The economy today is a genuinely global one in every sense. CPA firms extend their reach and hire teams across geographies, thus accessing a large talent pool. On the other hand, technology has made knowledge sharing and connecting more natural than ever.
This, however, also means that CPA firms can enter the market more efficiently, which ramps up the competition. For your CPA firm to survive and thrive despite the competition, you need to make sure these six markers are in place.
1) A solid client base
Today, it’s not just about doing the job for your clients. It’s about providing them with a customer experience that makes them come back to you time and again. From creating loyalty programs for existing clients to organizing customer engagement drives to acquire new ones, it is vital that you project your business as one that provides its customers with far more than just accounting services.
2) A specific niche
Different types of businesses offer different types of accounting services. So, you may wish to specialize in a particular niche so that you can provide tailored services at higher prices. Alternatively, if your team features accountants with different types of expertise, you could set yourself up as a general accounting firm and broaden your base that way.
3) Focus on creating new solutions
The only way for a business to thrive in a constantly changing world is by changing with it. Create new and innovative solutions to problems so that clients have a reason to pick you first. In this context, it’s imperative to stay abreast of the latest developments in technology so that you can integrate new tools and software into your operations wherever they could add value.
4) Optimizing costs
When you’re running a small business, you have to think about costs every day, from rent and maintenance to salaries and marketing budgets. It is crucial that you plan and cut unnecessary costs wherever possible so that you don’t get caught up with balancing your books. For instance, if you need new computers for your office, you could take advantage of seasonal discounts and buy them in bulk.
5) Outsourcing where needed
There may be certain functions that aren’t an area of expertise for your business or which are not as profitable for your business as other activities.
In that case, it makes sense for you to outsource them to freelancers, interns, or other small firms. For instance, you could hire someone to file all your non-critical documents instead of doing it yourself – that way, you have more time to spend on profit-making activities.
6 ) A smart marketing strategy
Marketing has become indispensable in today’s world. You need to plan every step so that you generate maximum engagement and get the maximum number of conversions at the lowest possible cost.
If you need help with your marketing, such as content writing or with managing different social media accounts, you can consider hiring a digital marketing expert. A well-planned marketing strategy will help you promote your brand in the right way.
Over to you
Outsourcing various accounting functions like bookkeeping, payroll and taxation can free you up for offering high margin jobs such as consulting and advising. If you are hesitant to outsource, call us on 1-800-310-9312 or email us at email@example.com for a free consultation.
Alternatively, our team can meet you at XeroCon San Diego 2019. If you are attending the event, book a meeting with us. Speak to you soon!