It was an interesting and a stressful week. I think FT Practice Ltd is on the way up to become a practice with a decent client base. The practice has made and continues to make good progress. I am pleased with myself. Please allow me some self-praise.
The small fee bank (practice) we acquired was based on the Crunch model. Though the fee bank is made up of contractors and small business.
As you may know, I am a big fan of Crunch model. It is because the work can easily be delegated and the selling of the fee bank would be considerably easier. My ideal is to build a practice that can run without me and for me to look at other business opportunities. I am no way there yet. I want to be.
So far FT Practice Ltd has been a general practice. Meaning taking on more or less anything, as long I had the skills do the work. The client base of the practice, like most small practices, is varied. We are not a niche practice.
Now that the practice has an okay client base, I was thinking is it time for a strategic change? I mean keep the current client base and serve it well. At the same time adopt the Crunch model. I know they are many who have done this. I will be one more and hopefully better. How can one be better on bread and butter work? Learn from the master – Crunch.
I need to do more soul searching to help me decide whether an accountancy factory model is a way I want to go. Instinctively it appeals to me for reasons I have already explained.
I hope the season of hypocrisy will give me the space for some soul searching. If I decide to make the strategic change, the first key step would be a significant change of our website. It needs to speak contractor accountants and speak it LOUDLY.
Implementation of the strategic change will take up my time that I cannot spare at present. By the end of January 2017, we will be okay. We will have the much-needed breathing space for change or improving the status quo.