Offering accounting services to companies is one of the businesses you can start with little capital but grow to a large firm. You can be the best professional accounting services provider in your city or state and steadily grow into a global firm.
Understand the basics of growing an accounting practice, and develop a strategic plan. For example, start with one main service line, and then expand your operations – offer financial or management accounting for a start. Here are more ways to grow the business.
1. Understand Your Target Market Accounting Needs
As you will realize, accounting needs vary from one industry to another. You might want to specialize in a particular industry’s needs by gaining the necessary skills and experience that will enable you to offer quality accounting services. Knowing which accounting services are in demand will enable you to invest accordingly. This way, you can target firms that hire accountants with your skill set and stand a better chance of winning contracts.
As the demand for your services grows, you’ll have to invest more resources to keep your clients satisfied. When you can’t handle the entire workload alone, look for suitable talent and work out a remuneration plan. As the company grows, you’ll want to keep on updating your employees’ knowledge.
If you’re targeting the oil and gas industry, check out https://www.copas.org/ for in-person courses, live webinars, APA programs, and private group training suitable for startups and established businesses. As you invest in your workforce, they’ll offer clients quality services making your business grow faster.
2. Focus on Delivering Value
Your main goal is to add value to your clients’ businesses by helping them make smart financial decisions. The effort will make you stand out compared to other firms that offer cookie-cutter accounting services and products.
For example, suppose your client is considering a merger or acquisition deal. In that case, you can use this information to create an action plan aimed at minimizing tax liabilities for the next five years. Whatever your specialty is, always remember that financial decisions are critical for a business’s growth.
You should also help your clients grow their business, even in a recessionary period where companies are scaling back investments. Make sure that you develop strong business relationships with your clients and offer them reliable support.
3. Build a Strong Team
As you start growing an accounting firm from one to over 20 employees, you should ask yourself two questions. First, how do you recruit the right talent? Second, what type of employees do you need to run the business smoothly?
You’ll also need to look for the required soft skills that will enable the company to offer more than just basic accounting solutions. With answers to these questions, you’ll be better prepared to make the best hiring decisions.
There are many recruiting tools available online today; for example, LinkedIn is a great way to find potential employees. Remember that while you should offer competitive salaries and benefits, an incentive plan will attract the best minds in the industry.
Having a solid and highly motivated team will help you achieve your goals faster. Also, note that it takes time for accountants to be acquainted with clients’ accounting needs. For best results, hire employees who are familiar with your work. This way, you’ll grow your business fast without wasting time on training recruits.
For specific accounting tasks, you’ll need highly skilled workers and management staff. Ensure there is always someone in charge of analysts and junior accountants making sure they’re doing their work correctly. Additionally, supervise your team to keep them in check and ensure clients’ accounting needs are met on time. Growing a team spirit makes it easier to handle tasks.
4. Network More
Networking is still an effective way to build business contacts and grow your clientele. Attend networking events hosted by industry associations such as the American Institute of CPAs or state societies for CPAs. Not only will you be able to meet potential clients, but you’ll also find it easier to hire people who fit your company’s culture and values.
Also, attend your clients’ events. You’ll meet and build relationships with your clients’ industry influencers making it easier to attract more business. You never know where and when you’ll meet your next client.
5. Get Out of Your Comfort Zone
Don’t be afraid to push yourself out of your comfort zone, as this could lead to new income sources. If you’ve been focusing on one industry all along, don’t be afraid to branch out. Study other potential markets and slowly penetrate. Your success in offering excellent services in one sector should give you the confidence to try other markets.
One way of doing this is to find professionals connected to your clients’ businesses. For instance, when offering services to oil refiners, reach out to their clients. You can also ask your clients to leave a positive word that enables you to attract more clients. More to this, request them to refer their business partners. It also makes things easier when you have mentors.
Another way to improve operations is to offer specialized services to your clients. If one of your clients is expanding their business overseas and needs accounting services tailored to international standards, consider training your staff on the differences between U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards).
6. Invest in Technology
Keep up with technological advancements in the field, enabling you to do things more efficiently. Investing in the latest accounting software will not only improve the quality of service but also increase productivity. For example, cloud computing enables you to access your financial ledger whenever and wherever you are. You’ll also reduce errors and require fewer employees and resources. Technology will also allow you to widen your clientele range and even venture abroad. You’ll be able to offer customized services and deliver faster results to clients.
Additionally, technology advancements will enable you to create an online presence by having a website, blog, or video channel. Further, take advantage of social media for your marketing needs.
Try to go beyond what your clients expect from you. Don’t be afraid to take risks, as this will help expand your business while staying ahead of the competition. Most importantly, keep on improving your skills and follow the steps of accounting leaders, enabling you to learn more and make fewer mistakes.