Another way of asking that question is: How do you develop the key personal and business skills you need to succeed in practice?
All decent accountants have spent years developing their technical skills, often through study, exams, and hands-on experience. And then investing time and money in keeping their knowledge and technical skills up to date.
It has long been my experience, through observation, hearsay and anecdotal evidence that few accountants are equally meticulous about building their personal and business skills.
And yet, it is rare for any accountant to build their career solely due to their technical prowess. This has always been the case and will become even more pronounced as we all learn to embrace the availability of AI support and developments across all aspects our work.
Beyond the need to be able to run your own business, accountants have also long been encouraged to provide business related advice to clients. Some commentators have been repeatedly predicting the end of compliance focused services since at least 2011. That’s when I started noticing and debunking such predictions, so this has been around a while. And maybe, MAYBE, one day it will happen.
In the meantime it is certainly true that some accountants are building successful practices by promising and delivering regular business advice over and above traditional compliance focused services.
These days I would certainly agree that your success, whether as an employee or as a practice owner, will increasingly depend on your business acumen, leadership, adaptability, communication, and all manner of client handling skills. – as well as your ability to keep up with technological advances and provide business advice to those clients who value this.
To be fair, this has long been the case, even though almost none of these skills are covered in traditional accountancy training.
Unlike larger firms, where different people bring different skills to the table, sole practitioners must wear many hats. You need to win and retain the right clients, manage your business, stay on top of changes, and ensure you are making sufficient profits – all while keeping up with changes in tax and accounting law and practice (not just MTD!).
So, how do you develop the key personal and business skills necessary to run a thriving practice?
In larger firms, these skills are often developed through exposure, mentoring, and structured training. That said, the most common approaches are:
- Wishful thinking – Hoping you’ll develop the skills on your own through trial and error.
- Generic training courses – Funding courses (online or face to face) that offer theory but often lack practical application.
- Reading books or watching videos
- Targeted mentoring – Providing personalised guidance and support from an experienced mentor within the firm.
- Recruiting externally – Bringing in someone who already has the required skills.
In many cases, firms do a mix of these, but the most effective approach tends to include mentoring. A good mentor provides practical advice, accountability, and tailored guidance – far more valuable than a one-size-fits-all training course and more personal than reading a book or watching a video.
Why mentoring is even more crucial for sole practitioners
A sole practitioner, doesn’t have the luxury of learning from colleagues – even if they did so before starting their own firm. You have to figure things out yourself, often through trial and error. But that’s time-consuming, stressful, and can be costly (in terms of both time and money) as you’ll rarely always make the right or even best choices.
This is where having a mentor can be game-changing.
A mentor who understands the unique challenges of running a small accountancy practice can:
- Help you develop the commercial and client management skills you need.
- Provide a sounding board for ideas and challenges.
- Keep you accountable for business goals and growth.
- Offer encouragement and support when things feel tough.
- Help you stay ahead of technological changes, AI developments, and industry shifts.
The rapid evolution of AI and automation means accountants need to adapt faster than ever. AI-driven bookkeeping, tax preparation, and financial insights are changing the landscape, making it crucial for accountants to:
- Stay informed about how AI is impacting compliance, reporting, and client expectations.
- Learn how to leverage new technology to improve efficiency rather than fear it.
- Position themselves as trusted advisers who offer insights beyond what AI can generate.
A good mentor can help you navigate these shifts, ensuring you embrace technology rather than get left behind.
Investing in your future success
Whether you’re aiming to grow your firm, become more profitable, or simply work smarter, developing key business skills and keeping up with technology is important. And while courses and self-study can help, having a trusted mentor accelerates the process and makes success more achievable.
If you’re serious about improving your skills, adapting to industry changes, and running a more successful practice, consider working with someone who has been there, done that, and can guide you along the way. Let’s have a chat. You know where I am 😉
