5 Tips for Accounting Firms to Gain New Clients in 2024
It’s only a few weeks until 2024. Have you made a resolution yet?
We know nothing excites accounting firm owners more than growing their business and client base. How about making this your resolution for the new year: gaining new clients and exploring new avenues for your business?
Irrespective of the size of the company, every accounting firm looks forward to acquiring new clients and providing them with the best of services. But one of the major mistakes most firms make is to expect businesses to come to them.
While you may periodically gain new clients without effort, you’ll certainly need more if expanding your client base is a strategic goal for your business. Plus, 2024 will be all about technology and innovation, so you must be on your toes and have a proactive strategy if you don’t want to lose your potential customers to competitors.
Here are some tips for accounting firm owners to gain new clients in 2024:
1. Understand Your Target Market and Create a Niche
Let’s start with the basics. Begin by understanding your target audience and the niche they belong to. For example, try answering the below questions:
- Which industry do most of your clients belong to? (Example: Healthcare, FMCG, Education, Real Estate)
- What is your area/industry of specialisation?
- Can you expand your areas of expertise?
The above questions will help you create a niche and target the right set of businesses. In addition, determine the size of firms you would like to target. This will help you engage with prospects better and improve your conversion ratio.
2. Invest in Proactive Marketing
The rules of marketing are constantly changing. Statistics show that over 60% of consumers and businesses research online when finding an accounting service provider. This means your audience is now in more places than earlier, increasing your chances of reaching them.
In order to target your audience effectively, you need a full-blown marketing strategy. Invest in proactive marketing and establish your presence where your potential customers are.
Digital marketing is a powerful tool comprising multiple activities for outreach and promotion. Start small:
- Build your website and optimise it for web and mobile users.
- Invest in Search Engine Optimisation to rank at the top of search engine results.
- Maintain an active social media presence and leverage email marketing, two of the most cost-effective ways of targeting your customers digitally.
3. Don’t Hesitate to Ask for Referrals
You work with multiple clients every day and speak to them regularly. So why not ask them for a referral when they are happy with your services?
A substantial referral plan can work wonders in helping you attract new clients. However, one of the common mistakes accountants make is refraining from asking clients for referrals. Word-of-mouth publicity still holds immense value in the digital world, especially within the accounting industry.
A client referral can benefit you in two ways:
- Building trust among prospective clients
- Giving you an edge over competition
But let’s face it – not all clients will happily provide you with a referral. It is, therefore, wise to craft a strategic referral program wherein you reward clients with discounts or exclusive benefits for sending new clients your way.
4. Upsell & Cross-Sell
As an accounting firm, you already have a bunch of clients working with you. Instead of going around looking for new clients, you could simply upsell or cross-sell your services to existing clients and open new revenue streams for your firm.
For example, if you manage a client’s accounts and books, you could pitch tax preparation services to them. The client trusts your business and expertise and would be easier to convert than a new client. You could also pitch higher-value services, such as audit or advisory, to your existing clients.
5. Expand Your Service Portfolio
Last, but not least, focus on expanding your service portfolio to cover a wide range of offerings that will be valuable to businesses in 2024. For example, businesses now look at accountants as strategic advisors, so you may want to add advisory services to your portfolio.
Moreover, automation, AI, and other cutting-edge technologies will rule the business world in years to come. Prepare your firm for the future by incorporating these changes into your systems, training your teams, and outsourcing time-consuming, repetitive jobs. Ensure you partner with a reliable accounting outsourcing provider such as QX Accounting Services to empower your firm to scale effortlessly.
The new year is fast approaching, and it’s time to revisit the past and set the stage for the future. Put a target to your client expansion plans and evaluate your firm’s capacity. Don’t hesitate to seek help externally from an outsourced accounting services provider, such as QX Accounting Services, to convert your goals into reality.
Need support or additional tips to get things going? Click here to book a meeting with an expert right away.
Let’s resolve to make 2024 your most successful year yet!
About the Author:
With a rich experience of curating content for various industries, Pooja believes in the power of words in marketing and building brands. She enjoys experimenting with different forms of content and is currently on a mission to add value to the accounting industry through her detailed and researched write-ups.
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