PracticePeople In PracticeThe Practitioner: What’s in a name?

The Practitioner: What's in a name?

The Practitioner's firm is branching out

IS IT just me or do things seem to be getting a bit easier? It feels like hibernation time is over and the time for growth, expansion, and diversification is here.

For the past couple of weeks we have started to seriously look at ways how we can expand the practice by reaching new markets, offering new products and services, as well as a total rebranding exercise. Reaching new markets basically involves us increasing our networking activity and making contact with new potential referrers.

Most of this will obviously not turn into business but all it takes is one good relationship to flourish and it’s happy days. I’m currently focusing on making some new contacts within law firms in an attempt to try to get some corporate finance work from them. There seems to be a certain mystery surrounding corporate finance work.

The truth is that it’s not that difficult, and it pays more than it should. Not that we’re complaining. I’ve been doing my part by passing on work to a local law firm but nothing has come back our way. Yet. I’m sure it’s only a matter of time…

When it comes to offering new products to clients, new and existing, it comes down to marketing. We are looking at rehousing all our bookkeeping, payroll, and VAT work.

Giving this a hole new name and image will hopefully help us to target a new audience for this type of service as well as being able to separate it from the main practice to allow the it to concentrate on the high level work that it really wants to be doing. We have toyed with a few name ideas for the payroll/VAT offering but it’s difficult to avoid making it sound like a kids toy or a new fizzy drink.

If we choose a name that sounds too accounting-like then that defeats the object of rebranding it in my opinion.

Answers on a postcard please.

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