Growth is essential for business success – something you probably tell your clients all the time. But how much thought have you given to growing your own business this year? Now is the perfect time to come up with a plan. Here are some smart tactics to help you grow your practice in 2019.
1. Rethink recruitment and training
When you’re looking to grow and expand your team, revisiting your recruitment and training processes can help you attract the right people for your firm. For example, you could start by being more proactive in recruiting talent. You might also want to invest in creating a positive work culture to inspire quality candidates. After all, a happier team is more likely to be more productive and deliver better business outcomes.
2. Automate, automate, automate
If you haven’t already, start automating your day-to-day processes like financial admin and client management with software such as QuickBooks Online Accountant. This can help make your day-to-day operations more efficient. Your marketing activities can also benefit from automation. Applications like Hootsuite or MailChimp, for example, can help you manage your social media accounts and email marketing campaigns.
3. Revisit your branding
A strong brand is just as important in the accounting game as it is in big business-to-consumer (B2C) markets. That’s why you should always make sure your firm’s branding is on point. Whether you need a full rebrand or just a refresh, it’s important to consider the full spectrum. This includes not only your logo, visuals, and marketing channels, but also your letterheads, business attire, and even your office interior. When it comes to branding, consistency is key. People are attracted to brands with personality, so don’t be afraid to inject a little character into your brand identity.
4. Strengthen client relationships
Long-term clients are an accounting firm’s bread and butter. They not only present an ongoing revenue stream, but are also very likely to recommended your services to others, which can help you grow your client base. To strengthen relationships with existing clients, you could make it your mission to get to know them better and implement a rewards system to make them feel appreciated throughout the year.
5. Review your fee structure
Nowadays, people expect their service providers to offer more choices that are customised to their needs. So, if you’re still only offering hourly rates, it might be time to re-evaluate your position. More and more accounting practices now turn to fixed or value-based billing, so clients know exactly what their money pays for. This kind of transparency and flexibility can often end up being the difference between potential clients choosing one provider over another.
By making growth a priority in 2019, you’re not only setting yourself up for the future, but you’re also putting yourself in a better position to advise clients looking to do the same.