Growing to this level means more than just taking on more clients; it’s about working smarter, scaling efficiently, and building a business that delivers value, not just volume.
Below, we outline the key steps that successful practices follow to hit and often surpass this important milestone.
1. Develop a Strategic Business Plan
Every thriving practice starts with a solid plan. Define clear, measurable goals supported by timelines and key performance indicators (KPIs). If you’re seeking external funding, a robust business plan will be essential to gaining investor or lender confidence.
Review your plan regularly to reflect changes in the industry and your practice. Keep a close eye on financials, reinvest profits wisely, and ensure your pricing structure supports both growth and profitability.
2. Adopt an Entrepreneurial Mindset
Many practice owners limit their growth by spending too much time on day-to-day client work. To scale effectively, shift your focus from working in the business to working on the business.
Delegate operational tasks, build a reliable team, and establish systems that support scalable growth. Treat your practice like a business asset, not just a job.
3. Leverage Technology for Efficiency
The accounting profession is evolving, driven by cloud software, automation, AI and Making Tax Digital (MTD) for Income Tax. Practices that embrace digital tools can streamline operations, enhance client service and manage a higher volume of clients more efficiently.
Invest in the right practice management software and application stack to improve workflows, compliance and client communications. This will also help attract talent to your practice as well as contribute to an enhanced client service.
4. Expand Through Advisory Services and Strategic Alliances
Adding specialist advisory services or targeting a niche market can set your practice apart. Research your market to ensure there’s demand, and position your offering accordingly.
Building strategic alliances with Independent Financial Advisers, law firms, mortgage brokers, or consultants can also lead to a steady flow of referrals and cross-selling opportunities, ultimately boosting your average client value and retention.
5. Deliver Outstanding Client Service
Client satisfaction is the cornerstone of growth. Happy clients are more likely to stay, refer others, and leave positive reviews that attract new business.
Be proactive in communication, respond promptly to queries, and provide insightful advice. Prioritising service quality helps build strong, long-term relationships that drive organic growth.
6. Build and Nurture a High-Performing Team
Scaling to one million requires a dedicated team. Recruit skilled professionals and offer competitive salaries, benefits, and career development opportunities. Regular training and development programs help staff stay up to date with industry changes and enhance service delivery.
Foster a positive work environment that encourages retention. As your team grows, empower employees to take on more responsibility, freeing you to focus on strategy and growth.
7. Consider Outsourcing
With a wide range of quality outsourcing companies now available, many practices outsource certain aspects of their clients’ functions.
By choosing to outsource, you can improve efficiency and reduce costs within the practice, as well as freeing up resources. Your in-house staff will have more capacity to focus on client facing roles, thereby taking more of the day-to-day responsibilities away from you as the practice owner.
8. Invest in Marketing and Brand Awareness
A strong online presence is crucial in today’s digital world and your online presence is often your first impression. A professional website, strong SEO and active social media profiles are essential in attracting new clients.
Content marketing - including blog posts, guides and newsletters - helps establish authority and drive inbound leads. Consider working with a specialist agency to maximise your brand’s visibility and impact.
9. Optimise your Pricing Strategy
Pricing should balance profitability with competitive positioning. Consider:
- Charging appropriately for expertise and complexity of work
- Addressing scope creep
- Charging upfront to improve cash flow
- Offering fixed-fee packages or value-based pricing
- Implementing monthly billing via direct debit to ensure consistent income
Review your pricing regularly to keep it aligned with your business goals.
10. Stay Ahead of Industry Trends
Accounting regulations, compliance requirements and technology are constantly evolving. To maintain a competitive edge, stay informed and adapt quickly. Attend industry events and engage in continuous learning.
11. Scale Through Fee Bank Acquisition
Acquiring another practice or a block of fees can provide an immediate revenue boost and fast-track your growth. You can also explore opportunities for upselling and cross-selling.
Fee bank acquisitions are considered strong assets by lenders, making them easier to finance. However, success depends on a well-planned integration - maintaining service levels and ensuring a smooth client transition is vital.
12. Join a Franchise to Accelerate Growth
The TaxAssist franchise provides a structured approach to growth, leveraging an established brand, marketing support and operational frameworks.
We help our franchisees with acquiring blocks of fees from retiring accountants or practices for sale to support the growth of their business and we work with specialist industry brokers to identify new opportunities.
A number of TaxAssist Accountants have achieved the one-million-pound turnover milestone and several have sold their business for over one million, highlighting the potential rewards that can be achieved. Their stories can be read in our franchise resale case studies section.
In Conclusion
If you do have ambitions to join the one million accountancy practice club, it will require a combination of hard work, strategic planning, and a commitment to continuous adaptation and improvement. It will also require a relentless focus on delivering a quality service and on client satisfaction.
It is worth remembering the adage ‘Revenue is vanity, profit is sanity and cash is reality.’ Ultimately, running your own large, successful practice should be about profitability and not top line. Bare this in mind with every step you take as you scale up your practice to reach your goal.
