Is It Time For Your Firm to Consider Expanding?February 13, 2019
Is achieving greater accounting firm growth in 2019 one of your goals for the year?
How do you know that firm is ready to expand? And, if you’ve determined that you are, how do you go about doing so? Here are some tips.
Signs That Your Firm Is Ready for Growth
While all situations are unique, here are some common signs that indicate that your firm may be ready to pursue expansion:
- You have a solid client base – A significant portion of your clients are loyal and steady. They pay their fees on time and are satisfied with their service—they’re not going anywhere.
- Your practice is running smoothly – Your firm enjoys a healthy cash flow and you have no trouble making payroll each pay period. Your employee turnover rate is relatively low, your team works successfully together, and you are able to successfully manage any difficult or delicate situations that have arisen.
- You’ve noticed a desire for additional services – Perhaps your clients have mentioned areas in which they would like additional guidance or help. Or maybe the prospects you’ve been communicating with have indicated a demand for a type of service you don’t currently offer.
- Your employees are ready to take on more – You benefit from a team of professionals who are eager to learn new things and take on new challenges. They are excited at the thought of branching out and exploring new veins of business. Your team is committed to the long-term health and success of the firm.
Achieving Accounting Firm Growth in 2019
Once you’ve determined that it’s time to grow your firm, you must decide on your strategy for doing so. We suggest that you place your focus in one—or both—of the following areas: gaining new clients and adding new services.
1. Gaining New Clients
There are a number of methods for adding new clients to your firm. To a certain extent, the strategy you choose depends upon the characteristics of your particular firm, services, and location. However, here are some great general starting points:
- Research the demographics of your area to discover if a particular population group, such as young professionals or retiring couples, is on the rise. Choose a focus demographic and target your marketing efforts in that direction.
- Reach out to your top clients. Let them know that you’re accepting new clients and value their recommendations. Perhaps consider offering a monetary incentive for referrals, such as a services discount.
- Seek some good PR. Getting your firm’s name out in public via a positive news story or prominent sponsorship can lead to new veins of business.
2. Adding New Services
In addition to adding new clients, you can grow your firm by expanding the services you offer (and the two often go hand in hand). There are too many service options available to list them all, but here are some tips for honing in on a good fit for your firm:
- Consult with your clients. You might already have a mental list of services that clients have requested in the past. If not, consider sending out a survey or simply reaching out to clients individually to learn how you could serve them better.
- Don’t forget to ask your team! Perhaps there are one or more areas where your professionals have been itching to learn more and start offering services. Or maybe they even have the know-how already and just need the opportunity to put their skills to use.
- Do some research. Look into the business growth trends in your particular area. If you see a particular industry starting to blossom, consider developing a niche expertise in that area. This is a great way to differentiate yourself from your competition.
ABLE supports its users in their efforts to achieve accounting firm growth in 2019. Find out how this CRM for CPAs can enhance your relationship building efforts, help you manage your ever-growing pipeline, and more. Schedule your no-obligations demo today.