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How to find an efficient strategy to develop your accounting firm?

Welink Accountants

Welink Accountants

The recent digitalisation of the accounting field has transformed business as usual, but also client expectations. With the dematerialisation of accounting documents, it is now possible to choose any firm that's visible online, increasing the competitiveness of the field. Moreover, online platforms now offer the possibility to compare accounting firms based on customer experience. Therefore, it is essential to make your firm stand out from the competition and maintain your online image. 


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Summary : 


1. Develop yourself with current clients

2. Attract new customers 

3. Develop a niche strategy

4. Choose an adequate pricing strategy


1. Develop yourself with current clients


Adapting your practice to include personalised services to your clients is essential to build customer loyalty. 


To do so, it is essential that you understand your clients’ needs and expectations. You can create customer surveys to gather data on their consuming habits. By doing so you will be able to analyse quality information and align your current offers with their needs. This is also helpful to unveil services that you don’t currently offer. 


2. Attract new customers 

It is essential to assure a constant influx of new clients to compensate for those leaving your services, this can be due to business closures, clients unsatisfied with your services, etc.


If your firm has a blog, sharing your initiatives and business tips, writing articles around your enterprise and valorising your contacts may help you inform your clients about certain aspects of your jobs they weren’t aware of and perhaps entrust you with new missions. 


3. Develop a niche strategy


Another possibility to further develop your business is to try and reach specific niche markets. In a niche market, you will be addressing clients in need of tailored, multidisciplinary services who will for example seek assistance in the financial management of their company, etc.


To be able to propose such services, an accounting firm can either develop these skills internally by training its employees or by making use of its network of lawyers, bankers, insurers, notaries, real estate agents, etc. Accounting firms usually revolve around a rich business environment.  


4. Choose an adequate pricing strategy


Another strategy to remain competitive is your pricing strategy. The goal is to shortcut your competitors by proposing comparable services at a lower price. While this strategy can be effective it is important to work out the numbers to ensure the development of your business. To put into practice this strategy, you will need to outsource low value-added tasks such as data entry and bookkeeping and try to achieve savings of scale when possible. 

Choosing an adequate strategy for your accounting firm is essential to reach the right clients and develop your business’ reputation. Digitalisation has made it possible to use the services of professionals at a distance, your competition is no longer solely in your area. That is why it is essential to maintain your online presence to stay competitive.

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