Top tips for business growth in the accounting industry

In order to cultivate an accounting firm that stands the tests of time, remains adaptable and embraces sustainability, you must focus on consistently prioritising the growth of your business. Not only does this bring increased profitability and market competition, but it allows you to shift focus and rise to industry changes so that your firm remains diverse and innovative. 

The popular theory of business growth is laid out in 7 stages. Conception, start-up, early stage, growth, rapid growth, maturity and decline or more importantly, innovation. If your firm is in the latter stages of this timeline, this article will delve into how you can initiate processes that will see your business move out of maturity and into the next, exciting stage of innovation using strategies designed to enhance growth.

1. Retain clients to increase value

Your existing clients are one of your most valuable assets and integral to your overall business growth. According to Forbes, an increase in client retention by just 5% can lead to business growth between 25%-95% over time. By building strong client relationships, you can improve upon retention and provide them with a continual stream of value when choosing to work with your firm. 

Some ways you can improve client retention are:

• Schedule regular meetings to discuss feedback, their concerns, and their future goals so that you can strategise together to become a well functioning team
• Tailor your services to individual clients’ needs by communicating with them to understand how best to provide your services
• Customer service is key. Work with your staff to ensure that their soft skills are finely tuned so that they can provide an exceptional customer experience.
• Communicate proactively and provide educational services so that your client feels front of mind and is able to learn alongside you and your team

2. Prioritise lead generation and marketing to find new clients

Finding new clients can often be a challenge, especially if you’re looking to expand your outreach and grow your business. By investing in lead generation and marketing services, you can target demographics that would increase revenue and extend your market to a wider audience. 

You can utilise resources like social media marketing, Google ads, attending industry events to network with clients and colleagues within the accounting industry, work on your search engine optimisation (SEO), and build your network on Linkedin. Being able to follow up on your leads in a timely manner and with a personalised approach means that your firm will possess a tailored process to gaining new clients that can turn into loyal partnerships.

3. Create strong strategic partnerships

A great way to encourage business growth within your firm is to look outside of your sphere to outside avenues that are designed to help you build a strong business strategy. Some ways in which you can do this include:

• Build a network of referrals across your industry and your community that all work together to refer their services to each other and create a strong ‘word-of-mouth’ connection between clients. Some accountants have partnerships with solicitors, mortgage brokers, auditors and so on. Find the correct connections that would work best for your clients and your firm to ensure that your referral system is fully operational.
• Look to trusted companies who specialise in services you are needing additional assistance with. If you are looking to extend your services to draw in new clients but don’t have the staff to cover all of your bases, there are outsourcing options for compliance work that can assist. Perhaps you would like to include business advisory services as part of your repertoire and your staff is excited to be included in the new offering. You will have to make sure your existing services are working well to include this new service and there are outsourcing partners who can work with you to ensure your work is completed using your own individual, learned method.
• Encourage client referral rewards. When a client refers your services, you can offer them an incentive for doing so, strengthening not only your existing partnership but allowing for new clients to become aware of your services through a trusted source. 

4. Expand your services

One of the most powerful ways you can encourage growth within your firm is to offer new services and strive to be ahead of the curve. Business advisory services have taken to the forefront of the industry in recent years with many accounting firms offering a strategic element to their regular system. It’s no secret that embracing business advisory services will be the future of the accounting industry but there are other options that could add to your growth like:

• Cloud accounting and technology integrations such as AI, data analytics, and improving sensitive information protection using encryption and cybersecurity
• Blockchain and cryptocurrency consulting
• Financial wellness and employee benefits
• Carbon neutral advisory and sustainability within your workplace

The overarching message for encouraging business growth within your firm is to always be adapting to change and fostering open communication. Whether you’re retaining loyal clients, reaching out to those that are new, or creating a stronger bond with your strategic partnerships; the key is to communicate, remain open to change, and to take a step outside of your comfort zone in order to truly grow.