Accounting firms new and old can benefit from concentrating on one kind of business that they’re very good at but the trick is to discover which kind of business that is. The accountants that work with you might be incredibly diverse or they might be prominent in one area such as working for entertainment companies, medical practices, sports personalities, small business startups, or corporate accounting. Your project management software for accountants will help you track the business you’re doing and give you an idea of what kind of business you’re best at so you can build your firm and bring in clients that you know you can work with easily.
Finding Your Niche
New accounting firms may find it easier to find a niche because they haven’t discovered what they’re best at yet. The accountants that work there aren’t trained on any specific kind of services and you’ll be able to mold them to the niche you choose.
Track the progress of your accountants and see what kind of business is coming in on a regular basis. Repeat business is what will build your firm and for that you need accountants who can always satisfy the client. If they are well versed in the type of service being provided, this will always be easy.
As you learn about the best business for your firm to do, use your project management software for accountants to include memos and notes about each client, making sure that communication is always smooth regarding the client.
Use graphs and data reports to see who is bringing in the most repeat business for each service. The top accountants can train the others to become experts in your chosen niche.
Often, the way your firm goes is not exactly the way you think it will go. Don’t force the subject of what kind of business you want to do. See what your accountants are good at and what you’re good at before you make a decision about what niche you should fill in the accounting scene.
When you choose a niche that for which your firm will concentrate, this means that it’s the kind of accounting your firm is best at, not the only kind of service you can provide. Tell your clients where you specialize but don’t be afraid to think outside the box every one in awhile.
Your project management software for accountants can help you here as you’ll be able to see if there are any accountants who are able to provide other services prominently. This gives you a way to bring in other clients besides the ones you usually do business with.
Don’t go crazy with diversification and don’t forget your specialty. When you have a niche, you’ll advertise in that service but tell your clients that you also offer others.
Use word of mouth to advertise about the other services you offer besides your specialty. If you get flashy about the extras, your clients may be confused about what you’re offering.
A niche provides a great way to encourage some friendly competition in the office. When you have a specialty, you can turn it into a theme and give your employees something to aspire to within that theme.
Use your project management software for accountants to track competitions and post progress in a prominent place for everyone to see.
Include encouragement in memos before meetings with clients to give accountants a little push and a vote of confidence during their interactions.
Don’t discourage those who come in last but instead offer them extra help or let those who do well help teach them.
Your project management software for accountants gives you all the tools you need to be able to build your firm within your specialty while also diversifying without straying too far and causing confusion. Use the reports and client management features to keep everyone on track, including yourself, and reassure everyone involved that the specialty you practice is the one you should stick with down the road. With these tools, you’ll be able to keep on building and give your clients everything they need, every time.