Accountants want to grow their business and it is understandable. The concern accountants often face is not the element of growth. You can put your business on the path of growth despite hardships with good marketing strategy. Although, marketing amid coronavirus (COVID-19) is difficult. But scaling an accounting firm is something most accountants struggle with.
There’s a difference between growth and scaling. We will lay it out for you.
Growth vs scale
Scaling is a bit different from growth. If the ratio of new clients is more than the clients that you are losing, then you will grow. In marketing terms, if you are communicating your message in the market effectively then you will see more growth. This means you are injecting more money into your marketing efforts.
Scaling is a whole other task. If you are getting more clients, this is because of your marketing tactics. But retaining them means that your clients are happy with you. If you are getting more clients and most of them are leaving from the back door, then scaling is a very difficult task.
Scaling needs investment in your own firm and your team. Keeping your house in order is the only way you will retain your employees to the extent where you start to scale. Your internal system and work culture need to be improved before you start scaling.
How coronavirus impacted businesses
Like all other businesses, marketing amid Coronavirus (COVID-19) is also facing the heat. Mainstream businesses are closed and that’s why accounting firms are also struggling. Most of the running businesses are managing their affairs online. In this environment, accounting firms are also under a lot of strain. Covid implications in marketing are real.
Keeping in mind the accounting firms, there are few digital strategies you can adopt. We will go through them. An effective digital strategy in a time of crisis will determine your future.
Employ new technology
Where there’s a crisis, there’s an opportunity. The pandemic acted as a digital push for accounting firms. The quarantine measures are giving an opportunity to transform the way of work. The new marketing strategies will bring firms back on the growth track. It will rationalize the costs and improve the customer experience.
Change in customer Behavior
The crisis-hit market significantly changed customer behaviors as well. This is completely natural. In terms of business, you might see changes in the form of customers’ preferences and purchasing behavior. Because of extended lockdowns, customers are now used for online shopping. This will shift the behavior.
Being an accountant, you have to make your digital footprint strong in order to survive the future market trend. People will prefer an online accountant over an accountant sitting in a fancy office.
Empathize with your customers
Your empathy towards your customers in times of difficult times will be important. The customers will know that the concern is genuine. This will make you more responsive to customer demand. And also set you apart from your competition.