Your accountancy practice is up and running. You have clearly defined services, you’ve acquired a healthy number of clients, and this is bringing in a nice profit overall. However, this isn’t enough. You want to grow and improve your accounting business.
There’s no harm in that mindset. Every company has the ambition to generate more customers and revenue, with the aim to become a bigger player in their chosen industry. There is just one question: How can you successfully improve your accountancy practice? Below are five steps you need to take.
Step 1: Provide additional services
One of the most effective ways to improve your accountancy practice is by offering additional services. When you have a greater collection of services, this opens up the possibility of acquiring more clients. For instance, certain customers could be on the hunt for services you do not currently offer. Add these to your roster, and suddenly this makes you a viable choice for said customers.
It’s not just about potential clients, either. You can incorporate additional services that can be used by your existing customer base. Upselling or providing an added-value service is always recommended when done correctly. However, what if you don’t have the in-house resources to incorporate additional services? This is where outsourcing can be beneficial.
Say you want to supply invoice finance brokerage services as added value for your clients. This is possible when working with FundInvoice (fundinvoice.co.uk). Provided at no cost to your business, you can then advertise this service to customers. This gives your clients a larger pool of finance providers to choose from while you don’t have to do any extra work at your end. It’s a win-win for everyone involved.
Step 2: Automate when possible
Business automation has gained a lot of traction in recent years, and for good reason. When used correctly, automation can improve efficiency, reduce human error, and speed up processes. Importantly, it can also free up a lot of time for you and your employees to focus on more pressing tasks for your accountancy firm.
There are various tasks that can be automated successfully. Data collection is one of the most popular options, as is maintaining records and completing bill payments (always important for any accountant!). Due to the evolution of AI technology, communication is another process that more and more companies are automating. Whether it is with emails or trained AI chatbots, it is possible for clients to communicate with your business successfully – even if they’re not talking to a real person.
Step 3: Use a referral programme
You know how much work is required to acquire new clients. Well, how about letting others do that work on your company’s behalf? If customers are happy with the services they are receiving from your accountancy firm, it’s likely they will be ready to convince others about your business, especially if they receive something in return for doing so.
That can be achieved with a referral programme. When someone helps your business sign up a new client, they can get something in return. This could be anything from a commission fee to a free month of services from your practice. By offering an incentive, people are more likely to promote your accountancy firm to others.
Step 4: Attract top talent
Yes, this is easier said than done. Nevertheless, growing your accountancy practice requires top talent. You can’t do all of the work on your own, particularly when you are trying to improve operations.
When attracting the best talent, you need to offer an enticing package for employees. Yet this isn’t simply providing a large pay packet. You must think about additional benefits your workers can enjoy. These benefits can range from company away days to training for career development. Even just small benefits – like free refreshments – can make a difference to morale and employee satisfaction.
Step 5: Take your marketing up a level
You are already running marketing campaigns for your accountancy practice. However, are you doing as much as you can in this area? You’re not being truthful if you are answering ‘Yes’. Ultimately, every business – no matter how big or small – can do more from an advertising perspective.
While pushing your marketing efforts up another level requires adequate investment, this should be worth the outlay when done correctly. Think about areas you’re not fully utilising to attract new clients. This could be search engine optimisation (SEO), social media, paid ads, and so on. It’s also not only about digital marketing. Traditional promotional techniques can also be advantageous, particularly when you are targeting a local audience.
Coming across as an expert in the field of accountancy is also a great marketing tactic. There are various ways this can be done, including with blog posts, YouTube videos, and podcasts. The more detailed and authoritative this content is, the more you can position yourself as an industry leader.
