Is yours an outstanding accounting practice?
Do you want to stand out as an accounting* practice? Most want to dominate, to be the “go-to” practice of choice, but it's not as easy as one may think!
This is why it is time to look at what can be done to improve your chances of success. Here are some of the most important tips you should apply when it's time to stand out.
* Accounting practice, law firm or other professional service
1) Build a powerful brand
You want to start by building an authoritative profile in the market. In a concerted, focused and comprehensive way
Look at some of the finest practices in the world and you'll recognise them by their name. This doesn't happen by accident. It's done on purpose to make sure clients are aware of the brand's profile in the market and years of meaningful experience. This is something clients want to see and it's something you want to aim for.
Look into building a powerful brand making sure things work out as intended.
To build a brand, start by marketing the business on social media and create an up-to-date website (no more than 2 years old) that’s optimised for the search engines. This will start to spread the word about your practice.
2) Find a niche market
Do you have a niche within accounting?
You will often see accounting practices offering generalised services and these don't cut it. Too many practices run along these lines and that leads to a shallow pool of potential clients.
Instead, you have to think about finding a niche with the help of market research. A niche can be something like accounting for medical professionals or accounting for athletes.
You want to find a way to stand out and dominate those prospective clients because they will want someone that's aware of their industry. In fact, some of the most successful accounting practices only work with athletes, celebrities, doctors, or specific business types. It's all about cornering a market and becoming the leading name in that niche.
3) Create a competitive advantage
This is one of the key tips you want to think about when it comes to running an accounting practice. You need to have a competitive advantage to make people want to come to you over others.
A competitive advantage has to be something that is different from everyone else in the area. For example, you may want to have a 24-hour turnaround for all clients and that can put you ahead of those who take months to get things done. If you are able to act as a time-efficient service, clients will gravitate towards you.
The trick is, to promote one or more attributes of your firm that competitors lack or are not making a point of having, that prospects care about. Now this may well be having a newsletter and/or a blog that provides free accounting/financial/business advice, is just the ticket!
“Fair share” final thoughts
For those accounting firms looking to stand out from the competition, to gain more than your “fair share”, you'll want to incorporate these tips into your accounting practice. The market is full of accountants looking to make do with basic skills and that's simply not enough to woo clients. They won't know who to choose and that is going to reduce your opportunity to do well!
So, make sure to differentiate yourself from the rest immediately!
Specialisation the key to:
- Differentiating your firm from competitors
- Attracting more than your “fair share” of new clients!