"In a practice, you are the product. Clients come because of you - your knowledge, your relationships, your reputation. If you leave, the clients leave too."
"The hit-by-a-bus test: if you disappeared for three months, would your firm still function? Or would it quietly collapse? Most accounting firms fail that test."
"The shift from practitioner to business owner isn't about working more. It's about changing what you work on. And it starts with a simple mindset change."
Many accountants start their own firms due to their accounting skills rather than a passion for business management. Initially, this can work as clients come through referrals. However, growth eventually stalls, leading to long hours and a feeling of stagnation. The key difference between a practice and a business is that a practice relies on the individual, while a business operates through systems and a team. Most accountants lack training in business development, making the transition challenging.
Read at London Business News | Londonlovesbusiness.com
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