How to create an accountant business plan

Why is a business plan important for an accountant?

A business plan is your roadmap to success, whether you’re launching a new accounting firm or trying to grow your company. 

A well-thought-out business plan clearly defines your company’s goals, including who your ideal clients are, your financial objectives, and how you plan to achieve them. This helps you anticipate possible roadblocks, and you can be proactive rather than reactive in addressing them.

When you need to secure funding to establish or grow your company, your success rests largely on your business plan. Investors and lending institutions look for evidence in this document proving that your business is worth risking their money. Without one, securing funding will be difficult.

Your business plan also helps to manage your company’s growth, ensuring efficient resource allocation and scalability. Detailing your company’s direction reveals possible expansion opportunities and allows you to prepare for them.

A good business plan for an accounting firm allows you to stand out in a competitive market. With thousands of firms in the UK, a business plan helps articulate unique selling points to attract clients and investors. 

Accountants in the UK face numerous industry challenges, such as complex compliance requirements and ever-changing client expectations. Putting these challenges in writing and finding solutions for them equips accountants with proactive strategies for tackling them when they arise.

How to create a business plan for an accounting firm

While you might understand the pivotal role of a business plan in your accounting firm’s growth, knowing where to start may be a different story.

Use this step-by-step guide to create a concise document that ticks all the boxes:

Executive summary

When deciding whether to fund a company, investors or bank managers often make provisional judgments from a business plan’s executive summary.

This section highlights the most important details and should include the following points:

• The purpose of your accounting firm, for example, to provide tax services for private citizens or businesses. You should have a good idea of who your target customers are. 
• Your business objectives, which should be both short and long-term, including the targets you’ll aim to achieve to reach them.
• Highlighting your products and services and giving an overview of their advantages or unique selling points so investors understand the appeal of your business. 
• Funding requirements and the expected return on investment (ROI), including anticipated time frames to achieve the desired ROI.

Business overview

Your accounting firm’s business plan should explain the background of your business idea, including how long you have been working on the idea in its current form, the work done to date, and your experience in the field.

You should also outline your business model (e.g., sole practitioner, small firm, or larger enterprise).

It’s worth including a section on your target clientele in your accounting business plan that explains which part of the community you aim to serve, such as individuals, small and medium-sized enterprises (SMEs), or large corporations.

Market analysis

Market analysis is a crucial component of an accounting firm’s business plan as it paints a clear picture of the industry, its growth potential, target customer demographics, and current market trends.

In addition, you should include an in-depth exploration of the strengths, weaknesses, opportunities, and threats (SWOT) for your business.

A thorough market analysis is incomplete without a section on your competitors’ products and services and an analysis of their strengths and weaknesses. Your research should focus on UK accounting firms, the local industry and market demand, so always use UK-specific data.

Organisational structure

A business plan should detail the company's organisational structure and highlight the team roles, ownership structure, and operational workflows. The best way to illustrate this is by drawing up a chart detailing senior team members’ names, their roles and a workflow diagram.

Services and specialisations

Your business plan must clearly list your core services, such as bookkeeping, tax preparation, or financial consulting. Also, highlight any niche specialisations, such as forensic accounting, sustainability reporting, or sector-specific expertise in areas such as healthcare or technology.

Marketing and client acquisition strategy

Detail how you plan to attract and retain clients, such as through online advertising, networking, and referral systems. These days, having a strong online presence is essential. 

A professional website is necessary, as is a presence on social media forums like Facebook, Instagram, and LinkedIn. Your online profile gives your business credibility, so make sure your links and profiles are visible on your business plan.

Financial plan

Providing a financial forecast in your business plan translates everything you’ve said into figures.

This section should include a:

• Realistic sales forecast, which should be over a set period of time.
• Cashflow forecast to show how much cash is expected to come into and out of your business over a set time period. 
• Demonstration of how you’ve factored in things that will affect your cash flow.
• Profit and loss forecast, which explores the anticipated sales, costs and expenses of your business.
• Calculation of the turnover necessary to break even.
• List funding needs for software, staffing, or marketing and how this may change over time. 

Compliance and legal considerations

Whether you're starting a new accounting business or scaling an existing one, ensure you adhere to UK accounting standards and regulations, such as those set by the Financial Reporting Council (FRC).

You should also highlight your compliance with the General Data Protection Regulations (GDPR) and emphasise the importance of data protection and ethics.

Tips for using an accounting business plan template

There are plenty of accounting business plan examples and templates available online, but keep the following tips in mind when deciding on which accounting firm business plan template to use:

• Use a template specifically designed for accounting firms.
• Once you’ve chosen your accounting firm business plan template, customise it to reflect your firm’s unique goals and clientele.
• You should revise your accounting firm’s business plan regularly to align with changes in the business environment or industry trends.

How does a business plan support long-term success?

A well-structured business plan helps you to focus on your goals and plot the trajectory of your accounting business.

This document provides a roadmap for sustainable growth by:

• Helping you manage your company’s finances effectively through detailed projections.
• Helping you handle industry-specific challenges such as regulatory compliance.
• Building trust with clients and investors by showcasing professionalism and strategic planning
• Serving as a benchmarking tool, allowing you to measure your progress against set goals.

Work with Unbiased

A business plan for UK professionals serves as a strategic roadmap and helps you define goals, target clientele, and financial objectives while proactively addressing potential challenges.

It plays a critical role in securing funding by demonstrating your firm’s value to investors and helps manage growth through effective resource allocation and scalability. 

Additionally, a comprehensive accounting business plan ensures compliance with industry regulations, highlights unique selling points in a competitive market, and provides a framework for long-term success.

Take the next step to grow your firm with Unbiased Pro and get access to a consistent stream of quality leads that will help boost your ROI.