01 Feb 5 ways to differentiate your accounting firm
The good news for accounting firms is that opportunities in their industry always stay abundant. This is because any business, large or small, needs an accountant’s expertise in the language of business to maintain their financial health. On the other hand, this means that since the pie is large and there’s money to be made in this field, many identical players enter to compete for their piece of the pie.
That’s why every accounting firm needs to build their competitive advantage through a definitive differentiation strategy. Here are 5 ways you can achieve that:
Do your research about prospective clients
In the business of services, where the market is already cluttered with prospects being bombarded with sales pitches, don’t go in a meeting with a lead with an empty sales pitch. Do your research about the specific pain points of your lead and ask the right questions to show you can customize your service to fit their business needs. Find out what the competition is and is not offering to your prospects and identify the added benefits you bring to the table.
Don’t just be smart, be efficient
For any business owner that is your client, time is money. They want an accounting firm that delivers on time and efficiently. This allows them to effectively manage their finances and identify business opportunities at the right moment. As an accounting firm, work towards making your work processes simple and efficient so they can recognize your unique value when it comes to time management.
Embrace Technology & Automation
Innovative technology in the form of accounting software, project management tools, applications for documentation etc. all help improve your productivity and efficacy. Train your team to become tech savvy. If they build expertise around accounting automation and applications more than an average accountant or bookkeeper in the market, their work product will be distinctive and higher in value than others.
Build long-term relationships
Staying in touch with your clients, meeting them in person and understanding their pain points and solving their business issues will help you create a strong bond with them. Let your ability to empathize and connect with prospects be what sets you apart from all others in the industry.
The deeper the connection of your professional relationship, the less likely they are to leave you for another firm. A long-term relation also increases the likelihood of you receiving referrals from your loyal clients and selling other services to them. Remember, acquiring customers can be more expensive than retaining existing ones.
Build digital presence
Build authority among your clients and potential clients and show them that your expertise outshines others’. Post blogs, publish white papers, participate on relevant forums and share tips and tricks that may benefit your audience (clients and potential clients).
The more you differentiate your value proposition, the bigger market share you will receive. You’ll then need to increase your capacity to serve your new clients.
CONTACT US when you’re ready to grow your accounting team.