How you can build a successful Accountancy Practice in UK?
Building a successful accounting practice is not an easy task as it needs lot of hard work. It is like cooking a delicious meal with a combination of many ingredients. Not a single but the combination of many ingredients collectively makes your accountancy practice successful. The key ingredients to build a successful accountancy practice are given below -
- Be Expert in one Area and develop your Niche – Be it Contracting industry or Retail industry or Doctors. Its critical to build your brand and name in one industry as expert you command decent fees and expertise to deliver good results. You can become expert in more than area or develop niche in more than one area its more tough to manage.
- Hire Right people – without people there is no business and your accountancy business would be just big enough where you can manage the work as sole trader without any employees. There are thousands of sole trader Accountants working from home and they may have developed niche or expertise but they failed to recruit right people who can be delegated the job of doing actual accounts or office management. Until you develop team your business will not become big. What is right size of business is each individual choice but all come in business to grow and very few want to be sole trader accountants but again there is no harm in being sole trader accountants if that is what you wish to achieve and aim.
- Use the Right Tools and technology – Given that HMRC is going big on Making Tax Digital and cloud heavily prevalent there is not much to say that to develop right practice you need good practice administration system which offers campaign management, lead management, proposals and quote, company secretarial, company formation, document management, time sheetd and lot more including onboarding support like KYC, HMRC registrations etc. Such tools avoid duplication of data entry and give us right platform to set up client right and keep all their notes in one place. With Integrated Practice admin software this avoids duplicate entries and therefore increasing efficiency. Equally for compliance accountants should look for integrated compliance package to avoid duplication and to stay on top of client affairs.
- Ability to attract client via Networking and Marketing – I found best marketing is social media like Face book, Linkedin, business groups and Google PPC. You should define your niche which defines your target market and if you are expert you will find easier to get clients in that Niche. So Work on business and not in your business if you really want to grow the Accountancy Business.
- Deliver Wow service to your clients – its no good just to get new clients and then not serving them or retaining them long enough. If you can get first 50 clients rest you will get via referrals from existing clients. All you have to do is service your clients well. Everyone makes mistakes and clients are usually quite easy going if they know you work hard for them and care for them.
- Outsourcing – I think now UK is on similar trajectory like Unites States and Australia where majority of Accountancy business believe in outsourcing and do believe its part of strategic Choice now. Those who are embracing outsourcing as part of growth are reaping benefits. Outsourcing in itself does not bring the benefits straight away and it has its pros and cons and sometimes may not work for very small or micro Accountancy business.
There are still many things are required to develop successful Accountancy business which is like developing any other business for ex. good HR policies/ team motivation/ strong admin team and lot more. Above 6 are the key areas if they can be worked on hard, good results will follow soon
Wish you all the aspiring Accountants or those in practice looking to develop strong and solid Accountancy business.