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Are you running a stealth practice?

14th Dec 2015
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Most of you probably imagine that the title alludes to a hyper–efficient money making operation “hand over fist”.

Wrong.

The terminology is to make a comparison to a military aircraft that is often described as “invisible” – the B2.  Does your practice operate under the radar or are you ranking well online and in the traditional offline environment?

The problem, and it is a hidden issue for many, is that coasting along on past glories means that one day you will splutter to a halt as momentum slows. Existing clients who come back year after year are great but many practices have depended on this for a generation or two of the client business. You know the sort – the one that grew along with your practice over a 30 year period or more. But what happens when these clients retire, sell out or hand the business to the next generation who have their own professional advisers?

You see, unless you are actively doing something now to pre-empt the inevitable contraction of your client base, one day you’ll wake up and find that your monthly overheads aren’t being met. Getting on the radar and being spotted is somewhat harder than it is for a fighter jet. For a business it takes time and effort over many months or perhaps a couple of years.

Networking is still the most effective way to pull in new business but these days it has morphed into a new word - “engagement”. This involves more than pumping hands at social events and speaking at a charity event or business round-table breakfast club. It encompasses blogging, social media and a jolly good website that is fit for purpose. All perfectly achievable if planned and executed correctly but it certainly is not a silver bullet with overnight success.

How to go about in a way that is suited to your particular circumstances it is another story for another blog but here’s a quick idea to get you thinking.

Why not ask for referrals from a company formation agent who is selling their wares to people new to the world of business that do not already have an accountant?

We’re waiting for your call here at Formations Direct 

Replies (11)

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David Ross
By davidross
15th Dec 2015 13:49

This gobbledegook is an advert ...

.... as I suspected when I started trying to make sense of it

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Replying to Moonbeam:
Norman Younger
By Norman Younger
16th Dec 2015 12:43

Gobbledeygook ?

It may be leaning to advertising but it is not gobbledeygook. The content is of importance to many practices but if you feel it isn't germaine to yours it is not therefore gobbledeygook

Sorry about the company push right at end , did you not know that this is a sponsored blog ? 

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Replying to North East Accountant:
Red Leader
By Red Leader
16th Dec 2015 12:56

@FS

What does sponsored blog mean, please?

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Replying to Arthur Putey:
Norman Younger
By Norman Younger
16th Dec 2015 15:17

Sponsored blog

It means I have paid a fee allowing me to have a series of blogs in this section in order to promote a business or a service. It is not an out and out sales pitch as yoh can see over the history of NormansNotes but it is sometimes done so at the end.

The general blogging where there are a number of bloggers inc myself under another name does nkt permit advertising and you will note that my entries there are of a totally different genre

The good news for you is that after the next two promoted blog items my contract expires and I have no plans to renew it.

 

 

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By mrme89
15th Dec 2015 17:46

Disappointing to see he has resorted to sales blogs. This section of the site already has enough of this crap.

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FT
By FirstTab
16th Dec 2015 21:09

Clarity is important

I now understand the two blogs. I also understand the commercial nature of the second blog. Fair enough. 

I think sponsored blogs should indicate this fact either by the blogger and/or Sift. With respect, due to lack of clarity earlier, the sponsored blog did show you in a poor light. Now you made that clear, from my perspective, it is okay. 

Months ago, I did contact Formations Direct to try and see if they are mutual benefits by working together. I did not get a response. I emailed on the contact email address on your website at the time. 

I did not follow it up. 

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Replying to lionofludesch:
Norman Younger
By Norman Younger
17th Dec 2015 13:10

Clarity

To be honest I never gave it any thought that readers may not be aware it was a sponsored item.  I suppose the site owners should make it clearer like advertorials are in the press

I am no longer a director  at FD but a consultant , so would not be aware of your request. If you wish you can PM me with your business details and I will see what I can do

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avatar
By MC1
23rd Dec 2015 15:44

We use your firm but now not so sure...

As an accountant, I switched to your firm for incorporations because the previous incorporations firm actually sent my client a sales document saying they could do the accounts!

When I switched to your firm they said they do not do this and stick to only what they do.

Now I am not so sure, it sounds like you might recommend another accountant to my clients either intentionally or accidentally.

I have diaried to review this in February but regretfully, I am not hopeful that we will continue to trade with your firm. Perhaps your firm should stick to what it is good at - incorporations.

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Replying to Paul Crowley:
Norman Younger
By Norman Younger
23rd Dec 2015 18:36

Using my firm
I must clarify that it is no longer my firm but there is a blogging agreement between us. This plan is highly unlikely to come to fruition as it is as you point out counterproductive but was floated as a means to get you thinkint. In my days it was trialled only for clients who declared they had no accountant and wanted an introduction.Ultimately it was not worth tbe bother but we were often pestered by accountants wanting referrals. They were always unhappy when we turned them away
Hopefully you will remain with FD

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avatar
By MC1
23rd Dec 2015 15:47

Perhaps the title is all revealing...

Are you running a stealth practice Flying Scotsman?

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David Ross
By davidross
23rd Dec 2015 16:21

Incorporations

Why does anyone (except in very special cases) not do this online? So easy with Companies House and only costs £15. Rarely takes as much as 24 hours (I have had them back in three hours, and one got formed on a Saturday!)

The information one has to input will be the same as required by an agent.

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