Member Since: 20th Sep 2010
28th Jul 2013
Are your fees really too high?
I have no idea if your fees are too high or not. However, are you perceiving them to be too high because you are attracting fee sensitive enquiries?
If there is nothing to distinguish one “product” from another then price will always be the deciding factor. What’s your differentiator? (a real one, not just something generic like “great customer service”, because everyone says that)
In the last couple of months, we have taken on 3 clients where we have doubled the fee they were paying to their previous accountants. How? By adding massive value into deal.
If the client wants a cheaper fee, what can you take out of the package to accommodate that? How about removing the pre year end meeting or insisting that they do a bank rec. etc.
5th Jun 2013
Don't review your fees but maybe review your value
Firstab, Crunch will appeal to a certain type of client - those who just want it cheap. I've read the website and I doubt that the client will get the same level of personal input they had from you. I suspect that they have taken the mickey a bit with that support and that's why you put the phone down on them? (rightly or wrongly). The Crunch website does talk about a dedicated account manager and email support, but with the volume they'll have to deal with there is unlikely to be the same level of knowledge of his business that you had. It's a call centre thing. Having said that, it wouldn't harm for you to review the value you bring to the client. After all, if you don't add anything over and above what Crunch do and can't articulate it, then the client will just pick the cheapest
21st May 2013
A great post Glenzy,I could see a lot of my own situation in your post, except 5 years ago!! It has it's ups and downs and times of worry, but you won't regret it. I had lunch today with an ex team member from Corporate world - she is facing redundancy for the 3rd time in as many years - glad it's not a problem I face anymore
27th Mar 2013
You're right they do create short term headaches, which is why I think outsourcing could be a solution.
There must be plenty of keen, hungry and capable people in the area that are willing to churn through some accounts, bookkeeping, VAT's etc. in the next couple of weeks - freeing him up to start the transformation.
FT - you get loads of great advice from the contributors on this board, but ultimately the change you seek will only happen if you "Just Do it" - Start with small steps, create habits and before you know it you'll be on your way
27th Mar 2013
A simple cure...
As a business owner looking to grow the business, my view is that the majority of your time should be spent working ON the business.
If now is not the right time to hire staff, then look at outsourcing. Stick a post on the opportunities board and I'm sure you'll get plenty of takers. A little time sifting, "interviewing" and recruiting one or two good quality outsourcers is time very well spent.
That then leaves you with much more time to spend cultivating relationships with clients, marketing and building those systems.
Personally, I don't believe that just working harder and longer will solve the problems for you
16th Feb 2013
Slightly different view...
He's met 7 accountants. He got his previous one to set him up in a way where he felt he didn't need him anymore. He got lot's of free advice from FT and presumably the 6 before him.
Is this guy just a "freeloader" - trying to get as much free advice as possible, with no intention of ever engaging any of the 7?
16th Feb 2013
How about as an alternative:
1. Hire a P/T marketing person to do mailshots/ telemarketing etc. say 3 days a week £15k. at 50p in the pound, this should generate around £30k in new fees. You will need to do appts., lets say 1 in 3 convert to clients at an average fee of £1k. £30k in fess is 30 clients, which is 90 sales meetings (+follow ups, chasers etc). Allowing for holidays, that's around 2 a week, which is manageable (you'll also have sales meets of networking activities, referrals etc)
2. Hire a good quality AAT to do the technical work for both the new clients and existing ones.
3. Spend your time doing the following:
1. Creating and documenting your systems. Take 1 at a time and complete it. Aim for 1 a week and in a year you'll have 52 new systems in place
2. Meeting with new prospects
3. Following up with prospects
4. Selected networking events
5. Clients meetings
Wouldn't that give you a better return on your £35k?
BUT, before you do any of that - work out who it is you wnat to serve and what your proposition is
5th Feb 2013
Personally I disagree that you need to enter the race to the bottom.
However, if you do want to be in it, why not price like Ryan Air.....cheap strating point and charge for extras?
8th Jan 2013
Books don't change lives, the actions you take as a result of what you learn from them does!!
24th Oct 2011
@Carnmores - is the 50% you quote above an actual figure? Just curious, nothing more