The new year always brings new trends, but in the accounting profession, many of the trends firms will face in 2017 are continuations from this year. Yet, there are some new things on the horizon that you should be thinking about, too.
In this industry, you often hear people share that firms spend between 2 and 4 percent of revenue on marketing. Well, what number is it exactly? And what is included in that calculation? These are important factors for a firm to properly benchmark how they stand in relation to the industry.
A few years ago, the Association for Accounting Marketing (AAM) partnered with the Hinge Research Institute to better figure that out. Firms were asked to submit their spending, as a percentage of revenue, in specific categories that it felt should be included in a budget. And they are conducting this survey again now to be released in 2017.
When it comes to strategically growing a CPA firm, there are three equally important components – marketing, business development support and product management. You can probably name the person(s) who are responsible for marketing in your organization. You know who is responsible for selling. But who owns the product management function? Most people can’t answer that question. Read more
What do top growth leaders do to enhance the sustainability of growth within a firm? While firms are seeing growth organically and through merger and acquisition, it is organic growth that is imperative to long-term success. If you understand what it takes to drive this growth, your firm can achieve year-over-year revenue increases. Read more
Does the thought of conducting a client satisfaction survey scare you? You aren’t alone. Many accountants are afraid of getting less than stellar reviews. But guess what? Your clients are giving you feedback whether you asked for it or not – and that feedback is available for all to see online. And there is nothing you can do to stop online sharing, nor should you want to. Read more
Planning produces better results
Your firm has come up with a growth goal. It may have stemmed from discussions around client attrition, charge hours and changes in your clients’ businesses. Your partners agree that a 7 percent goal sounds reasonable. So you drop that number into your budget without really looking at how that goal will be achieved. Now what? Read more
Does the concept of saying “no” to a prospect seem ridiculous to you? You are not alone. However, you will actually experience more growth and greater profitability while doing more rewarding work if you narrow your focus to a sub-segment of the buying population you can help best. Read more
You’re working to develop a culture within your firm that supports growth at every level. One where everyone understands what you are working toward and their role in the process. One where team members are encouraged and rewarded for putting the goals of the firm before personal ones.
This is a great goal that will produce benefits to your firm for decades to come. However, it won’t be easy. Chances are it will take a few years to make such a monumental shift. You will have many issues that you’ll need to address and things to implement. And you’ll need to make some tough decisions. If you are going to bet the growth leader your firm needs, focus on: Read more
You have a personal brand whether you’ve given any thought to it or not.
In simple terms, a brand is the benefits delivered to your customers. This expands to individuals, as well. Personal branding is about the talents and abilities you have and the way you act, and interact, with others. It’s how you approach the work you do and the people you encounter. Read more
Before you take a new product to market, you need to test it with potential buyers. Companies in many industries conduct beta tests using early adopters; they are just as important in the accounting industry.
An early adopter (a.k.a. guinea pig) is an early tester of a potential offering. In exchange for preferential pricing (often starting at free and increasing from there), your early adopter provides feedback on the offering. You’ll ask them to tell you what they liked, what they didn’t and what they would like to see different. This will allow you to refine your offering until you get it to a stage when you know others will buy it. Read more
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As growth consultants to the CPA industry, CPA Growth Guides assist accounting firms with all aspects of firm growth including strategic growth plans, niche marketing, market research, pipeline implementation, bringing new services to market and CMO outsourcing.
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