One of our longest-standing members, Naveed Mughal, has achieved remarkable success by transforming his accountancy practice, Accurox, from a modest £50k turnover to an impressive £300k since joining the club in 2018. His journey is a testament to resilience, strategic growth, and a deep commitment to making a positive impact both in the UK and abroad. Through his dedication and innovative approach, Naveed has navigated numerous challenges and emerged as a leader in his field, inspiring others with his story of perseverance and achievement.

In this growth story, you’ll learn Naveed’s:

• How he went from struggling with client acquisition and pricing to sustainable growth.
• Strategic moves and acquisitions that facilitated this growth.
• How he works on his mental health daily to stay mentally and physically healthy.
• Why he stopped deciding to chase high-fee clients.

If you’d like to listen to or watch the conversation, click below for the YouTube video of Naveed’s chat with Heather. 

About Naveed

Naveed’s path to entrepreneurship began with aspirations of becoming a partner at his previous firm. However, a major fallout between the firm’s directors led to its closure, pushing Naveed to start his own practice – Accurox. Initially, his business model relied heavily on an offshore team in Pakistan, which, while efficient, resulted in undervaluing his services. Then, the introduction of IR35 regulations further challenged him, forcing a pivot towards small businesses.

 

Setting up the business

Naveed moved to the UK at the age of 17, a transition that significantly influenced his entrepreneurial path. His upbringing in Pakistan, combined with frequent visits back to his homeland, provided a unique perspective on business operations and the disparity between the rich and poor. This experience motivated him to establish offshore offices in Pakistan, leveraging the available talent while maintaining cost efficiency. Motivated by a desire to build a legacy and give back to his communities in the UK and Pakistan, Naveed embarked on a journey marked by determination and strategic adjustments.

In his spare time, Naveed serves as the head of a disaster relief charity, overseeing IOC disaster relief operations across the world. This role reinforced his belief in the power of individual contributions to communities, whether in the UK or abroad. To reflect this commitment, Naveed dedicates 10% of his firm’s income to charity, making social responsibility a core aspect of his business philosophy.

 

Overcoming early obstacles

Before joining the club, Naveed encountered numerous challenges on his entrepreneurial journey. One of his primary struggles was finding clients and pricing his services in a way that was both competitive and profitable. His initial business model for Accurox relied heavily on an offshore team in Pakistan, which efficiently managed operational tasks but inadvertently led to the undervaluation of his services.

Meeting key contacts at Accountax and joining BNI marked significant turning points for Naveed. These opportunities provided valuable networking connections and strategic insights that helped him start winning clients. Despite these advancements, his initial concern remained: how to attract clients and build a business that would also allow him to give back to the communities he deeply cared about.

At the outset, Naveed’s practice was supported by the contractor accounting clients he brought over from his time with an umbrella company. However, the introduction of IR35 regulations quickly disrupted this arrangement, resulting in the loss of these clients within a year. This unexpected challenge forced Naveed to rethink his strategy and focus on diversifying his client base to include small businesses.

Naveed’s determination to build a legacy was evident from the start. He was not just focused on creating a successful business for personal gain; he wanted to establish a practice that would enable him to contribute positively to both the UK and Pakistani communities. This dual commitment to professional success and social responsibility became a driving force behind his efforts.

 

Committing to growth

To achieve the goals that he set out for Accurox, Naveed signed up for the Accountants´Growth Club and worked with Heather as his Growth Specialist. They worked on focusing on the following:

 

Strategic pricing and value recognition

After joining the club, Naveed experienced significant growth and transformation in his business. One of the pivotal changes was adopting a strategic approach to pricing, realising the importance of valuing his services appropriately. Coaching sessions played a crucial role in this shift, helping him build confidence in his pricing strategy and understand his business’s true value.

 

Emphasis on exceptional service 

Naveed also placed a strong emphasis on providing exceptional service, especially for referrals from BNI, which significantly contributed to his early growth. For example, he implemented a “red carpet” service for BNI referrals, where his team treated these clients with the utmost priority and care. This strategy helped him build a strong reputation and secure more referrals. By ensuring that every referral received top-notch service, he built a reputation for reliability and excellence, further driving client acquisition through word-of-mouth.

Expansion through strategic acquisitions

Accurox saw substantial expansion through strategic acquisitions, which allowed Naveed to scale his operations and increase his market presence. Alongside these acquisitions, he focused on systematising operations, ensuring that processes were streamlined and efficient. This operational efficiency helped manage the increased workload and maintain high service standards.

Balancing growth and quality

A key aspect of Naveed’s transformation was his ability to balance growth with maintaining a high standard of service. He invested in technology and systems that supported scalability without compromising quality. This approach not only facilitated smoother operations but also positioned his firm for sustainable long-term growth.

 

Lessons learned: key takeaways from the journey so far

Reflecting on his journey, Naveed acknowledges several areas where he might have approached things differently to facilitate smoother growth and avoid unnecessary challenges.

Managing growth pace

Naveed realised that attempting to grow too quickly placed undue pressure on his resources and himself. If he could go back, he would pace the growth more strategically, ensuring each step was sustainable and well-supported by his team.

Delegating effectively

Initially, Naveed took on too many roles, leading to burnout and inefficiencies. He learned the importance of delegating responsibilities to qualified team members earlier on, which would have allowed him to focus more on strategic planning and business development.

Investing in quality

Due to cost concerns, Naveed was hesitant to invest in high-quality technology and resources. He now recognises that investing in quality from the start would have improved operational efficiency and service delivery, ultimately leading to better client satisfaction and business growth.

Balancing personal health

Naveed also learned the hard way the importance of maintaining mental and physical health. Overextending himself led to stress and health issues, which in turn affected his business. Prioritising his well-being from the beginning would have made his journey more manageable and sustainable.

 

What’s next for Accurox?

Looking ahead, Naveed plans to continue scaling Accurox to become a top 100 accountancy firm. He recognises the importance of balancing growth with maintaining mental and physical health, focusing on marginal improvements and strategic investments in technology and personal development. 

Naveed is keen on finding qualified experts in the UK to manage client portfolios, which will free up his time for further expansion. He understands that adapting to technological advancements and focusing on service quality will be critical for future success. 

 

** Accurox is a growing accountancy practice with offices in Kent and Cheltenham. If you want to get in touch with Naveed to learn more about his journey and/or to pick his brain, you can contact him here.**