Successful Accounting Firm Growth Strategies | How Firms are Evolving
Embracing change has a direct effect on a firm’s ability to meet the demands of the market. Here are some of the successful strategies leading industry consultants have seen implemented that have positively affected accounting firm growth and how marketers are playing a role in influencing change.
Successful Strategies for Accounting Firm Growth
• Value Pricing: Many firms are still reluctant to make the shift toward value pricing, said Bonnie Buol Ruszczyk, founder and owner of BBR Companies. However, Ruszczyk believes value pricing is a powerful tool for gaining trust, noting that business owners appreciate the upfront transparency.
• Staffing and Capacity Restraints: Sarah Dobek, founder, and president of Inovautus Consulting, recommends firms evaluate their processes and make strategic staffing adjustments for greater productivity, such as changing the way more straightforward tasks are staffed and executed. She also asks her clients to assess their client base and determine “who they want to be serving.” She notes many firms habitually serve long-time clients merely because they have been doing it forever — and often charge less than they should.
• Innovation: Dobek says the idea of “being innovative” is often misconstrued. Although she points to things such as chatbots and automation tools as vital to a firm’s growth strategy, she believes people often mistake innovation for a new funky idea or flashy design: “it’s about finding the root cause of issues, going deeper in an industry, realigning practice segments and being bold enough to know who you want to work with.”
• Shift to Advisory: Successful firms are not shying away from the shift toward advisory services. Angie Grissom, president of The Rainmaker Companies, recommends firms invest in training and preparing current and future leaders to act as the best advisors to clients. Donna Erbs, chief marketing officer at Andersen CPA (and a client of Grissom’s), has embraced the trend of non-traditional professionals and has started hiring entire teams of specialized consultants rather than CPAs.
Marketing’s Role in Implementing Successful Strategies
There is a universal consensus that marketers are playing an increasingly crucial role in influencing and implementing change. Firms are embracing marketing as a strategic part of the business rather than a cost, Ruszczyk said, adding that she sees marketers becoming increasingly valuable in their firm’s growth strategies, particularly in areas such as mergers and acquisitions, HR and recruitment, where strategic communication is key.
Read the full article to gain more insight into successful strategies you can implement for growth at your accounting firm.
Members: read more starting on page 8 of Volume 9 • Issue 3
Non-Members: learn more and subscribe
About Becca Sensiba
Becca Sensiba is the Owner, Content Creator, and Freelance Writer at Ink Craft. Ink Craft creates custom content that builds trust, strengthens brands and drives revenue. Every word your audience reads is an opportunity for a conversation, and great content has the ability to spark a dialogue with your target market and build a relationship with your audience.
Welcome to CPA Growth Trends — your source for information, insights, tools and best practices to drive growth within an accounting firm.
with Dan Hood, Accounting Today
The Intersection of Marketing and HR for Accounting Firms Strategic Planning for the Future, Observations, and Advice -w- Dan Hood, Accounting Today