As the modern business landscape continues to shift, and competition has never been as fierce, every accounting firm’s business strategy must adapt.
Over time, the traditional business strategies that most accounting firms relied on lost their effectiveness. The abandonment of old business development strategies has manifested in multiple ways, but the most prominent train of thought that pervades business wisdom today is: “You’re only as good as the strategies you use.”
With the help of a new, reformed and refined business development strategy, you can prepare your firm to take on new opportunities. Having a proper business development plan for your accounting practice can set it up with the right tools and put it on the path towards capitalising on rapid evolution for greater performance and longevity.
If you’ve been looking to switch up your accounting firm’s business development strategy to get better results, here are a few approaches that can guarantee success.
Learn to identify and separate your marketing and business development
Many accounting firms tend to pass on their business development strategy to their marketing team, thinking that the two aspects are interconnected, but being able to identify and separate your accounting practice’s business development and marketing functions is the first step in the right direction towards having an effective strategy.
While it may not always seem like it, business development is an entirely different field from marketing. Its concerns revolve around client relationship management, strategic alliances, and managing and finding referral sources.
Business development is best handled by a competent and dedicated manager. Through the services of a professional BD manager, you’ll have an expert on board who goes beyond relying on your network, allowing your firm to set a foundation for long-term growth.
Incorporate business development into the client engagement process
Another key opportunity to shift your accounting practice’s business development strategy into overdrive is to incorporate it into your client engagement process. In the same way that you’d spend to reach out to more potential long-term clients, you can incorporate business development into the way you engage with your clients.
You can devise a strategy to retain their loyalty. For example, sending out invitations to a high-value seminar for free, or to a special event that you’ve organised. These will help you to nurture your relationship with them properly.
Choose a niche
With an abundance of potential clients to reach out to online, you might think that it makes perfect sense to contact each and every one of them. Well, not exactly. Instead of spreading yourself thin by pitching your accounting practice’s services to anybody, you can cut down half the effort and gain twice the conversions by niching down.
Narrowing down your group of prospects and establishing your authority in a certain client niche makes it much easier to concentrate your efforts in the right areas. In turn, you create a competitive edge that will help you develop your business further.
In today’s ever-evolving accounting business landscape, it is vital to enhance your practice’s business development strategy if you are after immense growth and results. By applying the three approaches mentioned in this list, you’ll be able to get your new, refined business development strategy ready to hit the ground running in no time.
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