Top 10 ways to expand your accounting firm or business

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Top 10 ways to expand your accounting firm or business
  • Vidit Agarwal
  • Jan 04, 2021

To expand your business successfully, you'll need an effective strategy for developing and growing your firm's brand, but that's not the only brand worth investing in. Consider how people view your accounting firm or business as a firm’s leader. Ask yourself the following questions:

  1. Are you aware of who knowsabout your company —your peers, your team, and your clients and how they perceive you?
  2. Is everyone aware of only a bit of who you are?

Every company today requires a virtual presence. As a business owner, you have the opportunity to tie your personal brand to the brand of your company in order to push your business ahead. If you haven't already begun focusing on developing your personal brand, now would be the time.

What are the 10 ways to expand your accounting firm or business?

  1. Keep loyal to your existing clients - Revenue growth does not emerge solely as a result of new clients. Indeed, leading accounting firms generate between 25% and 40% of new revenue only from cross-selling to existing customers.That is why your firm's primary focus should be on establishing client relationships and fostering firm loyalty.

    To benefit from cross-sell and upsell opportunities, professional service firms must develop a deeper and wider relationship with their clients. That is when everything happens best, when they are interested in the client's business beyond finance.

  2. Establish a Collaborative Environment - Relationships are critical to the growth of any business. Therefore, encourage collaboration between your sales and business development teams and the sharing of relationship knowledge. They may discover a mutual connection that enables them to gain access to a prospective business.

    "Creating a collaborative and enabling environment will go a long way toward assisting businesses in breaking down relationship barriers that exist across departments, regions, and organisational levels.

  3. Participate in Strategic Events - Nothing replaces face-to-face communication for business development, which makes industry events ideal for meeting new prospects, obtaining referrals, and creating partnerships.

    Prior to selecting the events and conferences to attend, analyse the list of speakers, sponsors, and attendees to determine if any of them are suitable prospects. Based on your results, attend the events that have the greatest potential for your accounting company and bring the important members of your business development team so that they can interact with their target prospects and clients. A single event could result in the generation of many new leads for yourbusiness.

  4. Increase your social media presence — It is critical to avoid being intimidated by social media. However, you can simplify things by realising that you do not have to be everywhere. Concentrate on one or two platforms where your target audience gathers.

    Bear in mind that people connect with other people, so be diligent about connecting your company people with the new clients in a real way. Don't forget to consider your own boundaries and the extent to which you are willing to provide personal information about yourself.The key to social media success is constant interaction; posting or sharing information on a consistent basis, and sticking to it—don't expect results overnight.

  5. Enhance your Linkedln profile - When considering your online personal brand, the first place to start is with your LinkedIn page. LinkedIn launched in 2003 and has grown to become one of the top professional networking sites on the internet.Use this tool to establish new connections, expand your network, and share high-quality content.You can share your contents on LinkedIn in the following ways:
    1. By writing brief blog posts.
    2. By writing articles.
    3. By including videos, photos, and infographics in your posts.
    4. By using LinkedIn stories.
    5. Hosting a live stream.

    It's vital to recognise that you don't need to create only high-quality content to increase your LinkedIn presence—you can also grow your LinkedIn profile by connecting with the larger community. This includes commenting on, reacting to, and spreading the material of other individuals (or brands).

  6. Publish your blogs - This is an excellent method to connect with others who are looking for knowledge in your area of expertise.Additionally, blogging can connect you with many clients who are looking for services in your area of expertise.A scriptwriter may help bridge the gap between your expertise and your audience.
  7. Write for prominent industry websites — Consider writing a guest article for a prominent industry websites.By doing so, you'll be able to broaden your audience, share your expertise, and promote your accounting firm.
  8. Create informational videos – Creating video content does not have to be costly or time-consuming. Concentrate on the content you wish to deliver; it must be relevant to your audience and meaningful to you. You can record videos on the trending and latest topics and share them with your clients or over social media platforms.
  9. Organize your own webinars - Another possibility is to create and host your own webinars. While videos can be created and broadcast with an eye toward longevity, a webinar can focus on seasonal topics and go much deeper into subjects such as the latest tax legislation or regulatory developments.And why not include a Q&A session at the conclusion to further elaborate on what you've discussed?As with live events, these sessions can be recorded and made available to individuals who were unable to attend the live webinar.
  10. Manage your online reputation and reviews — Before hiring an electrician or plumber, you've almost certainly conducted an online search andread customer reviews. Google, Facebook, Twitter, Instagramare frequently the first places prospective clients go to learn more about your business and how your clients rate your service.

    While you can request positive reviews and ratings from your top clients, it is the negative reviews from dissatisfied clients that can have a significant impact on your brand reputation.

The above-mentioned tips will assist your business in overcoming disruption, outperforming the competition, and growing your accounting firm’s revenue simultaneously.