5 Ways to Make Accounting a Success For Your Business
Selling your fledgling accounting business is tough. It can mean success or failure for your business depending on whether you have a proper plan or system in place.
Not sure where to start? Here are five tips you can take note of if you want to make accounting successful for your business.
1. Establish a System and Workflow
Have a workflow system in place to increase your chances of success and keep employees accountable. Whether it is entering expenses, bookkeeping, payroll matters, invoice generating, or report writing, having distinct responsibilities for your team can help you keep track of all the important financial aspects. Most of all, it provides your employees with a defined scope of work and a reasonable set of targets that will help them succeed.
2. Focus on Client Pain Points
One common mistake made by accounting business owners is focusing on selling the product itself instead of its actual benefits; the “so-what?” factor of their business, so to speak. To become a trusted advisor on accounting, put yourself in your clients’ shoes. Consider what they are looking for when they are looking for in an accounting service. As you seek new clients and nurture existing ones, keep this in mind so that they will know what your business brings.
3. Provide Great Online Content
Content is also key to attracting new visitors and encouraging them to share your content and spread word about your business. Such content can include the following:
i) Team bios
ii) YouTube videos of your products and services
iii) Blog articles demonstrating your knowledge of accounting and other related topics
iv) Client testimonials and success stories
v) Social media posts on Facebook, Instagram, LinkedIn about your business and products
vi) Optimised website for easy searching and top display on search engines
vii) Guest blogs from partners, affiliates, or industry experts
viii) Radio or television interviews with local media outlets
A wide variety of quality online content can showcase your unique selling point, engage visitors, and improve searchability.
4. Constantly Prepare For Business Growth From Time to Time
Preparing for business growth involves not only a plan but also an honest and thorough assessment of your operational readiness. Check from time to time if you have enough talent in your team to support a broader “trusted advisor” role that may require more time to be dedicated to certain clients. Ensure your own cash flow can withstand the investment you need to make to sustain and grow your business. Ensure you have an actionable business plan in place to help you steer towards business growth.
5. Look for Opportunities to Upsell
Take your sales strategy to the next level with existing clients. Review your existing base and look for opportunities to make yourself indispensable. Find ways to grow your scope of work. In case you’re unable to make money in the short term, plan for a no-fee-based business development cycle and examine your client’s needs and goals. Your client may incur additional fees in the event they decide to tap into your services further, so ensure that you stress how you can save the company money over and above the fees you charge.
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