Naveed Mughal, one of our longest-standing members, has grown his accountancy practice, Accurox, from a modest £50k turnover to over £300k since joining the club in 2018. His journey shows that hard work, smart decisions, and staying true to what matters can really pay off.

In his growth story, you’ll discover how Naveed:

• Went from struggling to attract clients and set fair prices to building steady growth.
• Made key moves that helped his business expand.
• Works on his mental health daily to stay mentally and physically healthy.
• Decided to stop chasing high-fee clients and focus on what truly works (and why).

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, when a fallout between the directors led to the firm closing, he took it as a sign 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 him to rethink his approach and focus on serving small businesses.

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Setting up the business

Naveed moved to the UK when he was just 17, and that change shaped his future in a big way. Growing up in Pakistan and visiting often gave him a unique view of business and the differences between the rich and the poor. And it was this perspective that led him to set up offshore offices in Pakistan, tapping into local talent while keeping costs in check.

Driven by a desire to build something lasting and give back to both the UK and Pakistani communities, Naveed put his heart into Accurox. But his passion and dedication don’t stop there! When he’s not busy with the practice, he also heads up a disaster relief charity, overseeing IOC disaster relief operations around the globe. This role reinforces his belief that everyone can make a difference, which is why 10% of his firm’s income goes to charity.

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Overcoming early obstacles

Before joining the club, Naveed faced plenty of challenges. One of his biggest hurdles was finding clients and setting prices that were both competitive and fair. For example:

• His early model, heavily reliant on an offshore team, sometimes meant his work didn’t get the recognition it deserved. However, things began to change when he connected with key people at Accountax and joined BNI. These new contacts helped him start winning clients, but his biggest concern remained: how to build a business that could also support the communities he deeply cared about.
• Initially, Naveed’s practice was partly held together by contractor accounting clients he brought from his umbrella company days. However, once IR35 rules came into play, those clients disappeared within a year. This unexpected setback forced him to rethink his approach and widen his focus to include small businesses.

Naveed’s goal was never just personal success; he wanted to create a practice that could truly give back, both in the UK and back home in Pakistan. That commitment to making a difference has always been at the heart of his work and continues to be the driving force behind his efforts.

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Committing to growth

To achieve the goals that he set out for Accurox, Naveed joined the Accountants´Growth Club and teamed up with Heather as his Growth Specialist. Together, they zeroed in on a few key areas:

Strategic pricing and value recognition

After joining the club, Naveed began to see real growth. One of the biggest changes was how he approached pricing. He learned the importance of charging what his services were truly worth, and coaching sessions played a crucial role in this shift! Not only did they help him build confidence in his pricing strategy, but they also helped him see the true value of his work.

Emphasis on exceptional service 

Naveed also put a lot of focus on delivering top-notch service, especially for clients referred from BNI, which significantly contributed to his early growth. For example, he implemented a “red carpet” service where his team made sure every referral felt well taken care of. This hands-on approach built his reputation – as he soon became known for reliability and excellence – and led to more referrals through word of mouth.

Expansion through key acquisitions

Accurox saw substantial growth through some well-thought-out acquisitions, which allowed Naveed to scale his operations and increase his market presence. Alongside these moves, he also worked on streamlining processes so that everything ran smoothly even as the workload increased. Looking back, it was decisions like these that allowed Naveed to maintain his high service standards as he grew.

Balancing growth and quality

A big part of Naveed’s journey was finding the right balance between growing the business and keeping service quality high. By investing in the right technology and systems, he managed to do just that: scale up without sacrificing the personal touch that his clients value. This balance has also set the stage for long-term growth and success.

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Read: How to successfully balance work and life

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Lessons learned: key takeaways from the journey so far

Looking back, Naveed sees a few things he would have done differently to smooth out the bumps along the way. Primarily:

Managing growth pace

Naveed realised that trying to grow too quickly put extra pressure on him, his resources, and his team. If he could start over, he’d take a more measured approach to ensure each step was manageable.

Delegating effectively

In the early days, Naveed wore too many hats, which led to burnout and inefficiencies. He now knows that delegating tasks to capable team members sooner would have given him more space to focus on planning and growing the business.

Investing in quality

Worrying about costs made him hesitant to invest in quality tech and resources. With hindsight, he sees that spending a bit more upfront would have boosted efficiency and improved service, leading to happier clients and smoother growth.

Looking after himself

Perhaps the hardest lesson was learning to take care of his own health. Overworking led to stress and health issues, which in turn affected the business. Prioritising his well-being from the start would have made the journey much easier.

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What’s next for Accurox?

Looking ahead, Naveed plans to keep growing Accurox until it ranks among the top 100 accountancy firms. Not only that but he’s also focused on keeping a healthy balance between business growth and personal well-being. This means making small, consistent improvements and investing in both technology and personal development.

Currently, Naveed is also on the lookout for skilled professionals in the UK to help manage client accounts, freeing him up to focus on the bigger picture. He knows that staying on top of technology and always keeping service quality in check will be key to future success.

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