Whether your current business is stagnating, or just getting off the ground, finding new business and expanding your client base isn’t always easy. The field of accounting is very competitive, and it’s imperative for new accountants to grow if they want to be able to survive. However, there are a few things that any firm, no matter the size, can do if they need to expand fast. But you have to be ready to do the footwork first. Here are some of the ways that you can grow your accountancy practice.
Make an Acquisition
One of the simplest things that you can do to grow your accounting firm is make an acquisition. Well, we shouldn’t say simple as you have to make sure that the firm that you end up buying doesn’t take valuable resources away from your current organisation. The additional overhead might also not be worth it.
You also have to make sure that you know how to value a practice properly and perform due diligence. While it’s your responsibility to do most of it, you can facilitate the process by working with an intermediary. Services like https://www.retiringaccountant.co.uk/, for instance, could connect you with hundreds of firms up for sale. This will improve the chances of you receiving a fair valuation, and make the verification process easier.
When self employed or company prospects are searching for clients, they might want someone who’s based locally, or someone who specialises in one sector. However, too many companies end up looking exactly the same when you look at their website. There’s absolutely nothing that differentiates them from other firms, and many end up getting overlooked for this reason.
This is why you have to make your specialisation clear from the get go when branding your business. You also have to make sure that your site and marketing material stands out from the rest if you really want to build a distinctive brand image. By all means, see what the norm is but think about the ways you can improve your marketing while still appearing
Build a Real Connection with Your Clients
Another thing you should do is build a solid connection with your clients, and make sure that it’s consistent. For instance, you can offer free regular meetings with them to discuss any issues that they may have. You can also create workshops or host seminars. Not only will you be able to retain their business, but they’ll be more likely to refer you to someone else too.
And, don’t forget all the opportunities the web offers. Create a blog and let customers know about any recent changes to tax codes or business finances. Some accountants have been creating YouTube and Instagram accounts in which they talk about basic accounting advice. These actions, when combined with marketing tools such as SEO or using a post-promotion service to buy Instagram likes, can increase one’s visibility on the web and build connections.
There are tons of things that you can do to expand your accounting practice’s client base, and they don’t necessarily have to cost an arm and a leg. Just make sure that you use as many methods as you can, and always be on the lookout for new ways to reach clients.