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2024 Growth Strategies for Your Accounting Firm

Morgan Hines
Posted by Morgan Hines on Dec 27, 2023 3:22:01 PM

To succeed in the accounting industry, you have to achieve sustained growth. Why? 

Growth represents a healthy and thriving company to clients and employees alike. It keeps people invested in their journey with you. 

On the other hand, stagnation worries people. They start to question whether you're still the best choice for them. 

To grow, you must stay ahead of the trends and understand what modern firms of all sizes are doing to see success. In this article, we’ll cover some of the areas you should focus on to promote continued growth in your business. 

Staying Ahead of Accounting Firm Trends

Staying ahead doesn't mean investing in every new idea out there. Instead, it’s about being informed and alert.

You're watching new business and financial products and client preferences as they evolve. Because of this, you learn the patterns, spot the game-changers, and understand what smart trend investments look like. You identify opportunities sooner, which delivers a competitive advantage. Instead of wasting time or money trying to play catch-up because you were late to the party, you're generating ROI before everyone else catches on.

Most importantly, you're positioning yourself to take advantage of the next trend if you judge it as worthwhile.

Areas to Focus on for Accounting Firm Growth

You have limited time and plenty of different directions you could take to grow your business. So, where should you look for trends that will significantly impact your firm's growth?

Here are some good places to start.

Services Offerings

To grow, you must continue offering the value-added and niche-specific services your current and future clients want.

Given the emergence of better and more user-friendly accounting software, most firms are pivoting to advisory services. They allow firms to address customer pain points better and let your real talent for gleaning financial insights shine.

Shifting to this focus requires a more proactive, comprehensive approach. You need strategies to maintain open lines of communication, provide secure ways to upload documents, and automate client and CPA reminders.

This lets your staff stay focused on delivering the most value.

Client Relationship Management

Existing clients must feel valued to attract more like them. They don't want to be just another client and don't want to wait 24 hours or more for their CPA to answer a question.

For this reason, many firms are investing in customer relationship management (CRM) software with a centralized inbox.

This allows a team to answer questions accurately and timely because they can see all the client's communications in the CRM.

Talent Development and Retention

By investing in training to support professional development, you are increasing your firm's capabilities and helping individuals feel appreciated and dedicated to client success. Don’t take your team members for granted.

Continue to evaluate compensation rates and match or exceed them to provide competitive offerings and benefits. When you're actively growing your firm, that money will return to you many times.

It's one of the many ways you create a positive work environment and show your team members how valued they are.

Strategic Marketing and Branding

A solid online presence is vital to growth. If people can't find you when they're looking, they choose your competitors. Did you know...?

  • 75% check out service providers on social media before choosing them. They expect to see you here.
  • 97% read online reviews before buying anything.
  • 72% of people use Google to find local businesses. 

Your website and the online brand you build around communicate your commitment to your clients, your employees, and your community. Showcase successes and build trust.

Whether your ideal audience is business owners or high net-worth individuals, you can run targeted campaigns (paid and organic) to connect with these prospects where they are online.

Technology Advancements

Integrate advanced accounting software to streamline workflow processes, increase accuracy, and reduce errors. They take away the repetitive, mind-numbing tasks and increase productivity and quality, and support your firm's reputation for being a modern, up-to-date firm.

So, evaluate any task that someone is doing over and over at any level. Ask if business software can automate it. 

Setting up and automating reporting is another great way to increase efficiency and modernize your firm. This allows you to leverage real-time data for strategic decision-making across the firm—marketing, finance, customer care, and operations. All things clients and employees can appreciate.

Take Your Accounting Firm to the Next Level in 2024

Firms that stay on top of trends see the opportunities. They know when it's time to invest in their future and which direction will lead them to the best results.

As you tackle various growth stages, focus on areas like:

  • Service offerings
  • Client relationship management
  • Talent development and retention
  • Strategic marketing and branding
  • Technology advancements

Are you ready to see a top accounting trend in action? Click here.

Topics: Practice Growth


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