Running an Accountancy Firm in 2023 – Embrace risk and making mistakes!
When I started my firm back in 2003, I thought it would be easy. After all, I had qualified with PwC and was working in Investment Banking earning a small fortune in my late 20’s
But I hated it.
So, I decided to jump ship, and start my own accountancy firm.
It wasn’t easy.
20 years on, I have probably made every possible mistake you can when starting and running an accountancy firm.
To name a few:
- Burning cash on magazine adverts (do you remember what a magazine is?) in my first 6 months and not getting a single client.
- Hiring people that were just not good enough. They were supposed to take my headaches away, rather than give me more headaches, especially when they started to poach clients.
- Taking on clients from hell, who never paid, and constantly moaned – not a healthy combination.
- Using an outsourcing firm, that did not have a clue about UK accounts and tax despite all their promises.
- Struggling to keep up with the constant change in accounting technology, which just kept changing every few months. When would it stop?
The list goes on and on, but you get the gist.
Now 20 years, on with greyer hair, I can confidently say that I am now in a much better place than when I started back in 2003.
Through the many mistakes I have made, which I will share on a later video, I have managed to keep my firm growing, despite a few bumpy years, and I can safely say I kind of know what I am doing now.
There were many times I was out of my depth, but experience is ultimately everything when running any type of business.
Be willing to make mistakes, take risks, and welcome failing, as when you find failure, you will then ensure you don’t make the same mistake twice, or hopefully not!.
