Hello folks. Finally, we got much-needed rain over the week. Summer then resumed as in past weeks. It is the ideal weather.
Due to School holidays combined with a fantastic summer, my bicycle commute remains a relaxing and refreshing experience.
I hope you know by now, My Week is NOT about how great and what a success I am. As a result, for you to follow my advice.
My Week is about the reality of my small practice world. Please read today’s My Week in that light.
On the business development front, it was not a good week. I lost 3 clients and gained one. Thankfully, I am seeing two potentials next week. I have to get them!
The leavers said goodbye because:
- Wants someone local. He needs handholding through face to face quarterly meetings. Fees lost £110+VAT per month.
- Fees – she thought the fees were high. She was our low fee clients. Taken on in my early naive to the practice world days. She was only paying £75+VAT per month for limited company accounts and her personal tax return. I did not agree to reduce our fees. She was on my hit list to increase her fees.
- Employment – A Sole trader who is going into employment. His fees were £50+VAT per month.
We are talking fee loss of £235+VAT pm. That is a big hit for a small practice. I am aiming to recover the loss from 1 new and 2 potential clients.
Thankfully, I have a small buffer, to cope with the loss, if fees cannot be recovered. It does not mean I will rest on my laurels.
As I have mentioned before, I neglected marketing. I think it was for about 3 years. That was a mistake. For a business to survive marketing should be a never-ending activity. Clients will leave. They need to be replaced with new blood.
I am on the case now. They are various marketing activities, that are nearly ready to go live. I will keep on eye on ROI.
I did not put in the hours on studying. It was a busy week at work. I had to put studies as a lower priority. I will make sure next week will be better.
The sad news about Chatman shocked and saddened me. He was an easy going person and did not die of old age. It must be difficult for his family and close friends.
When I hear such terrible news, it makes me think about my life. The worries and disappointments I have are insignificant when put in perspective of how unpredictable and short life is.
At least something pleasant is happening in my personal life (about time!). Early days, but I am hopeful it will go somewhere. It was a good week on this front.
On client loss, it goes with the territory. I will find a way and recover.