Business growth comes from two areas – selling additional services to existing clients and acquiring new clients for the practice.
One method of acquiring new clients is the purchase of fees. The purchase of fees is a common term for the purchase of an interest in an accountancy practice.
A purchase may be to start or expand a practice, to obtain additional or required resources or to fully utilise currently under used resources.
The helpsheet Purchase of Fees identifies the various factors to consider when contemplating the purchase of a block of fees and includes:
Cold calling is the term used to describe a marketing contact with a potential client or customer when they haven’t previously contacted you or asked you for information.
Mailing lists can be purchased from the Institute’s Library and Information Service by business sector or by postal area. We can also produce reports which list the companies audited by a named firm of accountants. This data is in the public domain and is taken from the information that companies are required to file.
You may make an unsolicited approach in writing, by fax, e-mail, telephone or personal visit to promote any of the services you provide. You should ensure, of course, that your approach is in accordance with the guidance and that you do not mislead, offend, insult or harass your target.
Please refer to the guidance in Section 250: Marketing Professional Services of the Professional Accountants in Public Practice regulations, and the Ethics Advisory Services Marketing helpsheet which:
'How to approach a cold lead to give yourself the best chance of success.' Article published by Small Business Update, September 2009
Use ICAEW’s FAXTRAK service for a fast review of the suitability of your marketing material This is charged at competitive rates. For further details of the copy checking service, contact the Ethics Advisory Service on +44 (0)1908 248250 or e-mail firstname.lastname@example.org