Given the economic upheaval caused by the C-19 lockdown, many accounting firms and their clients are faced with an unprecedented challenge with many of them coping with just survival. This could be you too.
In this scenario as in the case of basic existence, survival depends on adapting. This is evident with many firms shifting their focus to value-based advisory services, which in turn translates to longer, deeper client relationships. So if you are planning to do something similar, this is possible only by reinforcing existing relationships and fostering new ones, instilling confidence, as people want to deal with partners and firm managers who know their stuff.
Following are some tips that may be helpful for your accounting firm to keep growing even after a pandemic;
- Re-evaluation and re-alignment of goals
- Determine which specialties are worth promoting given the knowledge of an accounting firm’s existing client base as well as its ability to identify who’s worth pursuing.
- Rearranging the fees structure thereby not eliminating opportunities. Perhaps create a reasonable, value-based package that better suits a client.
- Create a new plan of attack.
- Effective utilization of one’s team’s expertise by being aware of who does what specifically, their individual strengths and where unique experience lends itself to tackling specific issues.
- Becoming an expert on one’s resources such as with cyber-security is more important than ever before with increased phishing and malware threats. This is because advocating the use of best-in-industry tools can show one’s leads and clients how serious the firm is about protecting their sensitive data.
- Implementing of new strategies.
- Word of mouth remains a firm’s most powerful marketing tool with leads trusting a personal recommendation over an advertisement. Given that, now’s the time to lean into driving leads through referrals.
