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Managing your accounting firm: lifestyle versus commercial approach

Choosing the optimimum way to manage and run an accounting practice is not a pure science, but there are two distinct approaches, either the commercially driven, revenue-led firm where fee income is a key driver to those who are looking for a more balanced lifestyle with shared responsibility for the business, says merger expert Keith Underwood

A practice may position itself on the ‘lifestyle versus commercial’ linear line, with 1 being strongly lifestyle and 10 very commercial.

At the lower end of the scale we normally find practices with lower than average profits and reduced-time working for the owners. At the other extreme a commercial practice with full-time working, optimised profitability and investment for the sustainable future. 

On a scale of one to 10 the majority of practices fall into the 3 to 8 group.  

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