Achieving 10X is a dream for many CPA & accounting firms and most of them struggle to find the right pathway to accomplish their dream growth.
Achieving 10x growth is not a tough grind, one just needs a proper strategy and a mind to execute that strategy. One must identify their achievable targets before setting the Next Year 10X growth strategies for CPA & accounting firms.
The targets for 10X growth should be on certain achievable and countable metrics. Prepare an objective view, and keep an eye on the firm’s KPIs.
Another important point to add here is to communicate your growing accounting practice to your team.
Here we have enlisted a few points, which can be implemented in the CPA & accounting firms to achieve 10X growth next year.
1. Technology and Automation
One-third of the tasks performed by employees can be automated and can reduce manual and repetitive tasks. This will increase the productivity of the employees as they can contribute more to other tasks.
Data collection, updates, etc are some of the tasks firms can look out for automation. As per an automation report by Smartsheet, 40 per cent of the employees spend their time on repetitive tasks.
Accounting firms need to move on from traditional practices to technological advancements. Some key areas to emphasize from the technological aspects are Cloud email, document management, CRM, Taskforce management, Cloud accounting, Business management, Client communication, etc.
2. Innovate, Adapt, Improvise
A key strategy to growth is to always keep looking for new verticals for growth. Check what other CPA and Accounting firms are offering. Adapt the new changes in the market and broaden the area of improvisation.
Innovate new ways or what unique you as a CPA and accounting firm can offer clients. Innovate more areas where a firm can expertise.
As per We work, innovation in business means implementation of new processes, ideas, services, or products with the objective of strengthening the bottom line of the firm.
Innovation in accounting and CPA firms could be launching new and improved products or services, making a current methodology more efficient, or solving a recent business problem.
Look out for new segments to expand the client base. Do some market research and innovate new service lines, expand the offerings to the clients.
To understand if the generated idea of is beneficial for the firm or not, put forth some simple questions. Will this idea generate revenue, is this what our clients want, and most important can this be purchased.
3. Manage workforce
Managing the current workforce and keeping them updated with the latest changes in the accounting industry is an essential point to focus on.
With next year’s 10X growth strategies for CPA & accounting firms, one needs to upskill their current workforce and manage them smartly.
Regular performance evaluation, etc can be constructive for the firms. Conducting workshops or staff training can help increase productivity.
Another aspect of this is hiring, a point often ignored as a growth strategy for accounting firms. While adding a new talent pool to firms, be selective.
Implement staffing alternatives for CPA & EA firms. Remote working, outsourcing partners, and freelancing portals are considered a growing accounting practice.
Remote working and freelancing, both have witnessed a boom after the pandemic. This is beneficial for CPA & Accounting companies, as it lessens the operational costs and are easily manageable.
Outsourcing partners is another cost effective accounting outsourcing services. It means, employing an external party to perform certain tasks which was earlier performed in-house.
4. Digital Marketing
This is a digital era, and accounting firms need to put themselves on the digital map.
Digital marketing is the need of the hour and CPA and accounting firms cannot turn a blind eye to this.
Create a website, or if there is already one, then it’s time to revamp it. Engage in meaningful marketing activities which will add credibility to the firm.
Invest in content marketing and Search Engine Optimization. The more often people will see a particular firm in their search history the more they will know about you. Build authority by conducting free webinars to attract more clients.
While chalking out the growth strategy for accounting firms do not forget to consider the feedback of previous or existing clients.
Reach out to them to understand the scope of improvement. If a client gives an average rating then contact them to learn the loopholes in the services, and communicate the same to the team as well.
Here is how an accounting and CPA firm can deal with the feedback or ratings received by clients using three client feedback scenarios, as mentioned on AccountingToday.
- If a client rates the firm 6 or below, then reach out to them personally. Ask them what went wrong, and get the issue resolved as soon as possible. Make sure no other client face the similar issue. Do not forget to tell the client about the status of their issue and then ask to rate the firm again.
- If a client gives a midrange rating of 7-8, then ask them about the area of improvement. If these midrange feedbacks are coming from top tier clients, then contact them to what more we can offer to get a 10.
- If the client gives a rating of 10, then simply thank them and ask for a google review.
Planning and achieving next year 10X growth strategies for CPA & accounting firms is not a tough row to hoe. Proper planning, implementation or certain strategies in a good order will foster growth for your accounting or CPA firm.
Technology, innovation and adaption runs hands in hand. They have the capability to lead the accounting firm to the next stage. Management of workforce, and feedback are the pillars of strength to the company and 10X growth will look more achievable when these two are inline. Digital marketing is the pressing priority to grow the firm.