Does the ‘Get A Life’ Strategy also Deliver a High Value Practice?
I’m told there is intense marketing to accountants around this theme and certainly find myself discussing it with them most days. From what I gather the deal is broadly: ‘We’ll show you how to double your fees, halve the numbers of clients you deal with, raise profits, and give you more time with the family, nice holidays and less stress. You’ll get an experienced mentor who’s ‘been there’ to give you moral support on the journey, so you don’t get depressed or feel fearful’.
It’s a smart strategy, but apparently doesn’t produce growth beyond the initial surge. So, I’m asked “does the Runagood® Way do both (ie getting me a life and `growing my practice’?)”
Well, “it depends (as Bill Clinton said) on what do you mean by ‘a life’ and by ‘growth’”
They are not incompatible unless you are in a hurry but if you have time on your side, then implementing several strategies (of which this is one) will build you a long-term valuable practice.
By itself the ‘get a life’ strategy limits you to dealing only with those businesses willing and able to pay at least £500-£1000 per month, which rules out the other 94% of the business population. That means chasing only 36 businesses in your area along with 9 other accountants who’ve been on the same course and all things being equal you’ll each gain 3.6 new clients and then stop growing.
And for ‘getting a life’ that certainly works provided you are content to plateau. But for ‘getting growth’ in pursuit of a high exit value, it doesn’t, because it throws out the baby with the bath water.
To attain that bigger goal, strategies are needed that implement and balance:
New business enquiries
Wide services to existing clients
Methods that make money for and from every size of client business
Every worthwhile client retained
Stratified client base matching demand and potential to services and margins
Systems that replace non client facing labour
Technology that produces decision making data
Account manager to client human interaction to build ‘trusted advisor’ relationships
Productive people
‘Whole Business’ planning for clients
Client personal planning
Collaborative implementation of all client plans
But how to do so much without suffering indigestion? As Desmond Tutu said “there is only one way to eat an elephant: a bite at a time.”
If approached gradually.
A ‘Green’ Financial Compliance and Admin services practice invests 2 (CPD compliant) hours per week, over 2 years.
A ‘Blue’ Financial Management services practice invests 2 (CPD compliant) hours per week, over 1 year.
A ‘Gold’ Business Management services practice joins the ‘Runagood® Hall of Fame’ immediately…
What about cost?
Think investment because regardless of start point ROI commences from month 3.
Practical stuff from Runagood®