Many accountants launch their own practice then struggle to attract clients or develop as quickly as they would like. This guide highlights factors to consider and actions to take to maximise growth.
Purchase an accountancy practice for sale or block of fees
Buying a block of fees or an accountancy practice for sale can give you an immediate income and increase in number of clients and fee bank. It can also accelerate growth, which will in turn generate recurring income, provided you look after and retain the clients.
Banks and other funders favour the purchasing of blocks of fees as a good asset to lend against. Many TaxAssist Accountants franchisees have grown their businesses in this way, as well as buying neighbouring franchisees’ practices. Purchasing one of our franchise resales is a popular way of joining our network with the many benefits this brings.
Offer more services - Seek out more business from existing clients
New revenue will be gained from new clients, but there is huge opportunity to increase your bottom line by cross-selling a wide range of advisory and complimentary services to existing clients. These might include advisory services, bookkeeping, management accounts, payroll, tax advice and planning, financial services, legal services and will writing for example.
Build a relationship with your clients beyond their books. Engage with them to gain a deeper, fuller understanding of their needs and goals so that you can recommend relevant services. This will strengthen client loyalty to you and your practice, increase retention and referrals and position you as their ‘go to’ advisor.
Attract new clients by optimising your practice's visibility
How many accountancy practices are hidden away, unseen by the passing potential client? In order to grow, you need to be offering a visible, accessible, relationship-based service. Ideally both on the ground and virtually – if you like, a belt and braces, clicks and mortar approach.
The TaxAssist model is built around highly visible shopfronts. In a world of sometimes impersonal online services and seeing how some of the best financial institutions have effectively transitioned from closed inward-looking surroundings to a welcoming customer-focused atmosphere, our shopfronts have led the way and continue to prove a great success. Operating from a well-located, visible and accessible shop means TaxAssist Accountants franchisees are able to generate significant levels of new business. Shops are also a fantastic way to integrate with other marketing and networking activities which you should be undertaking to maximise growth and reinforce your brand.
Every practice needs a marketing plan to help focus on winning new clients. Your website, alongside fresh, informative, engaging content and digital marketing will also enhance and promote your brand and drive new client enquiries.
Utilise the right technology and software to scale up
We work in a world that is increasingly influenced by new technology: online accounting software, tax digitalisation automation and artificial intelligence (AI).
To develop even stronger relationships with clients and increase efficiencies, you need to ensure you are utilising the best in class software. This will also help with working practices, service delivery and profitability.
Operating from a well-run, modern practice can also attract job seekers looking for an innovative workplace. You need to ensure you do not become a bottleneck as your practice grows by working ‘on’ the business not ‘in’ it. Build a trusted team who can manage client relationships and workload for you. The successful practices of the future will be those that embrace change and see the opportunities that technology creates.
Communicate with your clients
Building good client relationships is key to signing new clients, increasing referrals and retention, and building a thriving, profitable practice.
Communicate and meet with your clients on a regular basis. Send them reminder emails to gather information in a timely manner, send newsletters and relevant information and guides. If they have a question, assume they need an answer quickly. Be responsive and accessible and become an essential part of their team.
Make sure you ask your clients for referrals and reviews. Referrals from existing clients can be a cost effective way to grow a practice, while having good online reviews is essential in a world where desktop research is so widely practiced before using a service.
Benefits of joining a franchise
The alternative to building a practice entirely by yourself is to join an accounting franchise, buy an established accountancy practice or convert your existing practice over to a franchise.
A franchise is a self-employment business opportunity which provides you with a proven, successful business concept, an established brand name, peer support from other franchisees, plus the benefit of a team of support staff covering all aspects of growing your practice from training to technical and marketing support and guidance.
Investing in a franchise can offer a fast-track way to working for yourself, and it’s not hard to see why franchises tend to have a much better success rate than other business start-ups.
It is no guarantee of success and it’s a very personal and individual choice, but if you’re looking to build a substantial practice and asset for your future, it’s certainly well worth considering taking on a franchise, to help you achieve the success you aspire to in a structured and supportive way.
