News

Management Tips for a Key Major Expense

After the costs of employing personnel, the next most significant expense incurred by professional firms is rent. Generally this represents somewhere between 5% and 7% of total revenue. However, this is probably one of the more difficult costs to try and manage also given often the lease period committed to by the firm. Commonly this is a set expense locked in for three or five years with similar options to follow on thereafter. Committing to a longer lease may enable you to negotiate hard on price.

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Could You Improve Your CRM?

Okay, so before we start off with our suggestions around how to improving this process, let’s debunk what CRM stands for. CRM or client/customer relationship management is a strategy of managing all of your client and potential client relationships and interactions which typically takes place with the aid of software that stores relevant information and is intended to drive leads, marketing, and the like. Many organisations now have a formal solution to assist with this, whilst others may simply store such data in excel spreadsheets or similar. Obviously the key is the data.

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Practice Transactions Must Represent a Win Win

Negotiating the sale or purchase of a professional firm can be one of the most difficult tasks encountered by those involved, particularly where parties lack experience and knowledge of market conditions.

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Are Our More Senior Practitioners up to the Task?

I’m sure most of us are starting to experience the retirement of their trusted professionals. My life long doctor retired just over ten years ago. My dentist retired almost two years ago. No doubt it’s a question many clients will be asking themselves where they have more senior advisers. When is my doctor, dentist, accountant, lawyer going to retire? It’s going to happen; it’s just a matter of when, and replacing these trusted relationships is really quite hard.

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