10 STEPS ON HOW TO GROW AN ACCOUNTING FIRMAFO|Wealth Management Forward
There is fierce competition in the accounting industry. Information from the Big 4 Accounting Firms shows that there are over 138000 accounting firms in the US alone striving the gain the attention of the limited clients.
This increasing number of accounting firms makes it almost impossible for new accounting firms to have a leveled playing ground in attracting clients and building their portfolios. This is why it is important for accounting firms to keep themselves abreast of new strategies on how to grow their accounting business with proven techniques and strategies offered by marketing experts.
Growing an accounting firm in the 21st Century requires a calculated approach to build a good business model and meet client needs. These simple but effective strategies have remained the gold standard for maintaining the relevance of your accounting firm even in a competitive environment.
How can I grow my accounting firm?
There are quite a handful of ideas on how you can grow your accounting firm to compete with the big names, attract the right clients and grow your coverage. These processes have been summarized under the following headings.
1. Identify your target market.
The first step to succeeding in the competitive accounting market is identifying the reason for starting an accounting firm. Answering this question will give you a clear description of your target audience. Your target audience determines what services you offer, the marketing strategies you adopt, and most importantly, the structure of your accounting firm.
2. Have a goal
Your business model for an accounting firm must have a clearly stated SMART goal that will serve as a blueprint to meet deadlines and strive to become better. This goal will serve as a constant reminder of where you want to be and how to get there. If you are interested in growing your accounting firm, then you must set your financial and marketing objectives and back them up with the right marketing strategies.
3. Build a team
When clients visit an accounting firm, they expect to see a group of experts working together to meet a common goal. Developing your team of experts does not only increase your chances of meeting the right clients but also creating an enabling environment that gives room for a customer-client relationship.
4. Provide client-oriented services
Clients are the life wire of any business. They determine how well your business fairs in the congested market. If you must build a world-class accounting firm, then there Is a need to focus on retaining your clients. Strive to have a deeper professional relationship with your clients. Keep your team updated with the latest tools and technologies that will serve to keep your clients coming back for more. It is also important that you understand your client’s business and how you can help them.
Make sure your services focus on client pain points rather than just selling a product. Develop a working environment that makes your client feel safe to discuss their challenges with you. This is what makes you a trusted financial advisor.
5. Learn to Collaborate
Learn to collaborate with other accounting firms while teaching your team members to effectively meet a common goal. Collaboration between accountants and other accounting firms creates the perfect working environment for problem-solving. Develop strategies that create room for building and maintaining a good collaboration with clients and co-workers as this is important for breaking down barriers that live across departments.
6. Build an online presence
This is one of the most effective means of growing an accounting business. Leveraging the power of the internet places your accounting firm at locations where clients can see them and engage your services.
Social media has continued to present one of the best opportunities for brand growth. Information from Statista shows that there are over 2.7 billion (over 30% of the world population) active users on Facebook alone. This means 3 out of 10 every random person you meet on the street owns an active Facebook account.
By owing an active Social media account or establishing an online presence, accounting firms place their services on the busiest road in the world. This guarantees an increased engagement and brand awareness.
Establishing an online presence also allows you to build your reputation online, engage clients, study their activities, and how to assist them in overcoming their challenges.
Attending industry events is one of the best ways to send out word about your accounting firm and what you do. You can always run a background check on the speakers, sponsors, and possible attendees to see if they can serve as a potential client for your firm.
8. Engage the power of technology
Accounting firms can adopt the use of advanced technological tools to boost their productivity. These applications can be applied to different levels of accounting services. Keep your team adequately equipped with the right technologies to compete in a dynamic marketplace controlled by technology like artificial intelligence and machine learning.
9. Tell your success stories.
Everybody loves a good story they can identify with. If you must grow your accounting service to meet the standards clients will be so proud to be associated with; then you need to tell your success stories backed up by proof points and references. Make sure all clients leave a review concerning your services. Feel free to use customer reviews, case studies, and certifications to show how competent your firm can be when it comes to meeting needs.
10. Evolve as a business
Starting an accounting firm is the survival of the fittest hence the need for your business to evolve as you keep meeting client needs. Develop strategies that allow your business to evolve with the customer needs and the market.
Try to engage the services of experts who can help with lead generation and marketing. See our next article on “The Best Lead Generation Companies for Accountants.” These experts can look into your business model, identify possible challenges and proffer solutions.
AIM FOR THE STARS
You have all it takes to become the best accounting firm in the world. Identify the right market, develop a good business model and engage the services of experts that will proffer solutions to your business challenges.