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Why Accountancy Firms STOP Growing

The advice to all our Accountants Growth Programme members is simple… you can build your own perfect practice, even in today’s new economy – but you must change the way you do things.

Unfortunately, being ‘traditional’ won’t get you there. It requires something new and different to get clients streaming through your door.

Your accountancy practice has to be completely geared around the needs of clients – not the other way around. It has to be seen to stand out from an over-crowded, ‘me too’ market place.

This White Paper gives you a taste of a new and innovative approach, one which will help you to achieve the “perfect practice” you originally set out to create. It has to significantly and consistently over-deliver.

Although this unique approach is a shift from traditional accountancy growth, it can be implemented and managed using considerably less time, effort and marketing spend than you could ever imagine.

We’ve proved it to ourselves and we have many members out there proving it to themselves and their clients right now.

The solution is simple, cost-effective and easily achieved.  You just have to open your mind and focus your commitment.

This first White Paper explains why accountancy firms stop growing. This will give you a new insight as to why you are not growing your firm to the levels you had once hoped.

Then once you appreciate and fully understand what has caused your current challenge, you can then go about and do something about it (White Papers No.2 onwards give you this information).

So let’s start with the high-level view of your firm – and specifically the three key functions that every firm has…

As you can see, the three key components of any firm are…

1. Process

The mechanics by which an accountancy practice ‘produces’ its saleable services – compliance, support and advisory.

2. Marketing

The generation of new clients, the retention of existing clients and the maximisation of client value.

3. Management

The running of the business – its performance management, strategies and goals.

Let’s take a closer look at what this looks like…

When a firm is growing steadily and reaching the partners’ objectives, the 3 functions work together to create a harmonious cycle…

In reality, the majority of Partners are taught process skills from school days, through professional studies, and onwards. We are taught how to read and write. How to do sums and answer questions. You develop expertise in how to do ‘things’.

In other words your expertise and skills invariably lie in the PROCESS function. Consequently, with the skills and knowledge loaded towards the Process function, firms can only grow whilst there is capacity within the Process function to do so.

But without the same relative development in the management and in particular marketing functions either side, GROWTH BECOMES LIMITED

The cycle now starts to look very different…

The diagram above shows exactly why firms STOP growing. So the solution is simple…

You need to start putting more effort into the marketing and management functions of the firm to realign the balance.

This doesn’t mean you neglect the process function. It just means you apply more time and effort to these other two crucial areas of your practice.

So, there is little doubt as to why most firms DO NOT achieve the growth objectives the partners have set and why now is the time to MAKE THE TRANSITION from a process-led firm to a management and in particular a marketing-led firm.

This is essentially what our Accountants Growth Programme focuses on and why it’s so successful.

The 2nd White Paper explains exactly how you can start to redress the balance in the firm and what you need to put in place to start growing again.

So until then…

Keep growing!


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