ICON Business Solutions Industry Case Study: Accountancy Practice

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ICON Business Solutions

  Opportunities:
In the UK
  Business Type:
Franchise
  Minimum Investment:
£34,950
  Training Provided:
Yes
  Home-based:
Yes
  Part time:
Yes

Summary: Address a significant negative cash flow issue and grow the business.

The Client/Sector: Accountancy Practice

Business in Profile

Business had acquired a new practice in a nearby town from a retiring accountant. The acquired practice had a significant cash flow problem with average debtor days <150 days. In addition, the acquired practice had low sales growth and clients were being lost at renewal.

Challenges:

The need to focus the team at the acquired practice on collecting outstanding debt and installing a new billing system to prevent recurrence. Identify suitable market segments for growth and understand why existing clients were leaving the business.

Strategies:

  • Immediately installed debt collection process with weekly/monthly KPI targets and installed new billing process so monies can be collected on delivery of service.
  • Delegated outstanding debt collection to the administration clerk, freeing up more time for practice managers to work on business growth and development.
  • We helped identify ‘A’ class customer target group for marketing push and designed a “benefits oriented” mailshot as the first step. Reasons for client defections were collated and client seminars were set up to win business.
  • Growth target KPI’s for sales and efficiency were established and communicated through new team meetings.

The outcome:

  • Gross receipts nearly doubled within 60 days and average debtor days reduced significantly.
  • KPI’s are being cascaded through the practice via new job descriptions and practice manager using coaching and mentoring techniques to lead, manage and motivate the team.
  • Clearly identified prospects for marketing which are now being aggressively pursued.

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