Growing your business at the right pace is a fine balance.
It’s one of the trickiest things to get right – how long do you wait before hiring staff? What should you invest in first? Is it better to outgrow a space or buy somewhere that will be ready for your expansion?
There are plenty of things to consider, and when you have the added pressure of tax deadlines it can seem even more stressful when the time does come to expand – because you can guarantee it will never be at a convenient time of year.
The best way to manage this is to try and grow at your own pace by looking as far ahead as you can and anticipating what will happen.
You’ll be able to expect a certain amount of growth based on your business model and who your clients are. This will also help you decide what systems you will need to implement in the future.
Things to ask yourself before you grow your firm are:
- Do I have a regular income and loyal clients?
- Do clients want services you don’t currently offer?
- Are there areas I need to smooth over first?
Once you’ve considered all these aspects and have decided now is the right time to grow your company, here’s how you should go about it.
Consider a new demographic
If you’ve only been operating for a short amount of time, it might be worth considering expanding your target audience.
If you’ve been aiming your services at one particular demographic, the best way to grow your firm is to expand who you’re appealing to.
This might mean a new marketing campaign by taking a look at what you currently offer and considering how it could be repackaged for a new audience. This requires some effort but the new interest you’ll receive from customers will be worth it.
Rather than appealing to a different customer base, you might consider adding new services to your roster.
This will be best for firms whose current clients often ask for new services or if there’s a particular feature they require that you don’t currently have.
This won’t just keep your current clients happy but will help you appeal to new client who may have decided not to choose your services in the past because you don’t offer a particular service.
Get the right software
An important aspect of any company’s growth is the software they use. If it’s not suitable, you won’t be able to grow efficiently and give your clients the best service possible.
Whether it’s your emails that are constantly down or trouble with the CRM, make sure you have software in place that will be able to grow with your company.
For accountants, one of the most important pieces of software you’ll use is cloud accounting software. What you choose here should be determined from the size of your clients’ businesses and their needs.
Choose a software that’s too complex for your clients’ needs and they’ll struggle to cope managing their books and will avoid it – leaving it until the last minute and making the tax return season an even more stressful time of year for you.
Look at your options and make sure you pick one that will suit yours, and your clients’ needs.
Consider a new marketing strategy
When looking to bring new clients on board you should first look at how you come across to them.
If there’s a hole in your marketing strategy, this could be the reason you aren’t growing at the pace you expect to. Conduct an audit on the work you currently do and then manage any issues you’re having and to see where you could be improving.
Once you have this figured you can work on strengthening areas and taking a new approach. Your website is likely to be the first place you’ll look, along with your social media channels. If these are areas you struggle to manage, it might be worth considering outsourcing to a digital marketing agency.
Ask your employees
Of course, it’s worth noting that not all growth is voluntary. Sometimes clients simply jump on, requiring your firm to get adapt and change with it. In this case, it’s worth listening to what your employees are saying.
They’ll know best which department need more hands first, whether you have enough equipment and if the systems in place are adequate for the growth you’re expecting.
Are you looking to grow your accountancy firm? What areas are you struggling to cope with? Drop a comment below and share your thoughts with the Pandle community!