Your accounting idea has turned into a profitable small business? Well, congratulations!
But to scale up and transform into a big accounting firm, you will have to use the right growth strategies. The journey to get listed among the Fortune Top 100 might seem like a smooth, linear path when you think of it, but it is never going to be easy in reality.
However, if you have the right team and strategies, it wouldn’t be that hard to reach the level where you will be earning billions of dollars in revenue.
Let’s understand some growth-strategies that’ll help your small accounting business to convert to enterprise level:
1. Know Your Worth
The first step towards building an ideal growth strategy is articulating a compelling value proposition for your business. In simple terms, the value proposition explains how your small business can effectively meet or exceed the client expectations, and how is it better than the alternatives in the market.
Moreover, having a Venture Capital for your startup isn’t a prerequisite, but it is often a common denominator among some successful startups. Engaging with the right investors and forming strategic partnerships can turn your million-dollar valuations to million-dollar in revenue.
2. Build Your Brand
Building your brand name in the early stages of your accounting business is hard work. It is essential to establish trust within your existing clients and engage with them in order to make a positive brand image.
Moreover, you can improve your business alliances by partnering with trusted accountants, bookkeepers, and CPAs in the industry. Extend your reach by making a lasting impression on the right people in accounting conferences, seminars, and events that take place around the country.
3. Diversify Your Market
In order to grow your accounting business, you must not be limited to only one location. Gain access to an entirely new market and clientele by opening your business at multiple locations or going online.
Just like opening multiple locations, diversifying the range of products and services that you have to offer also helps in catering to a wider audience. But don’t be too opportunistic that you lose your mind from your top accounting service. You need to strategize and expand your niche to reach the enterprise level successfully.
4. Foster Loyal Customers
For a lot of businesses, attaining new customers is the only way to grow their accounting businesses. But the reality is, customers that have availed services from you before tend to do it again if they’ve had a positive customer experience before. So, ask for their feedback on your services and drive them back to your website by offering attractive offers.
And of course, attracting new customers is never a bad idea, especially when your existing customers have passed a word about your product/service in the target market. It’s recommended to encourage your currently satisfied clients to spread a word about your organization on social media.
5. Leverage the Technology
Utilizing technology can be a smart start. Start by investing in technology like cloud, so that you can spend more time on your clients and business by working remotely without any geographical limitations. You should also invest your money, time, and expertise in accounting software like QuickBooks that’ll help you automate the menial accountancy tasks and foster long-term business growth.
However, unnecessary selling on social media can be a bad idea. Your goal should be to engage with your audience and provide them with informational content that they would cherish. Sharing industry insights, tips and tricks, and behind-the-scene content can help create better relationships with your customers.
6. Build Strong Security
The early-aged accounting startups turn out to be a gold mine for hackers as they deal with their clients’ critical financial data every day. Websites, software, databases, and in-house servers persist vulnerabilities that could be easily exploited by potential hackers if the security systems are weak.
Therefore, many businesses nowadays are transitioning to platforms like cloud because of the multi-layered security systems it offers in order to keep the business processes secure. Cloud service providers understand the criticality of the business operations and safeguard your data from potential threats by deploying advanced security measures like two-factor authentication, antivirus, and network firewalls.
7. Hire the Right Talent
Believe it or not, your business’s growth trajectory depends upon your accounting team. Having the right players that will never say no to a challenging task assigned to them will help you achieve your mission of reaching the enterprise level.
Think carefully about the best approach to hire talent. Having your accounting staff follow a culture creates the base for how your future organization would look like is extremely important.
Lastly, every business has a unique journey. So, stay focused on what strategies work well and create a positive impact for your accounting business and scale accordingly. With the right team by your side and a consistent growth strategy, you’ll see the light at the end of long, dark tunnels.