How Accountants Can Easily Boost Profit Margins By 22%+ By Following One Simple Growth Strategy
For many accountants and bookkeepers, they experience a spike in their profits primarily during the tax season, which is often then followed by a drop in profits after tax season is over.
If you are currently experiencing such ebbs and flows of your profits, then you should be aware that there is one easy way to add beneficial value to your clients far above just filing their annual tax return.
For example, when Hillary, a CPA with her own accounting firm wanted to worry less about her annual profits, she made an appointment to speak with one of our growth advisors to explore what areas of opportunities she had and what could be done to strengthen her profits.
We worked out Hillary’s profit percentages and discovered that there usually was an average of 20% increase in profits between January and April, then it would drop by half to 10%. So, the primary focus was to minimize the 50% drop off in profits by systematically letting her clients know all the additional and complimentary services she offered that could help them generate more sales and higher profits.
This was the initial step taken to start maximizing the value of her existing clients. It was executed by creating a checklist of services and then offering it to her clients on each visit. Hilary was reminded by her advisor that customers don’t want to be sold to, but instead, they want someone to help them know what to buy to help themselves, by creating the checklist of her services it positioned Hilary as helping them know what to buy to help themselves. Services such as tax planning, auditing, financial advice and more were offered with the options to either pay monthly or a flat yearly fee.
Soon after Hillary implemented the regular usage of her informative checklist to her clients informing them of additional services to benefit their situation, she got more business from each client which increased her overall average profit per client. Hillary’s profit margin increased to an annual average of 25%!
You too as an accountant can easily increase and maintain your annual profits by nurturing a relationship with your clients that goes beyond accounting for numbers after-the-fact but instead accounting for the generating of those profitable numbers that keeps your clients up at night.
This is just one of many tactics that can be used to accelerate your business profits by maximizing the value of each of your existing clients.
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