In order to grow your accounting firm and diversify your income, you need to be strategic about the services you offer. Many accountants get pigeonholed as tax specialists but there is so much more your accounting firm can do to help and grow small businesses. Here’s how you can diversify your accounting firm and improve your client success.
What services can I offer?
It’s important that your firm changes the perceptions of accountants in the marketplace. Instead of visiting you only once-a-year, small business owners need to view their accountants as strategic advisors who are key contributors to their small business success.
In addition to common tasks such as tax returns and tax advice, accountants can provide financial advice, helping with long-term strategy and planning.
Other key services and functions you may not have thought of include offering virtual CFO assistance. This could be particularly useful for startups or smaller businesses who don’t have a full-time CFO on staff. Your firm could also focus on business consulting, and offer more advisory services to small businesses who are looking to enter their next phase of growth.
Upskill your staff
Before you can sell yourself as an expert or leader, you may need to take the time to upskill. Give your staff the opportunity to gain new skills and learn from industry experts, so they can grow their confidence and ultimately, their knowledge.
Regularly offer the chance for learning and development and focus on the key areas where you want your accounting firm to grow. Team up with other leaders in your industry and learn how they’ve been able to diversify their businesses.
Find the right clients
Once you move to expand the services within your firm, you then need to find the right clients. Before you look outside your firm, look within. Many of your existing clients may be interested in your services, but are simply unaware they exist.
Start by advertising your services to existing clients where you see fit. Listen to their pain points and try to understand where they need the most help. You could also use email marketing or website marketing to try and position your firm as a leader in these particular areas.
If you’re looking to grow and advance your accounting firm, you need to embrace technology. Change is inevitable but you can make it work for you. Find technology advances that will help your staff save time, it could be automation or cloud software.
The more knowledgeable you are in the area of technology, the more you’ll also be able to help your clients who may be struggling to run their business and books efficiently.