Starting your own practice: The first steps
This three-part series on starting your own practice covers everything you need to know, from establishing your business plans to future-proofing with cutting-edge technology. First, we look at getting the ball rolling.
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Whenever I see these sort of articles, I cringe. Melissa, if an Accountant doesn't know how to start their own practice how in heaven can they advise anyone else. The training they receive during their work time is the key. They should have (during their training) managed start-ups etc.
Let me make this very clear, Melissa, Accountants shouldn't start their own practice unless they are fully aware of what they are doing. I'm not talking about bookkeepers or the like. Financial Advisors have to go through vigorous training and exams before they let loose on the public. You are dealing with people's livelihoods here.
I disagree with you John. In my training I received a lot of input on start ups, cashflow forecasts budgets but absolutely zero training on sales, pricing and marketing. These are key to building a successful busines and significantly more important than the technical training I received.
As soon as marketing was not mentioned the alarm bells went off however you can separate sales and marketing from good quality tax and business advice. Clients in my experience are not stupid and even if they do not know when an accountant is not sharp being technically sharp, being technically sharp and thorough helps the sales process.
I agree that marketing in certain business is a key factor but NEVER in Accountancy.
Once you go down that rout you lose the essence of what an Accountant is all about. I wonder how much "marketing" was involved in the lates audit scandals. Banks came a cropper using "marketing" techniques.
i have built two accountancy practices from scatch. Had I not marketed I would have no clients. I tend to see good sales and marketing as helpng clients to take an informed decision about the best adviser for them - once is becomes pure sales and marketing puff you are quite correct you lose the essence of professionalism. One point of concern is that I speak to several accountants each week who are clearly not charging enough. They may very well be great accountants but just do not have the bottle to bill what they are worth - I do not see that encouraging them to be brave will affect their professionalism.
Perhaps it is nothing to do with "not having the bottle to bill what they are worth" but that they are happy with what they are currently earning.
I have not increased some clients bills for several years and have NEVER EVER resorted to marketing.
Not interested in growing or amassing money just to boast about it and count it ! .
"One point of concern is that I speak to several accountants each week who are clearly not charging enough." This sort of speak is clearly linked to "marketing overload".
Alan you should choose your words wisely. What you really should have said is "several Accountants are not charging what I would have charged".
Substitute "bottle" and "brave" for "marketing gimmicks".