5 smart strategies to grow your business
CPACharge – Business Perspective
| December 2022/January 2023 Footnote
Editor's note: Updated November 29, 2022
It’s time to think about growing your business, but where to start? From self-help books to friends and family, it can be tough to wade through the seemingly never-ending sea of good-intentioned advice. From increasing revenue to enhancing client experience, we’ve got five strategies to help you achieve your business growth goals.
Set goals and build your plan
Stay on track by thinking about the big picture and creating a clear, but flexible, plan.
- Define the ultimate destination: Build your strategy based on your long-term goals and what success looks like for your business.
- Break into regular checkpoints: Establish a roadmap that includes incremental steps to help you achieve your vision for your practice. Use SMART (Specific, Measurable, Achievable, Relevant and Time-Bound) goals to develop actionable steps.
- Review, reevaluate and refine: Continuously monitor your firm’s performance and focus on developing and adjusting strategies toward your ultimate destination.
Pull in the right people
From your staff to your clients, strong businesses are built on having the right people in the correct seats.
- Find the right staff: Build a team that complements your strengths and shortcomings as a leader.
- Find the right clients: Find what sets your accounting firm apart from competitors and focus on how you can be the accounting firm that fits the needs of a specific subgroup.
- Find the right partners: Partner with other companies, through networking, to provide a holistic solution for potential clients and create a cross-promotion network.
Gain (and keep) client trust
Increase client retention and attract new customers with established processes that build customer trust.
- User experience: Create a positive experience for your clients. Consider how website readability, a smooth onboarding process and consistent communication can enhance the client experience.
- Payments: Provide payment solutions that let your clients pay invoices using a debit card, credit card, or eCheck, or through a buy now, pay later system.
- Protecting your clients’ information security: Protect your clients’ sensitive information with password management, PCI compliance, network configuration, safeguarding different types of data and more.
Position yourself as an expert in your field
Increase your credibility with current and prospective clients by sharing your unique perspective about accounting trends and services.
- Research demographics in your area: Understand the wants and needs of potential clients in your area through market research. Use this information to tailor your offerings.
- Speak directly to your clients: Communicate with current and potential clients directly through online platforms like your website, blogs and social media. Showcase your business and share niche knowledge and trends.
- Become a thought leader: Thought leadership is original ideas or takes on a specific topic or industry. Critically examine your products and services with the latest information.
Take advantage of technology
It can be difficult to discern the right time to adopt new technologies. If you wait too long to adopt current technologies, it may actually stunt growth in the long run.
- Build a solid project management foundation: Use accounting practice management software to boost productivity and keep both yourself and your team organized.
- Productize your services: Investigate how your current accounting services can be packaged and sold as a recurring subscription.
- Use automation to your advantage: Consider using practice management and automated billing software and creating a new-client onboarding checklist.
Growing your business can feel daunting and overwhelming, but by focusing on areas of weakness and keeping abreast of new trends and technologies, you can put your business on a path to exponential growth.
Discover how CPACharge can help you continue to grow your business at cpacharge.com/mncpa
Emiley Parker, Brand Manager
Phone: 844-352-4705 | Web: www.cpacharge.com/mncpa