5 Strategies Proven to Grow Your Accounting Practice
16 Oct 2017
Accounting firms face increasing competition from low-cost accounting software technologies and big-brand tax firms. Developing strategies to nurture client relationships and improve your firm’s processes can lead to significant growth. If you’re interested in diversifying your accounting business and providing improved value to your clients, here are five strategies that’ll help get you there.
Grow Your Accounting Practice
1. Refine Your Business Model
Take the time to shape and refine your business model. Your current model might be sufficient, but are there ways it could be improved? The trick is knowing when to build a new model to enhance growth. A new business model is often required to help leverage any type of new technology, and also necessary when attempting to reach a new group of customers or clients.
Define your ideal client by considering the specialties that have evolved in your practice. Once you’ve profiled your target demographic, ask yourself a few questions.
- What services do you currently offer?
- Which services have clients requested most?
- Have your cross-selling efforts been successful?
- Are you serving your ideal client, and serving them well?
These questions can help you begin to polish your existing business model, ultimately contributing to refined in-house processes—and better value served.
2. Use Content to Your Advantage
Content marketing has emerged as an invaluable tool for building relationships with current customers and attracting new business. The right content can establish your practice as a trusted expert in the field, create awareness of your brand, and expand your reach. Content marketing involves the development and sharing of relevant, unique content that provides value to your target demographic. Create a cache of content that answers questions your audience may have, provides updates on tax-specific legislation, and offers easy-to-use tax guides.
3. Harness the Power of Social Media
Once you’ve got a steady flow of content ready for publishing, identify the social media channels that host your target demographic.Don’t spread your social media budget too thin; use content where it has the biggest reach. If most of your clients are on Facebook, funnel your efforts there—don’t waste valuable capital on Instagram posts that will generate few leads (if any at all). Social media can be a tough beast to tame at first; if you don’t have the time or know-how, consider hiring a social media marketing agency like Firebelly.
4. Build a Newsletter
If your practice doesn’t already produce a monthly newsletter, it’s time to start. Consider your motivations. Are you looking to educate clients? Are you using your newsletter to improve brand awareness? Perhaps you’re helping your team develop thought leadership in specific areas. Outlining your motivations can dictate content creation, indicate who you should share it with, and help you measure the success of your efforts. It’s also important to know your audience. Understanding who you’re targeting can help you write content that provides value. Once you have a demographic in mind, begin customizing content. If you can’t write your own articles, purchase content from vendors—but be sure to seek out content that you’re able to edit. Putting your own spin on well-researched content will help your practice establish itself as an authority in the industry, without sucking up a bulk of your work hours.
5. Embrace Cloud Technology
Modern accounting practices must embrace new technology. Cloud-based software can refine your in-house processes while offering better collaboration for your team and clients. Cloud capabilities allow your practice to solve client problems efficiently and quickly, while offering more convenience and flexibility to your team. Using professional tax online return filing with Intuit Tax Online means benefiting from automatic data transfer, client collaboration, and progress tracking. All of these features are integral to success in today’s tax practice. Using cloud-based software can streamline your workflow and help you deliver better information and business advice to clients.
Positioning your practice for success requires dedication and the right tools. Implement these strategies into your daily processes and keep an eye out for further ways to refine your business.