HOW AN ACCOUNTING FIRM SUCCESSFULLY WENT FROM BARELY SURVIVING TO THRIVING BY FOLLOWING 3 SIMPLE GROWTH STRATEGIES
Meet Kevin. Kevin felt like owning an accounting firm was the best decision he made in his life. After becoming a Certified Accountant, he spent years working under his mentor.
Five years ago, he opened a firm called McCaul Accounting and Co. in a new developing neighborhood and his customer base grew as the neighborhood started to grow. He was the only accounting firm in the subdivision and many new residents decided to go to him. Over the years Kevin built a 400+ client base but slowly began losing clients to some nearby accounting firms that had started opening a few years ago. Growth in the competition showed that if client losses continued and nothing changes, McCaul Accounting and Co would be heading for failure!
Kevin thought, “I don’t understand why some of my clients that I have been servicing for years are slowly starting to go to my competitors?” He had ads online, the local paper and he would even email them friendly reminders. But still, he noticed that most of the time some clients only came by during tax season and they don’t return.
After all of this, Kevin refused to give up. He one day told his wife and colleagues, “I want to continue to serve people and grow my business but most of all provide for my family comfortably. What should I do?”
Kevin needed to act now, or his business may cease to exist. He searched online for business help and he came across a website called Growth Advisor on Demand. He read what they were about and decided to call. Sure enough, the business advisors were able to set up an appointment. Through the appointment, they all discovered that the areas that needed to be addressed quickly were:
- Putting a stop to competitors stealing customers away and improving his current low transaction value
- Increasing his client conversion rate above its current average of 10%
- Increasing the volume of quality leads generated while reducing his lead acquisition cost.
Finding these key issues allowed the business advisors to create solutions so that Kevin and his firm could accelerate their growth despite the new competition. What they came up with was:
1) Maximizing the value of his customer base.
The 3 ways that were advised to Kevin and his associates were to:
a) Focus their efforts on re-selling the same services that initially grew the firm at the beginning,
b) Up-sell their existing clients to additional services that include added benefits & perks and
c) Cross-sell complementary products and services to clients that are closely related to the original service they purchased.
2) Implement the Growth Advisor On Demand steps to improve advertising results.
This was accomplished by making sure each ad was monitored and analyzed to identify optimization opportunities to increase the positive and profitable results. The specific style of testing and optimization allowed a clearer picture of what would trigger more prospects to do business with his firm.
With the help of his business strategists, Kevin’s conversion rate went up by 25%, he ended up spending less on lead generation and still gaining more leads than he did before. His transaction value also increased by 30% thanks to maximizing the value of his customer list.
After experiencing the positive results firsthand, Kevin expressed “I didn’t want to give up and let my team down, my clients down and most of all my family. I was willing to accept help, take back control of my growth and have a successful accounting firm again. Thanks, Growth Advisor on Demand!”
These growth tactics listed and shared here are just SOME of the approaches you can use to generate more leads, sales and accelerate your business growth.
But EVERY business has its unique situation, a combination of opportunities and staff abilities, what strategic approach is right for one business may not be right for another. It’s important to know WHICH strategies will have the biggest impact on YOUR business and how to properly implement them in the RIGHT ORDER to maximize your results. And then ONLY focus on those strategies.
Explore some of YOUR growth opportunities to supercharge your growth and build the business of your dreams with FREE access to our Profit Growth Matrix below.
INSTRUCTIONS ON HOW TO USE THE PROFIT GROWTH TOOL
In order to quickly calculate how we can help you increase profits, you will need to input 5 numbers in the white boxes below.
Step 1 – Under the “Current Marketing Efforts” section (left side), please input your current numbers for “Avg Number of Prospects/Lead Contacts Per Month” and “Avg Number of New Customers Gained Per Month”
Step 2 – Under the “Current Marketing Results” section (right side), please input your current numbers for “Avg Amount of Sales Revenue Per Customer” and “Avg Number of Sales Transactions Per Customer Per Year”
Step 3 – Last number you have to input is what % would you like your company to grow which is “Your Target Growth Rate”
If you get stuck or need help, please email us at firstname.lastname@example.org