Five ways to grow your accountancy practice
Most accountants want to grow their practice.
It is the obvious way to build turnover, income and profits. It can let you take on more staff, become selective about the work you take on and increase your job satisfaction as well as your wealth.
But how can you grow your practice?
The simple answer is, of course, to bring in more clients – and as an accountant focused on expanding his or her practice, there are actually several ways to bring in the additional clients you need. Here are the top 5.
Advertising and marketing
Reaching new customers means first letting those customers know you exist. Conventional advertising – taking space in local newspapers and business magazines – can still work, but the world has moved on. If you are to reach a business audience these days, you will need digital advertising.
This will involve your own website, online advertising and probably social media. It is a complicated field, and while a DIY approach may be possible, it takes time and expertise – and investment to do properly. The best way to make the best use of those key assets is to call in a local marketing agency who can provide the necessary expertise. They should be able to develop a marketing campaign which should include KPIs of a set number of business enquiries – and do so at a set cost.
Look around your local business community. The chances are that there are digital marketing experts in your area with the expertise you need.
Recruiting talented individuals may sound like a major cost rather than a means of generating income. However, the right people, with experience and a strong client following could provide another way to help propel your practice forwards. Bringing in a partner who will bring clients with them could be a very effective way to build the client lists for your practice – and your profits, even if you will have to share them.
Are you looking to add a new service or revenue stream to your practice? Or are your clients turning to you for help to source business finance? Find out how becoming a funding partner with Rangewell can allow you to grow your practice
The world has gone digital, and accountancy firms that can embrace not just IT but now automation can offer improved efficiency. This will probably reduce costs and so boost your bottom line, but the benefits actually go much further. A more efficient digital service will mean less paperwork and delay for clients. Not only will you have extra capacity to take on more work – clients will have an extra reason to work with you.
Firms that can offer added value and additional services for their clients will have a competitive edge over their rivals. The business world is fast-paced and demanding, and being able to offer a full range of services to your clients means saving them time and trouble. So your clients will have more reasons to work with you – because you can act as a one-stop shop for their financial needs and save them valuable time.
Perhaps even more important, you will have a raft of additional services to offer, all of which can be chargeable.
There are two key partnerships to look at:
Working with an IFA
Business owners and would be entrepreneurs will invariably turn to their accountants when seeking financial planning advice. Naturally, you will do your best to help, but most accountants lack the expertise to provide this kind of service in-house. A partnership with an independent financial adviser through an introducer arrangement could provide the solution.
You probably have informal relationships with an IFA or two who you can recommend in these circumstances, but you are unlikely to receive much in return for your recommendation. By formalising the relationship and bringing an IFA into your practice you may both be able to benefit rather more. The IFA will be able to work with your existing clients to provide a broader range of services and regulated advice on topics such as reinvesting earnings and putting relevant cover in place. while you will benefit from the introductions they make for you with their existing clients – who may need audit or tax work.
Working with a funding partner
Clients may be attracted by your ability to deliver all-round support with their ongoing financial planning requirements if you bring in an IFA, but there is another area – and another partnership – that you need to consider if you are really to offer the all-round solution they need for their financial needs.
Every business needs to raise money from time to time. Whether it is a for investing in growth by bringing in new vehicles or machinery, buying their premises or simply finding answers to the needs of cashflow, having the right funding in place can make a big difference to their profitability.
At Rangewell, we specialise in business funding – and we are completely independent, which means that we can search the entire market to deliver the most appropriate – and the most competitive – funding for your clients needs.
By partnering with us, you can ensure that your clients have the funding they need.
Take your next step to growth now
Working with Rangewell is simple – we have a dedicated partnership team for you to call – and once you have, you can have our nationwide resources working to help you grow your practice.
Our service is free for both you and your clients. It can mean additional opportunities for revenue for your practice and valuable new services for your clients – and a chance for your practice to grow by offering a complete solution for the financial answers that your clients are looking for.