where will you focus?
by hitendra patil
client accounting services: the definitive success guide
q: most traditional cpa firm growth comes from existing clients and referral sources. pilot and other similar client accounting and advisory services providers will obviously have a different growth strategy. what can you share about successful growth strategies that vary from traditional accounting firm strategies?
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a: the business model of traditional cpa firms and the likes of pilot are vastly different. and when growth is financed by other people’s money, the methods and costs of attracting new clients are very different too.
in my cas book, i have shared many ideas on marketing cas offerings in traditional and non-traditional ways. to cite marketing legend jay abraham, there are only three ways to accomplish growth:
- increase the number of customers
- increase the transaction size
- increase the purchasing frequency
- #1 above seems to be the key strategy for the likes of pilot. if you leverage referrals well, not waiting for them to come in but proactively seeking referrals, you can get new clients cost-effectively.
- but #2, if not #3, is right in the wheelhouse of traditional firms when it comes to growing cas/caas. in fact, strengthening your cas/caas offering with increasing expertise should accomplish #2.
- to increase the purchase frequency, you’d need to create some non-routine services that can be added to the usual services your clients buy.