19:47

good luck with that plan, Kent, (and FT too).

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Glenn Martin
By Glenn Martin
11th Dec 2016 20:49

That is an odd move to put a closed sign on your website, unless they are maybe winding down.

Depending on who you talk to accountants have a natural burn rate of 15% per year, so even if I was full I wouldn't put the no more work sign up, I would do as Kent says still meet people, quote jobs high and the ones you sign up use them to "Pereto" the bottom end of your list.

Have they maybe done that as a temporary measure for tax season.

My marketing on average is producing 1 new client per week which has helped me move on a lot in the last 6 months. This doubled in October and November became a bit difficult to manage.

1 per week is manageable but really need to get A better system for the sign up process as it takes me too long currently.

I am working flat out to Xmas to clear my desk and have some time off. I am mostly doing set up work for new jobs which will carry on to January.

Feb and March I am looking at improving my systems then pushing on with some marketing for added services moving forward.

Thanks (1)
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By dbowleracca
11th Dec 2016 21:40

I used to follow the blogs/articles of a dentist named Paddy Lund, who used a similar approach to really distinguish himself as a very high quality dentist. Basically, he said that he will deal with anyone in case of an emergency but only takes new clients by recommendation or introduction from an existing client.

He then went on to put his fees up, and offer a very high quality service to the clients he had, making him much more successful as a result.

I have sometimes thought that it would be great to be able to say to new prospects "we would love to work with you, but you need to do X, Y, Z first so you're in the right position to benefit from what we do". And to have such an amazing offering that people were queueing to become clients and begging us to work with them! I don't know how we can achieve this, but I certainly think it is possible if we find "the way".

Thanks (2)
Replying to dbowleracca:
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By Ben Lauritson
16th Dec 2016 16:26

Mayhaps a potential starting point to finding "the way" is to establish what is currently preventing you from getting to that stage and working from there?

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Replying to Ben Lauritson:
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By dbowleracca
20th Dec 2016 23:00

Good advice Ben, thank you. I will think on it over the holidays and see if I can figure out a route to get to where I want us to be. I will keep you informed......

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