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Profile: Ian Morgan

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13th Apr 2010
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Name of firm: MBS Accountants
Location: Longford, Gloucester
Established: July 2005 (part time), full time since June 2009
Staff employed: None
Working from: Home based office
Websitewww.mbsaccountants.co.uk

Services provided: General accountancy and taxation services specialising in small businesses.

What made you decide to start your own firm?
"It was always an ambition to have my own practice. I decided to go full-time as the firm I was working for was feeling the effects of the recession and I hadn’t done any chargeable work for almost six weeks. The likelihood of reduced hours or redundancy was quite high. I have quite a young family and both the practice and family work well together.

"Through my experiences in the practice I used to work for and my bookkeeping clients, I discovered that a lot of smaller businesses were paying reasonable accountancy fees but not getting the service they deserve. This is the market I target by offering flexible meeting times, free general advice and fixed fees where you can pay monthly".

What have been the major challenges in establishing your firm so far?
"One challenge has been gaining new clients initially. When I started full-time I had around 25 bookkeeping clients on a subcontract basis from a local bookkeeper. Most of these turned into accounts and tax clients within a few months. I steadily gained clients through word of mouth for a few months. I then started some mail shots and online adverts. Mail shots have achieved little whilst online advertising has been ever improving achieving around two to three new clients a month. I am currently at around 85 clients.

"Another challenge has been attracting some of my target clients. At the firm where I as employed there was a large percentage of agricultural clients. This is one of my target areas, but converting clients and establishing myself has taken time. I have a trial agreement with a local farm consultancy to take on some of their clients which are looking for a new accountant".

What are your goals for the firm in the next 12 months?
"One is for the trial agreement with the farm consultancy to turn permanent. This could potentially be a further 50 – 100 clients. I would also like to continue to grow the firm at a reasonable rate and may possibly to look at taking on a member of staff on a part time basis to sort out the admin and allow me more time to spend on chargeable work".

Where do you see yourself and the firm in five years' time?
"Hopefully I'll have my own offices and members of staff worth a good strong client base".


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