Grow your firm and source new talent with these 7 tactics
Business development for accountants relies on partnering with other highly respected organizations. It works weather your firm is a large multi-national accounting firm, or a small 5-person shop. It lets you boost your revenue growth with just a little outreach and some creative partnerships.
By setting up these relationships, you’ll be giving your firm options. This gives you the choice later on to grow in directions that may not be available to your competition. They can also drive continued business to your firm during business cycle downturns.
Use these tactics to drive business development for accountants:
- Create a new business startup package – Reach out to an attorney friend and suggest that you two develop a package for new businesses. When someone goes to start a company, they need both accounting and legal assistance. A formalized package that both of your firms advertise will give you an edge.
- Partner with a coworking space – Many new businesses start out of coworking spaces. Partner with one to offer discounted services to their clients in exchange for promotion. Offer to teach workshops or meetup events for members. Purchase memberships for some of your employees and have them work remotely from the coworking space. Just a few days a week is all it takes to interact with members naturally.
- Offer bundled services with an IT firm – The “one-stop-shop” idea is very attractive to businesses who would rather spend their energy growing. By partnering with an IT firm you can expand your services while tapping into their lead base.
- Partner with a local bank to offer business loan prep packages – Many companies apply for a business loan before they’ve prepared the correct documentation. By partnering with a local bank you can offer to help clients who aren’t ready by putting together a “loan package.” This can include a business plan, credit report, tax returns, financial and bank statements, etc. You can also give your clients a checklist on the kinds of questions the lenders will ask.
- Join forces with a market research firm – If you want to grow into a certain industry, partner with a market research firm to offer their data and analysis to prospects in that industry. As you grow this newsletter list, you’ll be seen as the expert in that area and prospects will be more apt to reach out.
- Partner with your local university – Most universities have business clubs that can be a great talent source. By sponsoring (typically something as easy as buying pizza) and giving industry talks at these groups, you can meet college students early and get them involved in your intern program.
- Speak at local business meetup groups – Set up speaking opportunities for your CPAs at local business meetup groups. This is a broad strategy but it will elevate your firm’s reputation in the area. These groups can be found at meetup.com or you can reach out to local professional organizations.
Business development is all about win-win
The goal of business development for accountants is to create win-win scenarios. As long as you’re keeping that in mind, it will be easy to develop new ways to grow your firm. Check out our previous post for a more detailed dive into business development.