For busy accountants - competing with larger local firms

I hope you got to relax over the weekend - and not do any work, unless that was what you wanted to do.

I had two lovely outings with my wife and friends: Kettles Yard in Cambridge, in the rain ??, and then Kew Gardens in the sun ??.

Over the weekend I also wrote this week's blog post and updated the mentoring page of my website. Do take a look if you have ever wondered about how this might work for you >>>>

This is a sample of what subscribers to my Biz Dev Success Secrets for accountants get by email every week. Now is a good time for you to register for your own copy >>>>

This week's practical business development tips

Inspired by conversations with my mentoring clients who have asked for advice on competing with larger local firms:

1. You'll continue to struggle to win their clients until you position yourself as a specialist in a relevant niche. Evidence your distinct expertise and industry knowledge so as to set you apart from generalists in larger firms.
2. Stress your ability to be flexible and responsive, adapting quickly to changing client requirements. Larger firms often have rigid review processes that slow things down and include high charges for work done by inexperienced staff.
3. Prioritise quality over quantity. Consistently deliver high-quality work, and avoid overextending yourself. A reputation for excellence will attract clients dissatisfied with the often impersonal approach of larger firms.

What every accounting firm can learn from big firm blunders

The appalling story below is true but, as I have no desire to embarrass anyone, I have not identified the client, the firm or the partner concerned.

Instead, I have identified seven practical tips that smaller firms can learn from the blunders outlined below. The tips may not be 'new' but I think the context that gives rise to them emphasises their importance.

Background

In 2015 I took on a voluntary role that included responsibility for the finances of a members' club that had long been audited by a top 20 firm.

I called the audit partner to introduce myself and to mention that we would no longer require an audit. Turnover was less than ￡250k and the bulk of income and expenditure arose from mutual trading.

I explained that I had also engaged a bookkeeper - my predecessors having done the bookkeeping themselves. All the bookkeeping is maintained on Xero.

We agreed that an independent examination of the accounts, to be drafted by the bookkeeper, would suffice. That was February. Our accounting date was 31 March. The partner said that a manager would liaise with me over the timing of the work.

Continue reading to learn about what happened, the mistakes made and the practical tips that can be drawn from this true story...

Continue reading >>>

Tough question

When was the last time you had a meaningful conversation with key clients, so you can be confident that you truly understand their current needs?

I'm here to help and support you with my caring and pragmatic approach - debunking the hype and resolving misconceptions. Just pick one of the links below...

Regards

Mark Lee FCA

Mentor, debunker and speaker

PS: When you're ready, here are some ways we can work together:

1. Let's talk for a few minutes so you can decide if you want to take it further >>>

2. A one-off 30 minute 1-2-1 Linkedin clinic >>>

3. A one-off focused strategy call/zoom >>>

4. Regular 1-2-1 mentoring zoom calls >>>

5. Check out how you could benefit from the Sole Practice Club >>>

I only share some of my weekly emails on Linkedin. If you'd like to receive your own weekly email please let me know here >>>>

I'm Mark and sole practitioner accountants turn to me for strategic insights, advice and support. Membership of The Sole Practice Club gives you priority access and the benefit of also learning from other sole practitioners who share many of the same issues, challenges and concerns as you.

I also Chair the Tax Advice Network , the UK’s largest network of independent tax advisers.

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