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Ten thousand clients – sounds unrealistic to most of us. Right?
Ten Thousand Clients
But that is exactly what Lucy Cohen of Mazuma Accountants is aiming for. In this episode, she will tell you what she is doing to get there. Here is just a very small synopsis of what we learned. Please listen to this episode as Lucy explains all this in a lot more detail and much better than we ever could.
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Ten Thousand Clients
Here are nine things we learned from this talk with Lucy Cohen of Mazuma Accountants in the UK.
1 – Client Persona
It starts with a very detailed client persona. Lucy knows exactly who her clients are. And isn’t afraid to send them packing if they don’t fit the mould.
“We are very careful in which clients we want to attract, making sure that the ones taking up our time are the right people. We make it very clear in all our communication what service we offer, who we are so that we don’t attract the wrong clients.”
2 – High Volume – Low Fee
You can compete on price – Lucy does – but then you need to go for volume. And you can only go for volume, if you attract the right clients and avoid the leaky buckets.
3 – Finetune Processes
It is a chicken and an egg. You need to design your processes not for where you are right now but where you want to be. Finetune the process right from the first call.
“You can’t go for volume, if you do something different for every client.”
Mazuma actually built their own ‘machine’. so they own the process from start to finish and don’t depend on outside apps.
4 – Track Processes
You can only finetune a process if you track it. If you don’t, you have no idea how finetuned the process actually is.
“We have a tracking software, which records every phone call we make, every email we send, every minute we spend on this client.”
5 – Market To Your Market
Mazuma Accountants has a marketing director and channel partners, looking for the right audience on Google and Facebook.
“It’s all about putting ourselves in front of the right people at the right time.”
6 – Avoid the Sunk Cost Fallacy
Don’t hang on to things, just because it cost you a lot of money.
“Bad people, wrong staff…You need to have a cut off point and remove all emotional attachments.”
7 – Increase Prices
Clients are less resistant to incremental price increases than you think.
“People don’t care if you put your prices up”
Mazuma has a clause in the contract and then also reminds their clients as a courtesy.
“The girl got to eat.”
8 – Back Yourself
You need to back yourself. You are the only one who can sail this ship. Yes, you need people on board but you are the one at the rudder.
“It’s knowing when to bring people in. Its about knowing what you know and what you don’t know. And then fill the gap.”
9 – Find Your Niche
Lots of people told Lucy in the early days that there was no money in the niche she was going for. And of course there is. You can make every niche work for you. The question is just how.
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So this is a very short summary, but there is a lot more. Please listen to Lucy since there are helpful hints that we haven’t covered here.
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Find a Niche and They Will Come
Disclaimer: Tax Talks does not provide financial or tax advice. All information on Tax Talks is of a general nature only and might no longer be up to date or correct. You should seek professional accredited tax and financial advice when considering whether the information is suitable to your or your client’s circumstances.
Last Updated on 03 February 2022
Tax Talks spoke to Lucy Cohen - Co- Founder at Mazuma Accountants - for more details.
