Downsizing your business

Is size everything when it comes to accountancy practices? Nicola Draper finds one man who thinks not.

If you Google ‘grow your business’, you get almost 30 million hits. Google ‘shrink your business’ and you get more sites on how alcohol shrinks your brain that you would on business.

While everyone is talking about the importance of growth, is it always the right thing for your business? Downsizing tends to refer to people selling large houses for smaller ones, and it’s not something often discussed in business terms.

Continued...

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Comments
Bob Harper's picture

80:20

Bob Harper | | Permalink

I agree, too many people many think marketing is about growth, when in fact it is really about quality...better marketing = better clients = better life.

Anyone here interest can check out their Professional Wellbeing score click here.

Bob Harper

Marketing for Accountants

 

I agree

alan.broome | | Permalink

I did a similar thing last year: I had a firm of seven people dealing with all sorts of clients and providing stress and headaches galore. I walked away from the general practice and concentrated on a niche which I enjoyed dealing with. I now no longer worry about making the wage bill at the end of the month; I pick and choose the clients I deal with; I probably earn more and I definitely work less, spend more time with my family and in general terms I am happier. Downsizing rocks.

Small is beautiful

Coates Franklin Ltd | | Permalink

I am a sole trader, working from home with no staff.  I know several larger firms in my locality and I also know that I earn more than the partners of these firms, have less stress and work less hours! 

Bob Harper's picture

Choose

Bob Harper | | Permalink

The Profitable and Sustainable Report published by the ICAEW says owners need to make a choice between a lifestyle or enterprise practice. Like they say, this is the first and sometimes the last decision for practice owners.

However, I reckon most partners are caught in the middle having not made an explicit choice!

Bob Harper

Marketing for Accountants

Who is in charge?

DraperH | | Permalink

Do not let the tail wag the dog.  It is too easy to let clients run your business.

Nicola Draper

cymraeg_draig's picture

Big can be beautiful too.

cymraeg_draig | | Permalink

Of course, there is another way, build the practice to the point where it runs itself, is profitable, and pays you without you having to lift a finger if you dont want to.