Whether you are an employed chartered accountant or a student pursuing chartered accountancy course, you may have dreams of running your practice or firm. The first and foremost obstacle to overcome and run the accounting practice successfully is to focus on client acquisition and retention. A firm grip on these two factors brings several chartered accountant practice opportunities that can help the business grow in 2019.
However, the successful acquisition of new clients and the retention of existing ones requires a requisite business strategy. Also, since chartered accountant practice operates in a business-to-business scenario, focusing on client satisfaction becomes the priority. Check out the following business strategies you can implement to make the most of existing chartered accountant practice opportunities.
5 business strategies to follow for an accounting practice in 2019
1. Emphasize on client retention
When providing your professional services, make sure your existing clients are satisfied with the services on offer. It establishes the base for client retention as a happy client returns. Professional practices like chartered accountancy are reliant on their customers more than any other factor. Thus, having a concrete client retention strategy is essential.
Not only that, a satisfied customer always brings in new customers for every business. With their satisfactory recommendation, you get the benefit of receiving new clients, which in turn brings you more chartered accountant practice opportunities and additional revenues.
2. Acquisition of new clients
To take your accounting practice towards growth, you also need new clients. It calls for charting out a plan that focuses on acquiring new clients. For this, you can set advertising and marketing goals that focus on client acquisition.
You can go for both online and offline modes of advertisement and marketing for the implementation. Go for print media as well as digital ads to target the right audience and generate leads.
In present times, you can also utilize professional digital marketing agencies to meet your marketing and advertising goals successfully. Before hiring them, make sure that they have this experience in the business-to-business scenario.
3. Hiring skilled professionals
Having skilled professionals becomes all the more important for a business operating in the B2B environment. Therefore, focus on hiring experienced and qualified professionals who can provide service to your clients in the least possible time with maximum efficiency.
Their efficient services help increase customer satisfaction, thus resulting in the retention of clients. Experienced professionals in your practice like finance and taxation experts also create a good image for the company, thus helping you gain reputation. It leads to increased opportunities for practicing CAs like tax consultancy services.
4. Proper management of working capital
It is essential to have a proper working capital management plan for the sustained growth of any business. While a healthy working capital flow is the ideal requirement for your accounting practice, a shortage of funds is inevitable as bills receivable may take more time to clear than stipulated.
Such shortages are commonplace in the case of CA firms. In case of these financial deficits, you can opt for additional finance to help bridge the working capital deficit or even use it to expand your operations. You can, therefore, avail credit in the form of professional Loans for Chartered Accountants from reputed lenders in the market like Bajaj Finserv.
They also bring pre-approved offers that make the process of availing finance quick and easy. These offers are available on unsecured credits like business loans and personal loans as well as secured credits like home loans along with various other financial products. You may check your pre-approved offer by providing a few necessary details like your name and contact number.
5. Referral utilization
Chartered accountants are highly regarded professionals in the world of business and have networks that extend to high net-worth individuals. Hence, you can utilize this network to gain referrals which will more likely than not bring high net-worth clientele too.
List out such individuals from your network and seek referrals from them, which can bring you increased chartered accountant practice opportunities as esteemed clients.
Such strategies help bring better opportunities for an accounting practice. CAS who adapts to these strategies in the best possible way is the ones who can stand out in the increasing competition of 2019.