{"id":114911,"date":"2023-12-10t12:20:51","date_gmt":"2023-12-10t17:20:51","guid":{"rendered":"\/\/www.g005e.com\/?p=114911"},"modified":"2024-09-01t14:48:42","modified_gmt":"2024-09-01t18:48:42","slug":"ten-things-small-firms-can-do-to-compete","status":"publish","type":"post","link":"\/\/www.g005e.com\/2023\/12\/10\/ten-things-small-firms-can-do-to-compete\/","title":{"rendered":"ten things small firms can do to compete"},"content":{"rendered":"<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-120407\" src=\"\/\/www.g005e.com\/wp-content\/uploads\/2023\/12\/sixsuitstrack_adobestock_97116870.jpeg\" alt=\"six people in business clothing lined up at start of athletic track\" width=\"1600\" height=\"1068\" srcset=\"\/\/www.g005e.com\/wp-content\/uploads\/2023\/12\/sixsuitstrack_adobestock_97116870.jpeg 1600w, \/\/www.g005e.com\/wp-content\/uploads\/2023\/12\/sixsuitstrack_adobestock_97116870-424x283.jpeg 424w, \/\/www.g005e.com\/wp-content\/uploads\/2023\/12\/sixsuitstrack_adobestock_97116870-849x567.jpeg 849w, \/\/www.g005e.com\/wp-content\/uploads\/2023\/12\/sixsuitstrack_adobestock_97116870-768x513.jpeg 768w, \/\/www.g005e.com\/wp-content\/uploads\/2023\/12\/sixsuitstrack_adobestock_97116870-1536x1025.jpeg 1536w, \/\/www.g005e.com\/wp-content\/uploads\/2023\/12\/sixsuitstrack_adobestock_97116870-300x200.jpeg 300w, \/\/www.g005e.com\/wp-content\/uploads\/2023\/12\/sixsuitstrack_adobestock_97116870-600x401.jpeg 600w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/strong><\/p>\n<p><strong>what you need to know and why.<\/strong><\/p>\n<p><i>by bruce marcus<\/i><br \/>\n<a href=\"\/\/www.g005e.com\/shop\/professional-services-marketing-3-0-by-bruce-w-marcus\/\"><i>professional services marketing 3.0<\/i><\/a><\/p>\n<p style=\"padding-left: 40px;\"><i>editor\u2019s note: 卡塔尔世界杯常规比赛时间 was privileged to have a long relationship with bruce w. marcus, who was ahead of his time in his thinking and practice in marketing for accounting. we are publishing some of the late expert\u2019s evergreen work, which retains wisdom for the present.<\/i><em>\u00a0<\/em><\/p>\n<p>great turbulence in the accounting profession, as well as in the business world itself, make these difficult and unusual times. public outcry against the misdeeds of a few accounting firms, corporations, investment bankers and others in government and the business community is tarring the innocent as well as the guilty.<\/p>\n<blockquote><p><b>more: <\/b><a href=\"\/\/www.g005e.com\/2023\/11\/17\/how-and-why-client-service-teams-work\/\">how and why client service teams work<\/a> | <a href=\"\/\/www.g005e.com\/2023\/11\/03\/when-clients-think-they-know-marketing\/\">when clients think they know marketing<\/a> | <a href=\"\/\/www.g005e.com\/2023\/08\/27\/how-to-put-target-marketing-into-context\/\">how to put target marketing into context<\/a> | <a href=\"\/\/www.g005e.com\/2023\/08\/04\/everyone-in-your-firm-is-marketing\/\">everyone in your firm is marketing<\/a> | <a href=\"\/\/www.g005e.com\/2023\/05\/05\/professional-services-marketing-requires-flexibility\/\">professional services marketing requires flexibility<\/a> | <a href=\"\/\/www.g005e.com\/2023\/04\/14\/how-to-set-marketing-objectives\/\">how to set marketing objectives<\/a> | <a href=\"\/\/www.g005e.com\/2012\/09\/25\/nine-fundamentals-for-a-marketing-culture-in-an-accounting-firm\/\">nine fundamentals for a healthy marketing culture in an accounting firm<\/a><br \/>\n<strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-49700 size-full\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/08\/yellow_key_clip_art-e1375897299811-36p-hi-1-e1603911598474.jpg\" alt=\"goprocpa.com\" width=\"39\" height=\"16\" \/><span style=\"color: #b79c00;\">exclusively for pro members. <\/span><\/strong><span style=\"color: #b79c00;\"><a style=\"color: #b79c00;\" href=\"\/\/www.g005e.com\/wp-login.php?redirect_to=\/\/www.g005e.com\/2023\/12\/10\/ten-things-small-firms-can-do-to-compete\/\">log in here<\/a> or <a class=\"external\" style=\"color: #b79c00;\" href=\"http:\/\/goprocpa.com\/\" target=\"_blank\" rel=\"noopener\">2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n<p>in the meantime, the loss of arthur andersen and the consolidation of the now big five can alter the competitive landscape for firms of any size. it\u2019s likely that the major firms will accelerate a long-standing practice of reaching into the low end of the market \u2013 the very market of the smaller firms. for the smaller firm, competition will come from unaccustomed quarters.<\/p>\n<p>can the small accounting or law firm successfully compete? history says yes, if the firm follows at least some of the following points\u2026<br \/>\n<!--more--><\/p>\n<ul>\n<li><strong>don\u2019t be sanguine about the health of your firm. <\/strong>you may feel that you\u2019re in good shape today, that you have a substantial share of a specific industry, that your reputation will sustain you from assault by competitors, that you are immune from competition. in a rapidly changing world, this is when you are most vulnerable. changing economic conditions, new regulations, an undercurrent of skepticism about the professions that, unwarranted as it may be, is still fostered by the arthur andersen situation \u2013 all these and more require that you be ever alert in your marketplace.<\/li>\n<li><strong>save your current clients. <\/strong>your current client base is your first line of defense in a highly competitive environment, in which your best clients are coveted by larger firms. examine your work with each client frequently, to assure that you are satisfactorily meeting your client\u2019s current needs. be sure you understand the client\u2019s industry as well as his or her business. be sure your person-to-person relationship is in good shape. and above all, pay strict attention to the quality of your own work.<\/li>\n<li><strong>seek new business from existing clients. <\/strong>in the average midsized firm, there should be a 20 percent annual growth in business from existing clients, even in slow economic times. this is accomplished by frequent conversations with the client about his or her business (not yours.) in any in-depth discussion about the client\u2019s business, if you listen carefully you\u2019re likely to hear some new problem about which you can say, \u201ci can help you with that.\u201d remember, your client\u2019s business may not be static, but instead, changing as the client\u2019s own markets and business change. without a client relationship that keeps you in touch, you can depend upon two things \u2013 that your business for that client will remain static, and that sooner or later somebody will hold that discussion, and you\u2019ll lose the client.<\/li>\n<li><strong>organize for productivity. <\/strong>the future, in difficult times, lies with the lean, mean machine. that\u2019s the one with full control of process, expenditures and business practices. don\u2019t be afraid, though, to invest in technology that works for you, such as extranets that tie your system to your clients, or the social media. be sure your technology is equal in capability to your clients\u2019, and compatible in ways that count. manage your firm for profit first, and comfort second. if you\u2019re profitable, you\u2019ll be comfortable.<\/li>\n<li><strong>focus on business. <\/strong>know what business you\u2019re in, and carefully consider any changes in your business model or the services you offer. know what skills you have, and work to sharpen them. in these times of changing regulation and technology, continuing professional education is a necessity, not a luxury. the competitive edge is not necessarily very large, but is rather an incremental edge.<\/li>\n<li><strong>modify your culture. <\/strong>for generations, the accounting and legal professions have always relied on a concept of professionalism that was rooted in the fact that, as professionals, the clients needed the professions more than the other way around. after all, nobody wakes up in the morning and says, \u201cwhat i really need today is a good audit.\u201d or \u201cwhat a great day to sue somebody.\u201d business comes to accountants because it has to. the accountant keeps the books in an orderly manner. the lawyer defends and protects in all legal actions. the accountant audits the company because the government or a lender or the company\u2019s investors demand it. but is your firm always the one that business comes to for these professional services? or does it go to your competitors? today, the demand is for more competitive services, and for services that not only attest, but help. this means that to compete, the culture of the professional firm must shift from an abstract professionalism to an aggressive market-centered orientation. once, before the <em>bates <\/em>decision that eliminated the strictures on professional firm marketing, firms could rely on their professionalism alone to attract clients. not today. with competition being served by sophisticated marketers and marketing methods, the option to market is gone. to survive, compete. to compete, change the firm culture to serve the demands of competition.<\/li>\n<li><strong>market.<\/strong> your survival in this new environment depends upon your understanding and using the skills of professional services marketing. marketing is itself a profession, and marketing an accounting or law firm is very different from marketing a product. but while the professional marketer has skills and experience that are not necessarily within the realm of the professional\u2019s own experience and skills, there is still a great deal you can learn to do. certainly, you should know enough to allow you to deal comfortably with a professional marketer. you should know how to define the market for your services. you should know how to look at your firm and services in terms of the needs of that market. you should understand the tools and vehicles of marketing that are needed to project your services and capabilities to your market. you should know how to manage the effort, even if it\u2019s done by professional marketers. and should you believe that the need for you to market is precluded by your current success or your reputation, realize that you\u2019ve lost the option to market or not, simply because your competitors are doing it\u2026 and they are after your clients and prospective clients.<\/li>\n<li><strong>challenge yourself. <\/strong>today\u2019s business world is more dynamic than ever before. more innovation, more competition, globalization that touches even the smallest firm \u2013 all demand more of the accountant. the successful accountant today is the one who constantly searches for new ways to meet the new challenges. the successful accountant, in today\u2019s environment, is the one who demands more of him or herself. ask the question \u2013 as frequently as possible \u2013 \u201cthis is the way i did it yesterday. is there a better way, or a good reason, to do it differently today?\u201d this is a surefire way to keep from getting stale, and to keep your clients from going to someone else who isn\u2019t.<\/li>\n<li><strong>learn.<\/strong> continuing education programs are important and necessary to keep up with changes in the skills of professionals and the new regulations and laws that affect the profession. but the world of the professional accountant is no longer limited by just the skills of the profession. today\u2019s successful professional understands more about business, about government, about globalization, about technology, about relationships, than was necessary in the past. today\u2019s successful professional is an individual well aware of the larger world in which he or she functions, and is constantly learning about context, as well as skills.<\/li>\n<li><strong>think increments. <\/strong>a secret of success in business is to understand that to succeed, you don\u2019t have to be substantially better than your competitor. it takes only the smallest increment to be the best. a slightly better understanding of your market. an article or two more in your client\u2019s industry publications. a touch more visibility in your marketplace. a little bit more active in your networking organizations. it\u2019s amazing how little difference there is between firm number one and firm number two. if you think about that small difference you can make in your own practice, then you\u2019ll be number one in your area and market.<\/li>\n<\/ul>\n<p>there may have been a time, once, when good enough was good enough for any accountant or lawyer. there may have been a time when just doing it as well today as you did it yesterday was enough. but in today\u2019s competitive world \u2013 a world of profound changes \u2013 that time is past. you have to be a better professional today to succeed in a highly competitive market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>what you need to know and why.<\/strong><br \/>\n<a href=\"\/\/www.g005e.com\/2023\/12\/10\/ten-things-small-firms-can-do-to-compete\/\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-120424\" src=\"\/\/www.g005e.com\/wp-content\/uploads\/2023\/12\/250_marcus_sixsuitstrack_adobestock_97116870.jpg\" alt=\"\" width=\"250\" height=\"125\" \/><\/a><br \/>\n<i>by bruce marcus<\/i><br \/>\n<a href=\"\/\/www.g005e.com\/shop\/professional-services-marketing-3-0-by-bruce-w-marcus\/\"><i>professional services marketing 3.0<\/i><\/a><\/p>\n","protected":false},"author":1340,"featured_media":120407,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[2271,3002],"tags":[],"class_list":["post-114911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marketing","category-special"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ten things small firms can do to compete - 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