Earlier this year I was running one of my quarterly intensive seminars in London.
During one of the exercises, one of the attendees, Tony, made an interesting point that I hadn’t really seen from his perspective before…
We were discussing how to scale an accountancy practice, and looking at the main reasons why most accountancy practices aren’t scalable. And Tony said:
“If the practice isn’t scalable, then it isn’t saleable”
Now, this is not to say that your practice would never sell, I’m sure someone out there looking to purchase a block of fees would be more than interested…
But if you truly want to maximise the returns you get if you ever did sell, or ensure that the team stepping up to take over your practice have the best possible chance of success, then your practice absolutely has to be scalable…
Why Are Most Accountancy Practices Not Scalable?
Let’s start by understanding exactly what scalable means.
At its most basic level, scalable refers to the ability of your practice to grow (and to keep growing).
Now you’re probably thinking, “Rudi, of course my practice can grow”, and I agree, you wouldn’t be where you are today if your practice was unable to grow in some way.
But ask yourself this question…
If you were to retire tomorrow and step out of your practice completely, would it still grow the same amount if not more?
I know that most practice owners that I speak to would answer ‘no’ to that one.
You see, the reason that most accountancy practices aren’t scalable is because the practice owners are trapped in the middle of it.
They are the centre of the universe.
- They go out and win the work
- They spend their time doing the work
- They then deliver the work
- And sometimes, they even find themselves doing the admin that supports the work
This is not a scalable strategy.
If you are responsible for all of these things, then your practice can only grow to the point where you are working at maximum capacity.
And when that happens, you’ll find yourself burnt-out, frustrated and not even wanting to grow any more.
How Do You Build A Scalable Practice?
If you want to build an accountancy practice that’s scalable, then it comes down to one key thing…
You need a process to extract you from the centre of the practice, and place you on the outside.
You need to create leverage.
So, what exactly does this mean?
- You can choose to go out and win the work, but you have a team of people following great systems who can do it as well
- You can choose to spend time doing the work, but you have a team of people following great systems who can do it as well
- You can choose to deliver the work, but you have a team of people following great systems who can do it as well
The point is that you have freedom and choice, to do whatever you want.
If you want to carry on working 5+ days a week, fine. I’ve got a number of clients who work 5 days a week out of choice, but at the same time have the flexibility to drop down to 3 or take 10+ weeks holiday a year if they so wish.
Alternatively, if you want to go down to working 2 days a week, or eventually retire, then you need a scalable practice.
So, What Does This ‘Extraction Process’ Look Like?
At its most basic, here is the formula for extraction and building a scalable practice:
Predictable Growth Strategy + Self-Reliant Team + Scalable Systems = Scalable Practice
Could you figure out all the elements in that formula by yourself?
Of course you could.
If you had enough time and focus to figure it out, anything is possible.
But why try to re-invent the wheel?
Instead of struggling to figure out the system yourself, let me give you the exact system my BlackBelt clients follow to scale their practices and achieve freedom.
No more guesswork.
Register for my next seminar now where you will learn and implement the step-by-step system other partners are using to scale their practices, whilst at the same time working less.
And if you have any questions – here are 7 of the most common FAQ’s answered in full.
I look forward to helping you build a scalable (and saleable) practice!