Are you an accounting firm looking to scale your business quickly? When you get into the market, you will notice that the competition to offer accounting services is very high. As a newcomer, you want to grow and establish your credibility fast.
Even amid stiff competition, there are strategies you can use to grow a name for yourself. Below are 3 proven ways to grow your accounting company:
1. Increase your capacity by outsourcing tasks
If you market yourself well, you will likely get many clients coming your way. Being that you are starting out and you do not have enough capacity, you may reach a point of getting overwhelmed with too much work.
In such cases, the worst thing you can do is to turn down jobs. You are likely to disappoint your clients and probably lose them for good.
Instead of throwing away potential clients, it is better to take on the jobs and find accounting outsourcing firms In UK to pass on the work to.
When you are looking for an accounting outsourcing firm, consider:
- The infrastructure that the firm has put in place to ensure data safety
That includes safe cloud systems and adhering to security policies. The firm should be ISO certified with regard to information security.
- The technology in use
Is the firm using the latest accounting software? The kind of technology in use can guarantee that the firm will provide quality work that meets industry standards.
Be sure to check that the firm is run by professionals who are knowledgeable about the accounting compliance issues in the UK.
- The speed with which the outsourcing firm can deliver the service
The first few jobs you outsource are likely to be slower as the firm is still learning about your company. Later, however, the turnaround times should be faster. Faster deliveries can increase profitability.
2. Value existing clients
Many businesses forget the value of current customers and focus on chasing new customers. Did you know that nurturing your existing customers can be the boost that your business needs?
One fact that you must always remember is that there is no business without loyal customers. These clients can draw others in through referrals, a free way to grow your business!
Maintaining loyalty is more than just doing the accounting math right. You should treat your customers like human beings and care for the things they care about.
According to a study conducted by The Rockefeller Corporation:
- 68% of customers will leave you because they believe you do not care for them
- 14% of clients will stop working with you because they are not happy about a certain aspect of your service.
- Competition is also a significant contributor to customer loss, standing at 9%.
As you can see from the numbers, people can stick around depending on how you treat them.
So, how should you behave around your clients?
Some of the things you can do are:
- Be friendly
- Stop ignoring clients
- Keep clients informed every step of the way
- Quit treating your clients as technicians. If they do not understand any aspect of your work, be ready to do some explanations. Clients do not care about your jargon. They want to know the facts for decision making!
According to The Journal of Accountancy, people will select your firm based on simple (yet ignored) aspects such as:
- Your interpersonal skills
- How much interest you show in the client
- Your willingness and patience when giving advice
- Your ability to explain difficult procedures in a way that a client can understand
Notice that the technical quality of your services or how affordable they are do not make the list!
3. Avoid toxic and unprofitable clients
As much as you are trying to win as many customers as possible, you cannot accept any client that comes your way. The first type of client you do not need is the unprofitable client. You can eliminate them by:
- Creating long-term goals for your firm. Start by writing down the scope of work you love to do.
- Defining the kind of client that can help you meet those goals.
- Having in place a professional statement that you can use to tell off clients that do not match your profile.
The second kind of client you should run away from is a toxic client. Toxic clients complain a lot, change accountants frequently, are rude, and make you stressed. When you dig further, you will find high employee turnover rates in their firms. Run away from such clients.
Not only will they waste your time and resources, they can also tarnish your reputation.
When you want to grow your accounting company, start by knowing your strengths. It is only then that you will attract the right clients.
Ensure that you vet your clients. Start by studying their background. Difficult clients can ruin your business and cause you serious health issues.
Whenever you have too much work on your plate, outsource to an accounting firm. Outsourcing is one of the best ways to grow your capacity.