AML Conference Online: Preview
The Institute of Financial Accountants is hosting the inaugural AML Conference Online on 21 May. The one-day virtual...
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SPONSORED: The first year or so of running an accounting firm is the toughest, so first of all: congratulations! You’ve successfully met your milestones and created something you can call your own.
But what do you need to do next to turn your practice into a trailblazer? How do you get your firm to the next step?
Well, there are a few things you can start doing right away, so let’s jump right in.
When starting out on their own, accountants tend to accept business from whoever they can get through their doors. That’s totally understandable, given the need to build a client base as quickly as possible.
But in the long run, serving as many people as possible may prove unsustainable for your firm, as certain clients might actually be costing your business more time and money than others.
Your first goal should therefore be to identify and attract customers who are similar to your best clients — the ones who are the most profitable, loyal and easiest to work with. That way, you’ll be able to charge your worth and put yourself on the path towards real growth.
The accounting market is saturated. Consumers have endless options when it comes to who manages their books and accounts, so you need to give them a reason to pick you over everyone else. How do you do that? With a strong brand.
Branding is simply how you present yourself to the public, which means that even if you haven’t paid much attention to yours, you still have one. Think of it as the front cover of your business — while we all say we don’t judge a book by its cover, many of us actually do!
So, what message does your brand send to prospective clients at the moment? Does it help you stand out from the crowd? Or could it actually be harming your image?
To build a strong brand, here’s what you need to do:
Once you’ve developed and improved your brand, it’s time to share your hard work with the world and attract the attention of the clients you want through marketing and networking. Referrals can go a long way, but are they really enough?
Here are some steps you can take to effectively market your accounting firm:
In a world where digital marketing is the craze, don’t forget to show your face in public — attending industry events to meet potential customers will put your face to your firm, making it far more memorable and trustworthy. Plus, you’ll be doing something not enough accountants do, marking you out from the crowd!
In the last year or so, you’ve probably built on and refined your working systems to work as efficiently as possible — but did you invest in technology to help you do that? If not, now’s the time to do so, or you risk only ever working to a fraction of your potential.
A digital transformation could benefit you in multiple ways. Below are just a few:
The best part of technology in the accounting industry is that almost anything that you think of — tax, accounts production, bookkeeping, payroll, company secretarial, and even getting paid — can be automated.
Want to learn more about how technology can help your accounting firm during the next stage of your journey? Book a free Capium trial.
Satinder Lala is Head of Marketing at Capium.