Taking Charge of My Accounting Practice
Taking Charge of New Client Acquisition - $101,325 in 8 Months
For the 2010-2011 season, James Marshall’s top three goals were:
James started his own accounting practice in 2008 after spending over seventeen years with a Big 4 accounting firm. His new accounting practice in the Washington DC metro was growing steadily and James was acquiring a combination of consulting type assignments along with some small accounting/tax clients. After two years, approximately 80% of his revenues were consulting related engagements. While the new clients were attractive, they were not easy to delegate to lower level staff members and the practice was becoming dependent on how many hours James had to work.
To ramp up the practice and acquire small business clients that would be easier for lower level staff to process, James decided to embrace the Build Your Firm (BYF) approach by enrolling in the Quarter Million Dollar Program. The program interested him because the marketing system that BYF provides enables him to save tons of time by outsourcing the lead generation to BYF, and the clients obtained were relatively simple to process. Acquiring a practice development system that leverages my own time and forces me to stay with the program was key to joining BYF’s marketing program.
“After just eight months, I have acquired over $101,325 of new business from small, simple business clients,” said James. While my first tax season under this program was hectic, I could not be happier about the type of clients we are acquiring. Most of the clients are cookie cutter type business clients that will be easy for my staff to process.
“While I now trust BYF’s marketing system, I must admit that I had my doubts and given how soft the economy has been. I attended the September 2008 workshop and then signed up for a website. And while my practice was growing doing the marketing myself, I can now see the benefits of outsourcing the marketing and using BYF to help me develop some attractive niches leveraging my background and expertise.
“The nice part of BYF’s approach is that I am developing a niche amongst healthcare professionals and plan to initiate a second niche soon. The BYF marketing program enables me to target and attract the types of clients that I want and gradually over time, I should have two attractive niches.” With the investments that I’ve made in technology combined with the practice management approach that BYF advocates, our profit margins will be well above the industry average.
From a cost perspective, my new business acquisition costs are less than half the price of buying a practice. The quality of the practice I am building is much higher and my retention rate will be much longer, especially in the niches that I develop.
Based on my experience with this program, “I highly recommend BYF’s marketing program to accountants that want to grow rapidly and develop a high profit margin accounting practice. BYF has exceeded my expectations, continues to improve their system, and they are honest about what’s realistic in this economy,” says James Marshall.
They truly can help you Work Smarter, Not Harder.
About the Author
Hugh Duffy is co-founder and chief marketing officer of Build Your Firm, a practice development and marketing company for small accounting firms and website development for accountants. Hugh teaches a series of Accounting Marketing Workshops; writes an email newsletter reaching thousands of accountants; and is frequently published in various publications, including state CPA society magazines, The CPA Practice Advisor, and Progressive Accountant.He can be reached at 888-999-9800 x151, or at email@example.com.