Three Ways Small Firms are Driving Growth
Growth is a hot topic for CPA firms of all sizes. While the differences between small and large firms seem a bit like the differences between David and Goliath, small firms are incredibly nimble and can often move at a faster pace than larger firms.
From recent conversations with smaller firms, I’ve uncovered three unique ways smaller firms are setting themselves apart from their competitors and gaining significant market share. In each and every case, putting clients’ needs first and foremost is what is driving their success. No matter you firm size, these trends can help you grow, too.
- Culture Matters
Smaller firms strategically build the culture they want early on and reinforce it in everything they do. According to MiddletonRaines+Zapta (MRZ), culture is one of the major contributors of their growth. Part of that culture is the importance of innovation and the fact that it’s okay to fail. They are on the cutting edge of digital marketing and have developed a client service model unlike other firms. This all combines to create a winning business model.
- Specialization Provides an Advantage
Specialization has been a hot topic in our industry for many, many years now. Yet, there are still too many firms that operate as generalists. Smaller firms that embrace specialization are seeing rapid growth. Bohlmann Accounting Group knows what it does and that’s international tax. They have a culturally diverse team to service clients and are keeping a finger on the pulse of what these clients need and may soon have a new service offering to sell.
- Packaging Services Brings New Clients
Asking a prospect to pick the services they need from a long list is confusing. People often don’t know everything they need. That’s where it helps to package and sell them a group of services that relate to their business. New Vision CPA Group has its new clients start with their Small Business Accounting & Tax Package so they clearly know what they are getting. To improve the service delivered, the firm utilizes cutting-edge cloud solutions.
As you look to grow your firm, don’t miss starting with a solid strategy. Focus on your competitive differentiators and have a plan. Growth shouldn’t be left to chance.
This is a summary of an article, Trends Driving Small Firm Growth, written for CPA Magazine.
About Lauren Clemmer
Lauren Clemmer is the Executive Director for the Association for Accounting Marketing. Prior to becoming the director, Lauren was an active member, participating in the Membership Satisfaction committee and then as co-chair of Virtual Education which includes AAM High Webinars and Virtual Campfires. In her role as executive director, Lauren works with the with the board president, the executive committee and the board of directors to drive AAM’s vision and strategic plan. Her responsibilities include the general administration of all AAM business, managing vendor and partner relationships, enhancing member engagement and loyalty, and serving as the voice of membership. Lauren gives back to her community as a member of the Women’s Board for the Boy and Girls Clubs of Cleveland.
Welcome to CPA Growth Trends — your source for information, insights, tools and best practices to drive growth within an accounting firm.
with Danielle Reynolds, Business Development, Manager with Whitley Penn
A business developer’s day involves a myriad of activities from external meetings with business owners and referral partners to scoping calls for initial client connections.