When you’re looking to grow your Practice do you consider the traditional marketing strategies of market penetration, product development, market development and diversification or do you just carry on with the day to day work and hope potential clients see your website or office sign and give you a call?
In the current climate, hoping for the best might not be good enough, and if your client base is being hit hard by the current trading conditions, proactively increasing your fee base is a necessity not a luxury. When other accountants are running to catch up you could be ahead of the pack, so when the downturn ends (and it will) you are well placed to capitalise on the business that’s available.
A straightforward way to increase the size of your Practice is to buy a block of fees or take over another practice. A simple but effective market penetration strategy used by companies the world over and there are certainly plenty of opportunities in the accountancy marketplace at the minute.
Many of the more traditional sole traders have decided that with the current pressures, on the back of the challenges of MTD and the increasing requirements for operating in a digital world, now is the right time for them to exit the industry. This increase in the number of practices available provides more scope for buyers to be selective, allowing them to choose to buy a practice that has the best fit with their current operation.
As there are also many smaller practices being sold at the minute this is also an ideal time for accountants who wish to run their own practice to consider going it alone. Buying an established practice, with a client base already in place, takes away the uncertainty of how long it’s going to take to achieve the turnover required to support financial needs. And many of these smaller practices have the scope to be developed, increase revenue and maximise profit with some simple changes.
So, if you thought the middle of a pandemic wasn’t the right time to expand your business, or start your own business, then think again. To find out why this might be the perfect time for you then talk to us about what you would like to achieve and we can help you find the right opportunities to achieve your goals.