Profile: David Wallace
Name of firm: Mazuma Milton Keynes Ltd
Location: Milton Keynes & Leighton Buzzard
Established: January 2009
Staff employed: One
Working from: Rented office on a high street
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Some thoughts and good luck
I respect anyone setting up in business and sharing their goals here.
The way I go about practice development I would suggest your gaols are not specific enough; there is a 67% difference between your low and high. I suggest you pick a specific net profit figure (based on your personal goals) and build a financial profile around that.
When doing Personal Goals complete and I&E account so the whole strategy is specific...this will help with motivation and focus and you should review that every year. I have a simple template spreadsheet you can use if you want, others have found useful.
I can’t see where interim and project work fits in long term. You’ll have an average fee of £1,000 and the only FD and project work you should be doing is on your business. The danger of this type of working is that it takes you away from getting 300 – 500 clients. Build your business, not someone else’s!
However, I appreciate FD and project work will help pay the bills and fund practice development. For every hour you do you should be able to buy three hours of telemarketing!
I hope you have a detailed tactical marketing plan to close the gap between 100 clients and what you have now. This can be built around you depending on your personality and cash resources. One thing I'd recommend is having your own Website as well as a page on the main site. And, I would recommend using LinkedIn every week to support your networking and referral strategy.
Bob Harper
Marketing for Accountants