Welcome to the second article from accountancy speaker and author Martin Bissett. Martin focuses on practice insights and giving advice on how accountants can improve their businesses … today, 10 practice growth tips
- If Practice Growth marketing success was a formula, it would be (h+Da) x I
Where: h=hunger; Da=Developing ability I=implementation. - (DPC) = Direct Personal Connection, the core skill required to pro-actively win advisory work in the accounting profession.
- Practice growth is not a ‘goal’. It’s a set of behaviours and processes supported by proven marketing and business development activities.
- At the core of all great practice growth is a ‘balanced scorecard’ meaning that growth can’t come at the expense of retention and vice versa.
- Strong fee growth is not just the success of client retention strategies, but also the triumph of powerful marketing communications.
- Many vendors look to make money out of the accounting profession by selling them stuff that they haven’t got the behavioural set to use.
- The hope of the business owner reaching their goals, still lies in the hands of the most forward-thinking accounting firms.
- CRM use and adoption by partners and team alike mustn’t be a choice but non-use and non-adoption must have a consequence.
- Need a marketing boost? Make a list of every outcome (cars/houses/education/holidays) you’ve created for your clients. Now leverage it.
- Here’s a breakdown of accountants’ conversion ratios of new clients by source of initial inquiry in the past 21 years:
- Telemarketing 25 per cent.
- Networking 5-10 per cent.
- Events 8 per cent.
- Referrals 90 per cent.
- Walk-ins 95 per cent.
Spend wisely in 2019! See you next time, Martin.
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