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www.siftmedia.co.uk - Interactive community publishing
Registered in England & Wales No. 05923499
Terms & conditions |
Privacy
Not all bad news
Losing some work maybe a good thing, providing is the wrong work for the right reason.
Giving clients a price freeze or even a fee reduction can significantly improve profits, if it’s part of a practice strategy to more effectively manage resources, improve operational performance, recovery rates and cashflow. Remember, the phrase turnover for vanity, profit for sanity, cash is the reality.
In 2005 when the Sage ABC survey was published, it reported that 21% of businesses said they we’re going to review their relationship with their accountant over the next twelve months. This means negotiating a lower price or moving to another firm and in the current climate perhaps more clients are interested in reviewing their options. If this is the case then now’s a great time to launch an accountancy or bookkeeping business.
Our experience indicates this is the case because we're currently assisting some start-up accountants and bookkeepers with their strategy, operations and marketing. If you get the proposition right and develop effective sales and marketing systems you’ll have no problem winning profitable work way from over-priced, complacent service providers.
If you think you maybe an over-priced complement firm then develop a strategic plan quickly and implement with passion. The Credit Crunch, and the following recession, is going to be the catalyst for THE change that so many have been predicting for so long. The ICEAW report Profitable and Sustainable Practice maybe the key to help you.
Remember, the key to any strategy is getting the operational process streamlined; otherwise you’re not going to be able to turn a good profit at the market price. Without a good profit you’re likely to be weak and venerable both in terms of customer service and investment in marketing.
If you are struggling with January and writing off time then you’re probably not wowing clients with your customer service. Things like reviewing all your client’s current year profits and looking for ways to reduce tax payments and maximise Tax Credit Claims could be one idea.
Our whitepaper “Connecting for Profit” is available which explains how to develop and implement a technology lead practice strategy.
Bob
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