Share this content

Thinking about practice strategy?

Thinking about practice strategy?

Didn't find your answer?

We're looking to gain some insight from accountants who are currently looking at their practice strategy.

Are you looking to grow, recruit? What areas are you expanding or diversifying into next? What technologies are you seeking to adopt or drop?

Share your experiences with us below. 

Replies (1)

Please login or register to join the discussion.

FirstTab
By FirstTab
18th Mar 2015 22:08

Strategy

Hello Rachael, thankfully we are growing and I am sure we will continue to grow. 

Organic growth, good as it is, is slow. At the same time I am happy with our current growth rate. 

I have tried and failed several times to buy block fees. This achieves rapid growth. Of course there are some downsides. For a middle aged accountant, this one quick way to get that substantial growth in a relatively short space of time. 

It is important that the block fees are more or less the right fit for the way we work - highly cloud based and less paper. Most of the communication through emails rather than meetings. I cannot see us getting block fees. So I am relying on organic growth.  

The demand for block fees far outpaces supply. There are not enough accountants going ga ga or dying.

Recruitment - Training up interns (finalists)  is the way to go. It ensures that they work my way and do not come with their preconceived ideas on how things were great with their previous employer. It also means I get to assess what they are like before I take them on. Think of it as a very long selection process. 

Technology wise - It is the suppliers who are not keeping up pace. Those who are, have not get their pricing right. Xero payroll is a great example. TaxCalc is another example of a supplier who has failed to come up with a cloud version same applies to moneysoft. 

I do not think there is enough pain for the suppliers to provide cloud versions. I cannot see this changing since a large number of accountants appear to be happy with the status quo. 

Diversifying - The key reason I stuck with compliance work is I can delegate, delegate,delegate. Though it has only been a year where I have been able to delegate fully. What concerns me about advisory services is I would then be working in my business and not on it. If I can, I want to my practice to operate without me. 

I may get outside tax specialist help and look into tax advisory. I have not thought it through yet.

One of the excellent threads today highlight the dangers of a handoff approach - clients jumping ship when staff decide to set-up their own practice. This is one of the risks of business I will accept and I will think of ways to mitigate. 

 

 

 

 

 

Thanks (1)
Share this content