HOW TO SURPASS
5 COMMON ACCOUNTING FIRM GROWTH BARRIERS?
INTRODUCTION
Growth is significant for every individual, firm, and business. It is valid for accounting firms as well. Several standard practices can be adopted to achieve success. According to researches, irrespective of the size, location, or specialization accounting practices have dentical barriers.
TOP 5 BARRIERS
ACQUIRING NEW CLIENTS Client acquisition does not necessarily mean a large number of clients but the right clients. The right clientele will ensure professionalism, profits, and loyalty which is irrefutably a major key for success. Pleasant clients provide interesting and fulfilling work.
SELECTING THE RIGHT TECHNOLOGY FOR YOUR TEAM It is important to adapt to changes quickly in any firm. You need to be always looking forward to innovations for the integrated and overall growth of the firm, or you may find your firm lacking behind.
ENSURING YOUR FIRM CAN HANDLE GROWTH
Ironically, most of the accounting firms have identified handling growth as a barrier. Every accounting firm must learn the ability to scale as it grows in the client base with time. It is important to attend all your clients so that none of them feel neglected. It is equally important to ensure that your firm does not forget the traits that brought you success.
TALENT ACQUISITION Human resources are ultimately the most prominent contributors to the success of any firm. Hiring is a tedious and costly process; if done wrong, can negatively affect the productivity, profit, and growth of the firm. Whereas, the right staff will be positive and motivated, sharing the firm’s workload.
ON-BOARDING CLIENTS SEAMLESSLY The on-boarding process is crucial as it sets the platform for a future client and accountant relation. A long, confusing, and complicated process can be an overwhelming first experience that will affect the future.
HOW TO SURPASS Now that we have looked at some of the common growth barriers for accounting firms, it is time to learn the possible ways to overcome these setbacks.
ACQUIRING NEW CLIENTS
KNOW YOUR CLIENTS INSIDE-OUT
It is important to learn about your existing and future clients. Learning their behavior, wants, needs, and habits give you insight into your target clients. HARNESS POWER OF SOCIAL MEDIA Social media is a cost-effective way for exposure, building an image, attracting and interacting with target clients. Through social media, you can learn about the challenges faced by clients and offer assistance, eventually building a client base.
SELECTING THE RIGHT TECHNOLOGY CHOOSE ADD-ON WISELY ON YOUR EXISTING SYSTEM
PEER STUDY
If you are tech-savvy, you can bring in-house IT solution to develop a suitable app. Else you can make a list of all the processes in your firm and look around for technological solution for an integrated app. Clients’ needs should be given priority. The best way to find out the apps that are worthy is by seeking knowledge within the peer group. Relevant social sites or simply meeting another practitioner will give you an insight over the latest technological benefits.
ENSURING YOUR FIRM CAN HANDLE GROWTH FOLLOW STRUCTURE PRACTICE LIKE A BUSINESS For smooth operation of your firm, you can break down your staff into different functions (On-boarding, Marketing, Sales) and designations (CEOs, Managers).This allows greater focus and clarity of duties and responsibilities in the firm. OUTSOURCING A firm can outsource its’ activities and focus on the core function. Outsourcing helps achieve accurate and professional assistance. Outsourcing minimizes the workload.
TALENT ACQUISITION HIRE THE ATTITUDE, TRAIN THE SKILL You should remember skill sets of a person can be upgraded but not their attitude. You should hire people with a positive attitude. But before that, it is imperative to identify the important components and culture of your firm. MILLENNIAL WORKFORCE Millennial is the future. Thus it is vital to understand things from their point of view. You must change the work culture by following what the new generation is looking for in the workplace. New perspectives can bring in a lot of energy, positiveness, motivation, and growth in any firm.
AUTOMATE PROCESS
ON-BOARDING CLIENTS
On-boarding can be made quick and simple by using technology. You can maintain records and keep track of the progress of all the staff. ASK PROGRESSIVELY It is better to ask and receive information and documents in a progressive and logical order. It will also be helpful to explain why any information or document is needed for mutual understanding and building trust.
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