Become a million pound practice
The Accountants Millionaires’ Club, led by Heather Townsend, is a community, set of tools and resources for accountancy firm owners. If you’re breaking six figures and looking to profitably scale to the magic million pound mark, then The Accountants Millionaires’ Club is designed, specifically, for you.
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What would it mean to you if you could build a £1m practice while working fewer hours with less stress?
Could you finally realise your dream of being financially free? Would you now have peace of mind that your pension and a comfortable retirement was now sorted? Or perhaps you could finally prove to yourself that you could become a one million pound practice? Whatever your reasons, download your free copy of The Accountants Millionaires’ Club book.I met Heather when I won Best New Practice at the British Accountancy Awards in 2016 and didn’t think that she could help me, I now know that was wrong!
My practice growth last year was excellent but my systems were poor and I had exceeded capacity, and I could see where I needed to take the business. I Just needed the clarity to work out the next steps to take my practice to the next step. We are no longer a start up practice and couldn't afford to live like we were a start up practice. This meant needing to put in stricter workflows and processes as well as building a strong team.
I wish I had listened to Heather in 2016. After just one call, I started to get the clarity - and reassurance that I was doing a lot right. A very unexpected benefit was that within a month of being in the club I had saved over £10,500 by changing software suppliers and the impact of quoting and billing new clients at the right level.
Being a member of the club is far more than just a coaching relationship. I am dipping into the club's huge library of resources from time to time, as well as coming on the fortnightly group accountability calls.
When you are busy helping other business to grow you tend to overlook your own business, so with the accountability from the group accountability calls I am held to task and can really see me doing what is necessary to grow my practice. I'm also learning from other members and how they are overcoming their problems. The coaching calls and group accountability calls are giving me much needed time for reflection, and will lead to far more time on the golf course to attend to my deteriorating handicap which is about to move from 20 to 21.
Paul DonnoWhy is it so difficult to grow a one million pound accounting practice?
Once you’ve mastered the art of winning clients the early days of growing an accounting practice are relatively easy. However, the troubles start when you need to employ staff within your practice. In fact, when you get your practice to over £100,000 in turnover it can often feel that for every step forward you take two steps back. This is because you have entered the “work in/work out” trap – which every firm needs to get through.
Growing your accounting practice normally means long hours, high levels of stress and balancing your personal income requirements with keeping enough cash in the business to invest in growth. The irony is you probably started your practice because you didn’t want to be tied to a corporate job, and wanted the freedom of being your own boss.
You had grand ambitions to become your clients’ trusted advisor. So, how come you’ve got bogged down with the day-to-day compliance work of needy, low fee paying clients?
It doesn’t need to be like this.
Read on to find out how it could be…
After 2 years of working with Heather the size of my practice tripled, WIP was reduced by 80%, our profit leaks were eradicated, new profitable income streams were added, cash reserves were increased to two months of money in the bank, and I finally felt in control.
With Heather’s help I was able to change my dysfunctional team to a team with a strong team ethos and positive “can do” attitude. So much so that I was able to run my practice remotely from france for six months. Jessica Pillow FCA CTA
What you need to be a One Million Pound accounting practice?
To grow your accounting practice you need to firstly get to the starting gate. This means having a strong personal reason to grow your firm, backed up by a winning vision and roadmap for how you are going to get there. Once you have found the time to implement your vision, its time to build a firm foundation for growth.
To create a firm foundation for growth you need to get yourself out of the dreaded “work in/work out” trap, build an efficient operation, create cash reserves, get the right people doing the right things right. When this is all in place you can get your team in place to deliver the day-to-day stuff but also execute your planned strategy for growth.
Only when you’ve established a firm foundation for growth can you scale up your practice. This means creating a suite of highly profitable services, such as advisory, which clients are desperate to buy and a stream of leads which allow you to scale predictably without the anguish of over-trading.
Before I joined the club it was fair to say I was out of control. I was working crazy hours and trying to do everything myself. I was lacking direction and also not spending enough time with my young family.
After 3 months as a club member I have more than paid for my club membership. Through learning from others and how they did things I have won 6 new clients, worth in total £30k of annual recurring fees. I couldn’t have done this without the club and its resources. I used the club’s proposal template, webinar on pricing, and confidence from listening to other club members to quote what I was really worth. In fact, now when I talk about pricing, my clients tend to always opt for my two highest priced packages rather than the lowest priced package.
As well as the resources in the club I have taken full advantage of the membership benefits such as the 10% discount off my first 12 months fees from Practice ignition.
My time is now far more under control and my practice is growing steadily but surely. The club is great at building me resources or tools I need to help me achieve my practice goals. Be it ‘best practice process maps’ or ‘scripts for my team to use with new client enquiries’, Heather and her team are always looking after us. I get a confidence boost every time I speak to Heather and the team and reassurance that I can do this.
I’m also enjoying running my practice, now I am not having to do everything and all things to all people.
Stacey FosterAbout the Accountants Millionaires’ Club
The Accountants Millionaires’ Club is a community and set of tools, regular events and resources to help you scale up your practice to one million pounds and beyond. If you join the club you will learn from industry leading expert Heather Townsend and her hand-picked advisory board members, who have all built industry-leading and award-winning cloud based practices.
Every month you will be invited to participate in a series of events. These could be a surgery session where you are learning from a member who has been there AND got the teeshirt, or a member spotlight where you could listen into coaching session with a member on a particular issue or problem. Or it could be a 3-4 month mini-training programme run by the club experts for club members. For a full list of membership benefits see here.
But the club’s events are not just for you the practice owner. You can invite your team members to all the club events – just not the group coaching calls.
Our club members know the power of accountability to get things done. You know and I know that it’s easy to get sucked back into your comfort zone and do what you’ve always done. That is why every fortnight you will be invited to participate in an accountability group call to share your progress, solve your challenges, learn from your peers and be publicly accountability to what you want to achieve over the next fortnight.
And finally, we know you don’t want to reinvent the wheel as your grow your practice. This is why your membership includes a suite of downloadable resources which you can plug and play into your own practice. The resources include stuff like Xero training manuals for your staff and client, ready made Xero training sessions for clients, tried and tested process maps to automate the onboarding for your clients, electronic workbook for year end accounts production to mimimise overwork and duplication of effort… and much, much more. Here is a list of the current resources which you will get access to as a member of the club.
Working with Heather has curbed me of this and as a result I have added over £100k of recurring fees to my portfolio, stopped the profit drain and quadrupled or more my net profit.
After 20 years of running a practice I’ve never been more energised or focused (and confident) to grow a million pound practice. It is in sight now and I know that I will get there within 5 years with Heather’s support and guidance. Paul Miller
Club membership levels
Club membership is for a minimum of 6 months.
Boost
- 3-hour kick start 1:2:1 strategy call or meeting
- Monthly 1:2:1 one hour coaching call
- Optional quarterly mastermind day with your virtual AMC Board (additional fee)
- Fortnightly group accountability calls
- Monthly live or recorded virtual masterclass
- Monthly live virtual surgery session with expert accountancy owner
- Monthly recorded virtual masterclass for your staff members
- Plug and play resources for your practice
- Regularly updated content and resources in our Membership Library
- 25% off the The Gap (from quoted price on the Gap Website)
- 15% off a website build with PracticeWeb
- 10% off a 12-month membership of Practice Ignition (to new members of Practice Ignition)
- 50% off the first four months for new Chaser partners
Grow
- 90 min kick start 1:2:1 strategy call
- Fortnightly group accountability calls
- Optional quarterly mastermind meeting with your virtual AMC board (additional fee)
- Monthly live or recorded virtual masterclass
- Monthly live virtual surgery session with expert accountancy owner
- Monthly recorded virtual masterclass for your staff members
- Plug and play resources for your practice
- Regularly updated content and resources in our Membership Library
- 25% off the The Gap (from quoted price on the Gap Website)
- 15% off a website build with PracticeWeb
- 10% off a 12-month membership of Practice Ignition (to new members of Practice Ignition)
- 50% off the first four months for new Chaser partners
I've known Heather for 6 years, and nearly managed to sign up to work with her and her team at several points over those 6 years.
Who are the club members?
Members of the club all share one purpose, to profitably scale up their practice so that it annually turns over £1 million with a net profit margin of 40%+.
Club members are committed to growing their firm and realise this is not a “get rich quick scheme”. Members know that scaling their practice will take time and effort, and at times will take them out of their comfort zone.
Our members tend to fall into three camps, firstly ambitious owners of £80k-£2.3m turnover firms. (Yes, you did read that right, 14% of our members have firms which are turning over in excess of £1m)
Then we have over 20% of our members who are their firm’s “succession plan”. They have joined the club to take over from the present owner of the firm who wants to hand over their firm to someone who is ready and able to lead and manage the practice.
And finally we have firms who are doing well but want to increase their average client fee and the sustainability of their firm by adding in advisory revenue into their firm.
FAQs
When did the club launch?
Book a call to see if the club is a good fit for you, your firm and your ambition.
How is this different to other mastermind/membership clubs for accountants?
The Accountants Millionaires’ Club isn’t a mastermind-type of group. You know the sort… where you pay £400-£1200 a month to meet monthly or quarterly to learn from your peers and be held accountable to your actions.
This is a community and set of resources where you:
- Get to learn from the real experts. The people who have been there and done it.
- Will be given practical help to implement everything you learn. This isn’t a club where you need to pay more to access all the best resources. Nor is it a club where you will be bamboozled by jargon or complexity. After all, our club founder, is well known for breaking down the complex stuff into easy to digest and implement bite size stuff.
- Get access to plug and play resources to stop you having to reinvent the wheel in your practice, e.g. sets of role descriptions, Xero training manuals
- Get access to monthly training sessions for your staff as well as you
- Are held accountable on a fortnightly basis to your peers
- Are learning from your accountancy peers who are all focused on the same thing as you, i.e. scaling your practice. And so, will be dealing with exactly the same challenges are you.
- And… only if you want it… be able to join an exclusive quarterly mastermind group.
Why do I need to commit to at least 6 months of membership
In addition, many of the downloadable resources, such as the Xero training manuals, would cost you £1000s to buy separately.
Is there a trial membership available?
Can I pay by credit card?
Is this only for accountants?
What events are being run for club members? Can non-club members attend?
The virtual masterclasses are open to non-members to attend for a cost of £150 + VAT.