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Learn useful tactics to increase your earnings from existing clients by managing more effectively.

How to Increase Profits at your CPA Firm

Without having to search for more clients!

Let’s face it, no one wants to talk about asking clients for more money because, well, it can be uncomfortable. But in order to increase profits at your CPA Firm, you need to start getting comfortable with the uncomfortable. 

But don’t worry, there are easy ways to do this that are also surprisingly easy to talk about, because they add so much value to your current clients. They will be surprised and upset if you don’t at least OFFER these value-adds to them. 

This article will get into the nitty gritty of increasing the value you can gain from each client that your firm currently services. 

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A business's purpose is to attract and keep customers. You advertise to find them, you sell to bring them in, and you impress them with great services to keep them around. But what about when you need to increase your rates to help cover the costs of expanding your business?

If you are hoping to become a trusted advisor to small businesses in areas other than tax planning and preparation, read on for our top 5 tips to help bring more value to your current clients: 

  1. Take cues from your competition
  2. Offer valuable services 
  3. Market your expert knowledge 
  4. Add value to your clients by offering consultations 
  5. Invest in your staff 

Let’s take a closer look at each of these. 

Take cues from your competition

A SWOT analysis will help you discover ways to distinguish yourself between the competition, identify opportunities for your firm, and analyze what it will take to reach your goals. It will also reveal where the holes are in the market for your niche services. 

You can learn directly from competitors. Find ways to network with someone doing what you want to do and learn from their experiences. 

Visit Dryrun to learn about our Partner Program for Advisors & get our 30-Day FREE Trial as well!

Offer valuable services 

If you’re going to change your offerings to become a trusted small business advisor you’ll need to focus on selling your true value-add for those businesses: knowledge and experience that they do not have access to otherwise.

Accountants can be the best source of advice about what businesses should be doing to grow. But don’t try to be everything to everyone. Choose one or two high-demand areas and focus on marketing those.

Market your expert knowledge 

Don’t under-estimate the importance of developing a marketing plan for your business. There are many free tools online that can be used to help you out in this area.

A good way to demonstrate your expertise is by pitching the media, whether that is through interviews, byline articles, or blogs. Hold customer webinars or seminars on topical business themes through zoom or at your company (when it is safe to do so). Blogging can also help drive traffic to your website.

Add value to your clients by offering consultations 

Additionally, you can identify gaps in your client’s knowledge and suggest free or discounted training sessions to help get them up to speed. Bookkeeping is typically a problem for small businesses, and can be a great starting point. Besides helping your client, the more face time you have, the more likely it is that you can demonstrate your added value.

Invest in your staff 

Make sure you have a plan in place for the anticipated growth of your business. If you intend to be more hands on with your clients, you will need help. You may want to hire junior accountants or hire a virtual assistant to outsource some of your business functions to. To grow your business, you may need to hire more staff for business development, sales, and day-to-day administration.

Establish a plan for your own training, whether it be a refresher in certain aspects of business operations or insight on how new tax laws affect your clients.

By investing in additional staff and in the skills of those staff (and yourself) you’ll be more prepared to help your clients with whatever they need in the future. 

Visit Dryrun to learn about our Partner Program for Advisors & get our 30-Day FREE Trial as well!

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And here’s a bonus tip! Technology is changing so fast that you should always be on the lookout for new software and online tools that can help run your accounting and/or advisory business. New cloud-based accounting tools and AI-solutions like Dryrun have emerged, which can help audit your business capabilities, along with your clients’.

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