According to recent analysis by company formations firm Duport, there has been a record number of accountancy and bookkeeping start-up business in March 2012.
The research also indicates that more individuals are moving away from a corporate environment and seting up their own businesses, especially in the financial services sector. Having have set up and continuing to run a financial services business, I wanted to share with you what I've learned over the past few years about setting up and running my firm but lessons that also apply to every accountancy professional.
1. Focus on building relationships and not "winning" clients
In my experience I've found that the value in taking the time to build long term relationships with both prospective clients and a small number of key introducer's has been just as valuable as going out and 'pitching' to prospective clients about what I can offer them when we first meet. I've been approached numerous times at networking events, swapped business cards, had a quick chat with the business owner in question and then receive a follow up email explaining what the business does and the standard 'if our services will be useful to someone you know, please recommend us'. Based on a 5 minute conversation and a 'follow up' email I'm not and never will be prepared to take this risk.
I believe the 'scattergun' approach to winning clients tends to be counter productive. After all, would you trust someone with your business finances who wasn't prepared to take the time to build a relationship with you before asking for your business...I know I wouldn't. Also, whilst I believe that this 'relationship based' approach is fundamental to long term sustainable business success, initially when you are looking for your first few clients it's also quite scary. But persevere with this approach, focus on building deep relationships as opposed to a wide contacts book, and take the time to meet less people but the right people, and you'll find it will reap longer term sustainable awards in the long term.
2. Give (some) knowledge away for free
In any form of financial services environment, be it accountancy, bookkeeping or financial planning we shouldn't lose sight of the service we provide. I believe it's important not to forget the fact that business owners can complete their bookkeeping or accounts (or even financial planning) themselves.
However most 'outsource' this service for two fundamental reasons, firstly most business owners feel they would rather focus their time on what they are good at and secondly, and in my opinion most importantly, they don't have the processes and expertise in place to complete the work they require us to do. Therefore business owners want access to our 'intellectual capital' to make their business (or personal) finances run more smoothly.
However, how do you evidence that you have the expertise to manage their affairs. For our business it means providing useful 'tips' which may help this prospective client, and always provide these useful pointers free and without obligation. However I also believe that you need to be cautious about how much information you provide for free. After all, if you are a service business where an important aspect of this service is access to your knowledge you need to ensure that there is a clear line between both the advice you'll provide for free and the advice you will charge for.
3. Be Visible
As already mentioned there are a growing number of companies out there providing accountancy and bookeeping services to businesses. So, how do you stand out from the crowd and ensure that when a prospective client needs your services they pick up the phone to you. Whilst advertising, networking and the more traditional marketing techniques have their place in the market, I believe the internet has and will continue to revolutionise the way SME's do business.
As a business we actively promote our service online. We steer clear of direct advertising, but promote ourselves by sharing knowledge using online tools like Linkedin and Twitter. However, you need to ensure that the content you provide is relevant to your audience, consistent and of high quality. This will build your reputation and in time will help position you as the "go-to" professional in your business. Again, this approach takes time but I believe pays dividends in the long term. Being perceived as an expert in your field provides a range of opportunities, credibility with professional connections and the opportunity to talk about you and your business to a wider audience
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