Hello folks. I think we have a fantastic summer. I am trying to make the most of it, but at times, work takes priority over enjoying the sunshine.
Over the past few months, now that I have an okay client base, I have been selective about clients we take on. As a result, I have lost business that I would have otherwise gained.
New clients need to be lucrative. Through hard experience, I have learnt to weed out the ones I do not think are the right fit. I am not perfect at it. Some good ones may have slipped through the net.
I have no doubt, you know, poor client selection does hamper the growth of the practice since we would be too busy doing it doing it. I was in that position before.
The current tax investigation has kept me very busy. I do not know when it will come to an end. It has meant, I spent considerably less time on practice development. This is where 90% of my time should be spent – NOT on the day to day client work. If I continue with day to day client work, the practice will not move further, since the work needed to add value to the practice is not being done.
I have not had a chance to review our client list and make decisions on client goodbyes. We are no longer a start-up practice. During the early days, I made mistakes on client recruitment that is still bitting me hard in the back. We have some clients, that are just not viable The worst part is that they do take up an unreasonable amount of time.
Fee bank clients
About half of the fee bank clients have left since they have closed shop or they became dreaded inside IR35 contractors. Not fair on yours truly. For a change, I wanted easy and profitable contractors. At least share some of the big contractor accountants easy street returns. No, that this not the way damn destiny works for me. I just have to keep on working hard to make a decent living and have a good business.
I am continuing with CTA studies. Being summer, it is very easy to get up at 5 am get on my bike at about 6:30 am and put in about 1.5 hours studying before the working hours’ madness starts.
Honestly, early summer morning on a bicycle is such a magical experience, especially in my area. I feel, at this time of the year, I am in the best country in the world.
It’s summer and it is after Accountex. Do you know what that means? Drumroll. We are now in Sift’s awards season! It appears to be Sift’s crown jewel. Dare I criticise it? I will be put on the Sift’s naughty step. I am there most of the time.
Please, no advice from the shortlisted and the winners. Will they give us the real detail on how when who and why? No chance. In that case, it is pointless and without meaning, I do not want it. Fair enough. I will not read what comes out.