Business Development of Accounting Practice

accounts outsourcing

Accounting firms around the world have been making efforts to embrace the technology which shall create an impact in the industry going forward.

Marketing for accounting firms begins with understanding. You can’t market your services to potential clients unless you know their needs and requirements. Needs and requirements can be assimilated through consultative selling.

This doesn’t mean you must become an expert in their field. You don’t have to be an engineer to understand the accounting needs of an engineering firm. But the more you understand the issues they face, the better your marketing will be.

So learn about your target market and the companies that operate within it. This will give you the edge over firms that assume every business is the same.

Accounting used to be a stable profession. When a business hired an accountant, that partnership tended to last. Changing to a different firm was expensive and complex.

To some extent that’s still true today. No doubt many of your clients have been with you for years. But it’s getting easier for businesses to shop around. New technology means that moving to a new accountant isn’t as hard as it once was. This is opening up the market and improving customer choice.

But to win new clients you need to know about marketing.

Create a marketing

A plan will help keep you focused, and it should tie in with your business plan. That’s because successful marketing will help you achieve your business goals. The marketing plan should include.

  • Your USP (unique selling point)
    What sets you apart from other firms? Why should prospects hire you instead of your competitors?
  • SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis
    Know what you’re good at, and where there’s scope for improvement. Be aware of business risks and opportunities.
  • Business targets
    Draw up a list of the most suitable potential clients. Start with local ones, then work outward.
  • Services to be marketed – Accounts, Bookkeeping, Tax Preparation
    Which of your firm’s services are the most profitable? Which ones are likely to be of interest to prospects? Which are the easiest to sell?
  • Realistic goals and time frames
    What are you aiming to achieve? How long should it take you to reach your goals? How will you measure your progress?
  • Marketing tactics
    Put together a schedule of the actions you’ll take to reach your goals. Marketing new ideas to your clients in their line of business shall also help them build trust on you in the capacity of accountant and in capacity of the organisation.
  • When selling to a client, try to do consultative selling. Consultative selling helps not to direct sell about your services but in fact shall help you to build trust but asking the relevant questions about their pain points. Thereby creating trust with your potential client.

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