When the tax season is over, the thoughts of the partners and senior managers that I work with turn to the future with the question of ‘Where’s the NEW money coming from this year?’ dominating their thoughts. As we developed the answers, the following insights were shared: 1. Accountants with cash flow problems typically: a) Sell services rather than outcomes b) Accept any client c) Collapse on price d) Have poor marketing 2. If clients don't grow with you, they will weigh the firm down with high service-low fee expectations. To grow you must actually lose clients. 3. The great accountants and advisers understand that they are paid to think rather than to 'do'. Read #3 again. 4. If your firm's marketing needs improving, try building more relationships in person and fewer by email. 5. There will ALWAYS be a cheaper accountant. Does your prospect want the cheapest option or the best fit? If it's the former, move on. 6. Recurring fees breed apathy, which breeds complacency, which crushes innovation, which increases reliance on compliance, which kills profit. 7. Accounting firm merger activity is often a sign of : a) The selling firm not developing their next gen leadership. b) Failed marketing efforts and the partners not bringing fees in 8. If your marketing starts with 'In today's fast paced, hyper connected blah blah blah', you're the 67th firm to use that approach today. 9. Accounting firms are challenged the most by the 4 Rs which the Retention of, Recruitment of, Reactivation of, and Revenues from; Clients and talent. 10. We all have a motive-driven model. Does your firm have a money-driven motive or a meaning- driven motive? Marketing the latter ethos will win in the long term. 11. The accounting world is watching technology defeating the necessity of human involvement in compliance matters. High profile marketing must focus beyond pure compliance going forward.
Posted by martin1 at 2022-02-08 00:09:24 UTC