Marketing For Accountants In Practice

So, you want to be one of next year's top 30 Canadian accounting firms?

Good, I applaud your determination and ambition, but what do you have to do to make it onto this list and why should you bother?

Well, the obvious reasons why you should want to appear here next year are:

· Being of a certain size to qualify will bring the economies of scale possible - but size, as they say isn't everything. Size can sometimes bring unexpected problems for practitioners. (See Mort Shapiro's regular column in TBL and you'll see what I mean!)

· A mention as one of the top 30 firms is a great marketing tool for the practice. When responding to RFPs from larger prospective clients, it carries weight to say that The Bottom Line considers your practice one of Canada's top 30 accounting firms.

· The survey is also a good third party testimonial to leave with smaller prospective clients, it's an impressive marketing tool I have used in practice myself.

Setting aside the 'big 4' that leaves 26 spots open. Take out Collins Barrow and BDO, who by sheer size qualify, then we still have 24 spots open.

Even a sole practitioner could make it on to this list if they market and organize their practice well enough and benefit from leveraging their professional staff properly.

However, realistically, it's more likely that a larger partnership has the better chance of being listed, as number of partners, offices and $ value of fee income are the key performance indicators used to draw up the rankings.

You've got to be in it to win it

Another matter to take into consideration is that some of your competitors of similar size might not even bother responding to the survey and thus will not be listed, even if they should be listed had they completed the survey form.

You can't expect to win the lottery if you don't buy a ticket. This is an opportunity for you to seize. By completing the survey, or asking TBL to put you on the list to receive it next time around, you will be one step ahead of much of your competition.

Going For Growth In 2003.

There are as many ways to grow your public accounting firm as there are firms (in Ontario alone there are 3,470 public accounting firms) so space, alas, simply does not permit a comprehensive listing here. However, I can give you some valuable pointers and tips that you might want to consider using.

· Realize that not all new business is good business. Focus on the type of clients you prefer to do business with and can do so profitably.

· Develop a reputation for providing awesome client service. Your best source of new business are your existing clients, serve them well and the word will spread.

· Formulate and Delegate. A favourite observation of mine is that those firms who formulate a plan and a 'way of doing things' and then delegate as much of the work as possible as far down the organizational structure as possible, will be the ones who enjoy the greater profitability, which is the best form of growth.

· Focus on certain 'niche' markets. Experts command higher fees; generalists get stuck in the quagmire of compliance work, fee pressures and low levels of professional satisfaction.

· As Jim Collins will tell you, in his superb book, Good To Great, getting the right people 'on the bus' (in the business) is one of the most important issues to get right. First figure out WHO, then they will figure out WHAT. Recruit only the best people in their field of expertise and the rest will follow if you implement a few good marketing ideas.

· Read. Spend half an hour a day reading on practice development issues, and you will be amazed at how your mind gets stimulated. New ideas will pop into your head seemingly from nowhere, and they'll be so good you'll wonder why you hadn't thought of them before. An average reader will get through about 20 200-page books over a year.

· Use your time wisely. Remember the last time you went away on vacation? What was it like in the office the day before? Busy, I'll bet. If we take that focus and drive and determination that we demonstrate on the day before we go away on vacation, EVERY day at work, how much more can we achieve?

· Review all your marketing materials. Read every sentence and think to yourself 'so what?' That's what the reader (your prospect, client or referral source) will think when they read your materials. They need to be BENEFIT rich, not full of features.

· Review your Web Site with the same critical eye. You DO have a web site, right? This is one of the most important aspects of your marketing mix. Now, don't get me wrong, having a web site may not win you a single new client if the other components are not working well. But not having a web site - or having a poor web site - will LOSE you the opportunity to be considered by some prospective clients.

· Seek sound, professional practice development counsel from a suitably qualified source. The investment in fees pale into insignificance when compared to the benefits you can accrue by selecting the right source of advice.

So, don't just sit there! Pick up the phone, get busy, get thinking and get growing. See you on the top 30 list in 2004!