Growing a practice in year 2....?

Growing a practice in year 2....?

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Hi,

I am in year 2 of my practice, having started part time around April 2009, becoming full time around September 2009. I gave up full time employment with around a £60k package ( basic, car, bonus etc) and had some savings to utilise till I was earning around a similar level - probably need at least £40k.

At the moment I have around 40 clients signed up, some very small fees ( £200 ) some good and the largest over £4,000 , but estimate that for the year to April 2011 I will have invoiced around £25k, still some way short of what I need.

I work from home, but don't enjoy it as I cannot switch off, but cannot afford to move to premises.

I did some networking last year and BNI was a good client generator but circumstances have changed and I need to take my kids to nursery every morning so cannot make the 7am start.  Any other networking organisations did not produce any more clients.

I write sales letters monthly, and do get referrals in but I have not had any new clients in the last 5 weeks and I am starting to panic. Equally, I know that in the past I have picked up four new clients in one week, it seems to be the way.

How do I generate more clients quickly, with limited costs.....?  I am really worrying about finances, particlulary in an environment where banks don't want to lend.

Thanks again,

Murphy

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By RobertGowans
10th Aug 2010 13:00

Google AdWords

Hi Murphy,

Personally, one of the fastest way I know of to generate new business is paid search ads on Google AdWords.

This is because you will be targeting people actively searching for your services and your ads will be live minutes after creating them.

If you haven't used Google AdWords before, you should be able to find a voucher from somewhere which will give you 50 quid in credit.

In terms of search keyword, you should target people searching for the service you provide in the location you provide it.  For example "accountant chelmsford" or "bookkeeping chelmsford" - keep it very tightly focused.

I would suggest that your Google ad headline should exactly match what people are searching for, if they search for "accountant chelmsford" your ad headline should be "Accountant Chelmsford" - this is simple and effective.

In the body of the ad try and match your unique benefits with what a client values most.  Don't try and be clever or salesy.  Clarity is best.

Your Google ad should lead to a simple web page with no distractions (much like a sales letter) where you identify their problems, state how you can solve them,  provide specific results, local named references and a strong offer, such as a complementary analysis where you identify profit leaks or tax leaks, problems, opportunities or whatever.

Then, make it easy to contact you.

This is of course only one way, but where I would start if I was in a hurry.

If you want to learn more about Google AdWords, I recommend starting with Perry Marshall's book:

- Ultimate Guide to Google AdWords

Alternatively get professional help.

Hope this helps.

Robert

--

Robert Gowans
Sales, Marketing & Technology Consultant

-> 87 of the strategies, tools & tactics I use to generate new business for my clients

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By Jason Dormer
10th Aug 2010 15:35

Yep

Agree that part of the stratgey should be a stylish, individual, bespoke website and this should be optimised.

However, this is only one element.  In addition:

 - Look for areas where you can cross sell to your clients, now you have their trust are there any other areas you can be utlised by them? 

 -  Develop some strong relationships with other key introducers in your local business community such as banak managers, Business Link, Enterprise Agency, Printers, Solicitors etc - all this potential at no cost other than time.

 - Get back in the networking saddle - find a lunchtime group or an evening one, I personally could never go to a morning one purely because i'm too grumpy and irritable in the morning!  Have you considered Athena?  networking, dull as it can be does bring results.

 - Do blogs / newsletter etc

 - Advertise in local trade mags, low cost usually highly effective.

 - Develop alliances with associated firms.

 - Devote several hours a week to business development and stick to it.

 - Inform clients that you are looking to develop your business and referrals welcome

 - Ask EVERY new contact where they got your details from and monitor what is working and what isn't.

 - Wow your clients - go the extra mile, add real value, be a pleasure to do business with - the referrals will always follow.

I know what you say about nothing in five weeks then four in one week -  it happens. 

Make your own luck - don't worry about the banks most of them have forgotten why they are in business.

Good luck.

 

Jason Dormer

Seahorse (UK) Ltd - For Accountants and Bookkeepers

www.seahorseuk.co.uk

 

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By ireallyshouldknowthisbut
11th Aug 2010 09:08

Dont panic

£25k after first year seems pretty decent to me. Keep doing what you are doing and you will have doubled that this time next year.  There is no way you are going to do £60k in 12 months, especially if you have got small kids to deal with.

Adwords is very expensive. Natural rankings are far more powerful, so I would concentrate on that myself.

Sending mail shots when people are on holiday is unlikey to get a good result (although worth a go), so dont worry about that too much, as you say you might well find you pick up several clients in a week, especially come september when people are back to work. Networking is far more powerful a tool, but it takes a long time to pay off. Networking you did at the start might get you a fee next year, or even the year after that so dont neglect it. Quite frankly most accountants are so bad at it you only have to be able to string a sentance together and make a few sharp comments now and again to make it work, but it does take time. A lot of time.

Chill out, and if you are not busy take some whole days off and spend with the kids to save the nursery fees.  Preusmably you are only working 1 or 2 whole days a week if you are pulling in £25k (probably spread out over a whole week and lots of looking at the phone). Seems pointless paying out if there is not much coming in.

Dont panic (or you look desperate and underquote in fees) but it money is tight than get some subcontract work in to tide you over.

 

 

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