For any accountant, one of the most challenging aspects of your business is likely to stem from scalability. Like any other business, the sheer number of competition can mean that the concept of taking things a step further may seem daunting. However, the art of growing your accountancy firm isn’t something that you should fear; instead you should embrace the challenge, and look towards the rewards of scaling up.
What can you do, then, to try and make more intelligent calls with regards to taking your accountancy business that step further?
One of the most common mistakes in accountancy is not paying attention to the clients you already have. Accountancy is unique in that if you do a good job, you are more or less guaranteed to hear from that person again.
With the help of referrals, which you should be asking for all the time for happy clients, you can get more from what you already have. Rather than having to run expensive promotional drives or lose some of your unique appeal to find more clients, speak to your current clients. They’ll be sure to know other business owners you can help out!
By the same token, you should look to start closely investigating the present market that you operate within. Most accountants always try and go to find new customers in ne industries. Instead of trying to be someone for everyone, make yourself a specialist accountant for certain industries. This will make it much easier to establish yourself as a trustworthy accountancy business that has a genuine speciality.
Look to try and convince customers to invest more in your services than they already have. It’s easier to convince someone to invest in your speciality firm when they already pay for other services you offer. Getting someone to make that first purchase is much tougher. So, don’t be so overly ambitious with your aims and dreams of expansion.
If you want to make life easier, then you should look to use what you already have and build upon that first. It’s easy to go and chase something new, but you can easily look to improve upon what you already have. With increased specialization and providing more incentive and value to your present customers, you can build upon what is often a very challenging experience to have.
A touch of extra penetration and specialization goes a long way.
Once you have forged a future for yourself built on the above, it is time to expand. Over time, you will need to expand into new streets, cities, towns and even nations. It might be hard as an accountant, but when you have maximized what you already have to offer from one location, it’s time to expand to a new level elsewhere.
You can make your services available elsewhere without too much of a challenge, in truth. Once you start to form a reputation in your first port of call, you can very quickly start tapping into new areas. Remember, you don’t 100% need to have an office to make this work. Instead, you could merely make a location-specific website and handle all of your clients virtually; many accountants operate like this.
The aim of your job is to provide a timely service; clients may find it easier to just send you all of the needed data digitally. While your competition may be put off by the idea of not having a grandiose office block in every city they wish to operate in, you can capitalize on a world that is more open-minded to the concept of online accountancy.
Any business that is serious about growth, especially an accountant, has to be in strong financial health. If you need to expand just to try and stay afloat, then more fundamental changes are needed first and foremost. To begin with, you should look to try and reduce the costs that it takes to run your accountancy firm.
This can be quite tough to do, of course, but it is by no means impossible. You should look to try and reduce costs by moving into more streamlined solutions. From outsourcing specific company needs as-needed to making sure that you use cost-effective online marketing strategies primarily, make solutions exist which you can very easily capitalize on if you are willing to do so.
Don’t think about going through the challenge of expansion if you don’ have your finances in order, though. Your business should only be ready to grow when you outgrow what you already have. If you are struggling to make ends meet in the location that you are already in, then you might find it harder to succeed if you expand.
If you choose to expand, make sure you get your own books in order first and foremost!
The worst thing that you can do, though, is try and implement every idea that we just suggested to you at once. This is likely to cause you stress as you try and do too much at once. Just as you would recommend your client to look at things one problem at a time, the same can be said for trying to build up your own business.
The challenges of being an accountant are obvious, and you should take the time to evaluate each problem closely beforehand. If you choose to work slowly on each problem piece-by-piece, then you are much more likely to be happy with the end result. Trying to change too much can leave your business unrecognizable and reduce the loyalty that customers had in you before. If they feel like you are changing too much, they’ll go elsewhere.
With this in mind, then, you should look to implement the above ideas slowly but safely. Take it slow and evaluate every part of the project as you go. The more research that you can do with regards to developing your accountancy business, the less mistakes you’ll make en route to becoming a major firm.