Last week we welcomed Reddy Siddiqui LLP on board as a Runagood® Business Centreand since then, Omar Siddiqui has been receiving daily calls from accountants across the country, wanting to know about his experiences.
He has asked that we publish the main questions and answers, which are as follows:
1. Does the software really work?
Through 7 years of development and £1m of capital spend, it has been used by over 1000 businesses and accountants. It receives continuous refinement as we get feedback from Partners and users and no one who has been trained has failed to make it work as it should.
2. Actual costs?
These are set out in our prospectus here but assume a £1999 to £2999 one off set up feeand ongoing monthly fees of £199 to £299 for unlimited software use with unlimited numbers of clients.
3. Hidden costs?
None, but there are optional add-ons to help your practice grow. These too are set out in the prospectus here
4. How to use it on clients and prospects?
Existing Clients: Run a free Business Dashboard® Report each time you see them, to provoke the best discussion you’ve ever had. They come around naturally to buying the added services from you.
New Clients: Use a Runagood® mailing database to invite and host breakfast / lunch / supper seminars during which they complete a free Business Dashboard®Report. You then follow up each to have the best business discussion they’ve ever experienced and they come around naturally to buying the added services from you.
5. What methods do the Runagood® business valuation algorithms use?
They combine the answers you provide to the Business Dashboard® questions into trends and compare these to accumulated statistics in the Runagood® small business performance database. By applying due diligence principles at the outset the current valuation is wholly realistic, saving much heartache otherwise caused by the classic method of ‘the higher of NAV and 5X earnings’. So the client is given the truth, however painful. But then s/he also sees what the business would be worth if its trends were in the top third (tercile) for its industry (SIC) sector, which provides the incentive to go for a performance / valuation improvement project with you.
Omar is happy to take your calls (between client work) but als0 feel free to call me if you’d like to know more.