With the ever-evolving digital world, one fact is clear: firms which stand still move backward. As new models of business and working ways emerge, the need for innovation arises.
However, the transition is never smooth. Building an accounting firm which can adapt to changes with time can be daunting. With the latest innovations in technology, interactions with clients and touchpoints must be completely rewired. It needs new thinking and an entirely different approach.
Accounting firms provide a number of financial services such as compiling taxes, offering financial advice and helping clients negotiate mergers and expansions. While these services are important, accountants need to do some analysis to market themselves for a successful journey.
Below are the top three strategies for accounting firms to consider in order to boost their business practices.
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1. Separate Marketing from Business Development
Most accounting firms nowadays, understand the importance of business development for the success of their business. Many companies have started to act upon this by separating their marketing functions from business development. This is important because both marketing and business development need an entirely different mindset and set of skills to get the desired results.
While marketing is more about being found (online and offline), business development is about building and nurturing relationships with referrals sources, potential clients and strategic alliances. Marketing efforts alone sometimes do not reap the desired results, and therefore they must be supported by business development. Most accounting firms ignore this part.
It is believed that in the coming years, many accounting firms will shift from traditional marketing approach to a more marketing-business development approach to achieve success.
2. Networking is the Key to Success
In a professional world, it’s not important what you know, but who you know. Networking is a crucial part to emerge as a successful accounting firm. It involves various platforms like Twitter and LinkedIn to help you provide a competitive advantage.
According to a research, 94% of B2B buyers perform online research before buying anything. According to Greg LaFollette, strategic advisor at CPA.com, this trend will continue to rise in the coming years.
One of the easy ways to begin is through regular networking. As you connect with more people, the more they would know about your business, and it will be easier for you to foster professional relationships and expand your business.
3. Leveraging the Right Technology
Just as it has an impact on every other industry, technology continues to make significant transformations in the accounting sector. One of the factors that differentiate successful accounting firms from others is their willingness to invest in the latest technology such as cloud and tools to make sure that their clients get the best possible services.
For example, QuickBooks on cloud offers numerous advantages for accounting firms. Cloud hosting providers offer you with 24*7*365 customer support which means that the support team is at your beck and call.
Technology, today, is changing at an exponential rate. If your firm isn’t updated, you would not have the capabilities you need for a successful accounting firm. With cloud accounting solutions, you’re always updated with changes as they roll out.
Firms need to embrace the right technology for their requirements, understand the role of social media platforms and get web-savvy, because the present generation of clients search for accounting services online and on different social media platforms.
Various accounting trends have indicated that clients have made necessary changes when looking for professional accounting services, which made firms to embrace new approaches to their marketing strategies.
The growth of your firm depends entirely on the steps you take forward to maintain a competitive edge in your sector. It is, therefore, recommended to use the above business strategies more than often to stay on top of the competition.