There is no sector more competitive than accounting, so if you own an accounting firm here in the U.S. and want to ensure a constant flow of satisfied clients coupled with healthy profits year-on-year, it’s important that you shift your focus to growth.
Below are 11 tried and tested tips for growing your accounting firm, the right way:
- Carry out a SWOT analysis
SWOT is an acronym for: Strengths, Weaknesses, Opportunities and Threats – and by analysing how well your firm understands what it’s good at and where improvements can be made, how successful it is at identifying market opportunities, and how aware it is of things that could prove challenging for your industry and your firm, you can provide yourself with a detailed business health-check up and take corrective action where appropriate.
2. Come up with a strategy for growth
Following on from SWOT analysis, you should try to devise a growth strategy that incorporates client base expansion, and new revenue sources. Once this is in place, you can set your firm some unambiguous timelines and goals.
3. Take advantage of the latest technology
While technology is a tool, it’s also a solution for many modern problems, and by leveraging the right tech, you can give your firm a much-needed boost.
4. Focus on branding and marketing
Marketing has the power to help your brand really stand out, and a strong online presence is part of that. Going beyond merely logos and a colour scheme, creating a robust profile of your firm that includes a functional and useful website, can help new clients find you.
5. Hire top talent and retain them
Post job openings on all the relevant platforms, such as LinkedIn and Indeed, and once you’ve snared a new employee who you think will work well with your firm, make efforts to ensure that they’re paid fairly, appreciated, and have plenty of opportunities to further their learning and skillsets through training programs and mentorships.
6. Reevaluate your pricing
A value-based approach, if you haven’t already adopted it, involves clients being charged based upon the value you provide to them, instead of an hourly fee, and can help you earn more. Specialized fees or problem solving of complex issues may come at a higher price, for example; a subscription model might be worth considering, too.
7. Check the efficiency of your operations and internal processes
Check for bottlenecks or possible inefficiencies in your operational workflows that could be causing your company to lose time, and money. Could accounting software help limit time spent on repetitive tasks, or help prevent costly errors from creeping in?
8. Consider offering free resources
From insightful blog posts and informative webinars, to e-books, there are plenty of great ways to help your firm establish itself as an authority in accounting, through free resources offered on your website or social media platform, for example.
9. Collaborate with others in your industry
By building relationships with other professionals within your industry, such as financial advisors, you may be able to take advantage of referrals, and vice versa, which in the long term, can help promote growth.
10. Try to gain client referrals
If your clients are happy with the service you provide for them, they’re much more likely to refer their friends and family to you, which could be instrumental in finding you new business opportunities.
11. Keep your team trained and educated
Your firm will only grow if your team are expanding upon their knowledge base and areas of expertise, continually. Make sure everyone onboard is trained to the latest standards and regulations, and up-to-date with trends in the industry.
While these 11 strategies won’t guarantee growth for your accounting firm, they are great place to start from, and will help you maintain a company that clients love to hire.
