The Trouble With Debt

The three ways accountants can get in trouble with debt financing their practice are: Using short term debt to make long term investments. Doing this creates problems as the short-term debt will need to be refinanced well before the long-term investment returns are available. If the short-term debt cannot be refinanced, the lender will either sell or close the business. Failing to consider that when increasing debt it increases business risk. Borrowers need to ensure their cash flows have a Read More…

Introducing New Services to Existing Clients

This strategy is about creating new services that you can provide to your existing client base.  It is similar to the low hanging fruit strategy, but involves more work.  The practice has to create the new services, train the staff on delivering the new services, and develop a marketing plan. When considering what new services to provide ask yourself two questions. Firstly, what service would provide immense value to existing clients? Secondly, does the practice team have the skills or Read More…