Imagine this.
Two accountants set up practices in the same small town. They aim at the same small SME compliance market, and they have roughly the same floor space, pricing structure, talent pool and tech processes.
Over the years they compete for clients in that same small town.
One tries to do things ‘right’ by sticking to the rules, delivering the work on time and going the extra mile where possible.
The other basically lies cheats and steals their way to growth via false advertising, multiple brands and actively poaching clients by low balling fees in the first year.
A whole career goes by, 30+ years, and both firms are where they were, competing as they were, using the same tactics as they did.
Suddenly the owner of the ‘by the book’ firm gets a call from the owner of the ‘unscrupulous’ firm. They’ve used up all their goodwill, their clients are leaving in droves and unfortunately the owner now has health issues.
Would the ‘by the book’ firm owner like to buy the ‘unscrupulous’ owner’s practice?
As I’ve found out in accounting, organic growth can be hockey stick some years and incremental in others.
However, there is no substitute for playing the long game in building relationships, value and profit in your firm.
The ‘by the book’ firm now have various departments and revenue streams.
The other has neither.
When growing your firm, invest and play the long game. Your clients and prospects are judging you; they’re just doing it silently.
To your success,
Martin Bissett
