To retain clients and attract new ones, accounting firms must occasionally add new services or improve existing ones just like any other business. However, it isn’t always easy to see opportunities to expand your accounting firm by adding client services. If you feel ready to expand but stuck on what to offer, we hope the tips below will be helpful to you.
Understand What Makes Your Accounting Firm Successful and Where It Could Improve
You can’t expand client services or improve your firm’s offerings when you don’t really know where it stands with clients. This requires you to get into a growth mindset rather than becoming complacent with the stability of the accounting industry. Start by looking at your current offerings to determine what your company does especially well and what brings in the most revenue. You will obviously want to keep these client services and try to make them even better than they are right now.
Although it might initially feel painful, don’t overlook the importance of sizing up problems that could be preventing your accounting firm from reaching its own financial goals. For example, perhaps you can’t find the most well-qualified staff or your employees must work with outdated equipment. When you resolve to tackle these issues, the satisfaction level of both clients and employees improve.
Increase Your Emphasis on Marketing
You and your staff are excellent at preparing tax returns, helping small business owners create budgets and related tasks in the financial services industry. Since not everyone can excel in every area, you may not focus as much on marketing as you should to grow your business. Capital Business Strategies can provide you with additional marketing tips, or you may want to consider hiring a marketing professional who has plenty of experience working with clients in the accounting field.
How Well Do You Understand Your Clients’ Challenges?
Most accountants understand that managing cash flow well is a leading concern among small business owners. Unfortunately, they may not have a good understanding of other major reasons why business clients seek accounting help in the first place. According to a 2019 research study conducted by Accounting Today, other top concerns include profitability not where it should be, losing a big client, need for more capital, and a large debt load. Don’t hesitate to ask your clients their main concerns and then develop services to resolve them.
Add Value to Your Accounting Firm with These Services
The following are two client services that can help you win more business. If you already offer these services, find out how you could do better.
- Help clients prepare to complete bank loan applications: It’s a rare small business that can operate without outside financing, especially as a new company. With the stringent loan requirements of most banks, you would be providing your clients with a valuable service by offering to assist them with pulling together paperwork and understanding the steps involved in applying for a bank loan.
- Business and succession planning: Small business owners depend on accountants and other experts to help them create plans that result in a successful business venture. Clients who need financing must have a written business plan, so why not offer this service from the start? Working with clients at the other end of the spectrum who are ready to sell their companies is another valuable service you can offer.
We’re Here to Help You Help Your Clients
Serving your clients well means a healthy bottom line for your accounting firm. For more tips on improving client services and profitability, request a consultation from Capital Business Strategies today.