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Three Ways To Scale Your Accounting Firm

Three Ways To Scale Your Accounting Firm

Posted by  on 07 August, 2019   5 minute read

We live in a world where we communicate with people more online than offline.

Business is outsourcing their services; Social media is validation to one’s happening existence, and the phone is our medium to express and communicate our thoughts and feelings.

With a dynamic online platform, you no longer have a choice to sit in your 10*10 office and think clients will come to me, everyone knows I am the best!!

No.. You have to get up and look online what accountants, bookkeepers are doing. What is your competitor up to? You need to do all of this because that’s exactly what your audience is doing.

If your accounting firm does not have an online strategy in place, then you are way behind in the race! Till date, accountants rely heavily on referrals as an effective medium to gain clients and get repeat business

So how do you build an active “referral” network? Well, here are three prime things you should be focusing on to establish a strong base.

1) Define Your Niche

Write down your Niche. My boss always used to say “Sharpen your Axe before you start cutting”. These words have stayed with me forever. The first step to growing anything is to know what is it you are offering that will attract your client. 

Every brand is business, but not all businesses are brand. The Big 4 made a name by innovating and focusing on what the competitors did not offer.

This could be offering better prices, faster service, advanced technology and more. This all, with an excellent set of people to work around these parameters. Your team is what will help hold a firm grip on your clients 

Your friendly team.

If you still don’t know what your niche is, ask your clients why they keep coming back to you? You can use this to strengthen your marketing strategy.

2) You are what you share 

Social media is your key to offer more personalized services, and it’s an overrated referral super crucial to accounting and bookkeeping firms. It’s a fantastic platform to keep your clients engaged and aware throughout the year.

Hearing from you once in a while, seeing what your firm is up to, and experiencing these in-person just adds more credibility to your business. If you get your social media right, your client will keep coming back to you.

Otherwise, it’s just what they say “Out of sight, out of mind.”

This also does not mean you share any content. There is a lot of content out there on social media as well as blogs. However, it is advisable to share content that is valuable to your clients.

You can start by picking one platform at a time. With the expertise and niche you have, it does not take much time to share a useful tip on bookkeeping or share an interesting article on outsourcing accounting services using your Twitter or LinkedIn.

You can also track your marketing activities and figure out what’s working for you and what’s not.

If your content is rich and valuable, you will have people come looking for you for accounting services.

3) Outsource your accounting/bookkeeping services

 When you are growing your business and have just started, what is more, important is to get new clients, build rapport and network. These days, you can approach anyone though you never had access to them in the past.

Social media makes everyone so accessible and eventually helps you build great connection and possible client prospect.

This is what will get you business eventually

Hence to grow your business, it is vital for you to give complete attention to your clients. Weekly meetings and frequent telephonic chats help in building faith. Take their feedback, implement new changes do whatever needed to make them happy with your work.

If you chose an outsourcing partner, they would help you free most of your time while you can focus on client servicing.

Also, when you hire an accountant, it’s expensive. You also have to invest a lot of time and money on the onboarding process, training them on the job and abide other recruitment costs, give paid leave and perks/aids and more.

However, if you outsource, you don’t have to go through all this hassle. You get access to train and skilled-staff at quite an affordable rate. You pay only for the work you get from them.

Don't worry; there's more to this. Next time I ll tell you 'what' services you can outsource to scale your firm's operations and profitability.

Until then, Keep Growing!