Avoid being a drifting firm

Richard Brewin • September 17, 2018

There are times when simply drifting along can seem very tempting. Going with the flow. Taking the path of least resistance. Seeing where the winds takes you. When the pressure is on and stress levels are rising then they all have an appeal.

In fact, if you’re happy with the direction along which you’re being taken and the pace you’re moving at suits you then why not? Let’s not go looking for obstacles just for the sake of it.

Hot air balloon pilots earn the right to drift along. They don’t just role up, inflate and go. Hours, days even, of preparation go into giving them the best possible chance of drifting in the right direction and at the right speed. The prevailing wind, temperatures, metrological conditions, loads and so on are all carefully monitored and assessed before a route can be planned and a take-off point selected. They may be drifting but its drifting to a plan.

Accountancy firms can end up drifting for less considered reasons with frustration becoming the final destination. The absence of a current a plan. A failure to actively manage the plan. Complacency. Avoiding the difficult decisions. Evading challenges. Any of these can leave those at the helm with the frustration of not knowing where they are going or the sense of feeling not fully in control.

There are simple steps to check whether you are drifting:

  1. Can you write down your current goals? Where are you going with this?
  2. Can you list your key actions for the next 3-6 months? Not your task list, but the steps that take you towards your goals.
  3. Can you put in numbers what you expect your firm to look like 12 months from now? What’s your forecast fee income, gross profit %, net profit, drawings, staff numbers, client mix?

For a focussed firm this is all information readily to hand. If it’s a struggle, and I fully understand why this may be the case amongst the realities of running a practice, then it’s time to stop the drift and get yourself back in control of your journey.

Why your accounting firm is unique

By Richard Brewin • June 5, 2025
All accountants are the same! We’ve all heard it said. It’s nonsense, of course, but, when you are asked what it is that your firm does that differentiates it from other accounting firms, it can be a challenge to come up with something tangible.  Accounting firms tend to offer similar services, that’s what makes them accounting firms. Differentiating from competitors based upon services provided is therefore an issue.

Will MTD ITSA be the next big gift from the accounting profession

By Richard Brewin • April 2, 2025
Question… Should accountants charge for the additional work and obligations they will have when MTD ITSA finally comes into play next April? Not sure? Let me ask another one… Should business owners and taxpayers be expected to pay for the work that their accountant does for them and for the expertise that they receive? Put down in black and white, the answer seems obvious but there are many in the profession who are losing sleep over this issue.

“Accountants can’t or won’t sell”

By Richard Brewin • February 25, 2025
Accountants selling to their clients is a topic as old as the profession itself. I regularly hear criticism from those looking to monetise the accountants’ relationships with their clients that “accountants can’t sell”. I also come across an attitude within the profession that “accountants shouldn’t sell to their clients…it’s unprofessional…it’s not what my clients expect”.  Let’s tackle the issue.