Ques for Accountants re Advertising

M

Me Fein

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Have a relatively new accountancy practice. Was having conversation with another accountant (not self employed) who does some work for me yesterday about accountancy fees. Were just saying that there are not many new businesses setting up but there are so many people been charged at least double what we would consider a reasonable fee. The question is how to target these people. I know accountancy ethics limit what you can put in advertisements. Any ideas welcome.
 
Well why not tell people what you are charging here and let them decide. If you prices are as good as you say they are you shouldn't have any trouble getting people from this site at least.
 
kanky2009 said:
Well why not tell people what you are charging here and let them decide. If you prices are as good as you say they are you shouldn't have any trouble getting people from this site at least.
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It is not normally possible, without getting an idea from the individual client of the nature and extent of the work to be done, to give blanket rates for accountancy/taxation work. You can have two , say, taxi operators with similar businesses and simply because of the manner ( or lackthereof) in which the records are maintained, the costs for each could be substantially different.
 
As regards the OP's question, you could, if doing press advertising , refer to "competitive rates " and "initial consultation at no cost". These may or may not have much effect depending on how people view them. You could also consider web advertising, there are a number of internet sites which would attract potential clients. Of course the best way to get business is from existing satisfied clients but as you need clients to start this with, it is difficult for the newly established practice. I'd also recommend involvement with local business associations, get involved with the Chamber of Commerce or other interest groups, and strangely, even in social and sporting settings, opportunities can arise for business. ALWAYS have business cards on you, wherever you go.
 
I agree with the above poster, Graham.

Every social event is an opportunity. Football match, pub, table quiz. Business is built up on networking. Try and attend as many of local business events as possible, maybe organise an event for local businesses, a topic on a service you specialise might be appropiate, eg debt collection in the current climate.

You need to be a good talker and a good networker. Nobody likes a hard sell, but if you get your point across in a pleasent manner, you will be heard. Always ensure, you follow up your contacts with a coffee or something.

Like the previous poster said, business cards are a must, ensure you have them everywhere you go.
 
Graham_07 said:
It is not normally possible...
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Why not? Of course there is, all you have to do is lay down certain criteria for that price. For example, new startup companies, less than 16 months trading, less than 100 invoices and a turnover of less than 60k. Full set of accounts €500 or whatever it is.

Easy to market and implement, and also gives customers who fall into that bracket a good indication of what their prices may be.
 

I would love someone to try and cover all the possible combinations and permutations of businesses to arrive at a thorough table in this fashion, it would probably make Encyclopaedia Brittanica look like a Mills & Boon. . However as you said, hitting a certain market segment like that could attract a few clients in that category and anything is a start.

The reality is that it still generally takes a sit down with the prospective client, get a full brief on the existing or proposed business, set out the expectations on both sides as to who does what and then give a detailed written quote which (a) gives the service provider an acceptable recovery rate and (b) gives the prospective client value for money.
 
Thanks for the replies. Most of the clients i have have come with me from previous job, others nearly all by word of mouth. Alot of places refer to reasonable rates etc, but i guess the word reasonable is subjective. Maybe im wrong but i am just not the kind of person who would go around giving out business cards at a social events and dont want to be. Also to start giving out prices here i would imagine would be against the rules of the forum.
 
Ultimately the best recommendation is word of mouth. I can, after some 20 years in practice attest most firmly to that.

I wouldn't suggest handing out business cards at social events, I just mean that if you suddenly find a conversation turning to , " oh what do you do " and then " well, I'm having a few problems and maybe I could talk with you some time", then there's nothing wrong in then saying " well, here's my card, give me a call if you think I can be of help". Even if that person doesn't come back they might mention you to someone else.

I guess accountants generally are not noted for being as pro-active in seeking business as some other professions might be, it seems to be something in the mindset.
 
"Remember if you win clients based on fees, you will lose them based of fees". Accounting and Business 05/2009

Its about building loyality rather than client base, and then build client base.

Check out GreenStones website in Peterborough, UK. Head man there is Simon Chaplin. While I myself work in Industry, I was reading an article about Simon's practice recently and I like the way he has gone about building his practice as a quality service both for his employees and clients.
 
Hi Me Fein

Where are you based, the reason I ask is because I am changing accountants.

Regards

Hizzy
 
I have a small practice myself, and though I give detailed invoices, I have never seen one from another accountant. It is always generalised as "Preparation of accounts" "Liaising with Revenue" etc, with no indication of how many hours were worked, how many letters written.
I had very little response to advertising, and am slowly growing clients by word of mouth. I don't see why you shouldn't quote a reasonable figure at the start. If this later proves insufficient to provide you with profit, you probably don't want to keep that client anyway. Some clients are such hard work no amount of money could compensate.
 
Good topic for accountants. I am in the process of trying to grow my practice. I have already learnt a bit from above. The main ways I have increased my clients (20% this year so far - not bad in a recession).
1. Referral from existing clients.
2. Referral from existing clients with referring client being rewarded with reduction on fees. (30% first years fees is the reward - client not advised of %).
3. Referral from staff with reward (30% as above).
4. Structured programme of targets for new clients with myself, partner and staff being allocated a contacts target together with a conversion target (getting the client in). Targets and results monitored by Self.
5. Advertising. Helps to get you known but usually very hard to see any direct results.
6. Adverts by staff in classified adverts - Reasonable rates!! Mobile number.
7. Association with clubs, charities and community groups. there is a lot of clients in the charity section.
8. Sponsorship of country events, cattle shows, sheep shows, ploughing, sheep shearing. Anywhere where there is a lot of people. Be semi-casually attired and work the room. Your attire needs to suit the occassion. Dont turn up at a mart
with white trousers!!
9. Business cards - Have to get used to giving them out. Always ask for the business. Always stress your quality.
10. Network groups.
11. Monitor your new clients to see where they have come from.
12. Look after your existing clients. Easier to keep a client than to win a client. Also existing clients well looked after will spread the word.
13. Do a written plan with targets and specific actions.
Good luck. The biggest hindrance to new clients is you. You have to go out and ask for the business.
 
Gervan said:
Some clients are such hard work no amount of money could compensate.
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4 years ago on the advice of Des O'Neill from Omnipro I sacked 5 of my worst time wasters and it was the making of my practice. All of a sudden you have loads of time. Other clients who continue to cause problems by
always being in trouble and need rescuing are told to sort themselves out or go elsewhere. Each year i review my client list. Sometimes clients who you may not like personally actually cause you very few problems and are the ones most likely to refer new clients to you. Beware of the friendly client who you have good crack with but who may be costing you huge amounts of time.
 

This is so so true. Was at one of Des O'Neill's CPD's a few yrs ago myself and at the time most in the audience were aghast at his suggestions but been there and done that and it worked. I discovered one person had telephoned me 23 times in the previous month at average of 15-20 mins a time none of which was reflected in fees and other cases where to be honest, the people should never have been in business at all and no amount of talk or work was going to get their head around the things that they needed to do to make a go of it. I find now we have less hassle, better quality work, less Revenue interventions and it's more enjoyable.
 
We started our business 2 and a half years ago and set up a business account with Bank of Ireland. They offered us a free consultation with an accountant as part of their [broken link removed].

The OP could try to get on to one of these schemes as apparently there are still quite a few start-ups despite the recession.

The OP could also agree to speak for free to participants at the various Entreprise Board new business seminars, leaving his details with prospective clients.

We found the accountant we met with through BOI very good and have used his services for the past two years. This year, we are trying to cut costs and he has agreed to halve his fee to assist us.
 
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