In recent years the financial accounting market has become increasingly competitive. In view of this trend, financial accounting in general has a central issue:
How to stand out from the fierce competition?
To do this, you need to be aware of changes in the market and competition.
It takes an average of 5 years for a professional in the financial accounting field to complete their degree, take other courses and specializations, and have the opportunity to occupy positions of greater responsibility in accounting firms or even open their own business. This is the scenario for most accountants , which is why it has become increasingly essential for these professionals to seek new qualifications to stand out in the field.
Networking has become a valuable tool for creating new opportunities. Contacts make all the difference in the business world. To develop and enhance these contacts, professionals can attend institutional events, lectures, workshops and even participate in forums.
The career path of an accounting professional has diversified, and promoting financial accounting prominence depends on several factors.
To start a successful business strategy for an accounting firm, one of the first steps is to actually identify who the direct and indirect competitors are.
Identifying key competitors
Contrary to what you might initially think, not all companies in the same industry are competitors. Competitors are those with whom your company “competes” for the attention and preference of your target audience. Therefore, only these companies can serve your potential customers.
Direct
Companies that qualify as direct competitors are those that have similarities to yours. To create a list of your direct competitors, take into account their size, target audience, location, and services offered.
Indirect
Competitors that provide similar but not exactly the same services are classified as indirect. They compete for some of the customers, but are not able to meet all of their needs.
With these definitions and considerations, you can create a successful strategy to make your financial accounting stand out and acquire more clients. In addition, it is possible to reduce investments and optimize resources when you have a detailed plan of the business scenario.
I will present some practical tips to help you surpass your competitors, with planning and intelligence.
Financial accounting vs. management accounting
Financial Accounting is responsible for forming the values that appear in accounting statements, such as the Balance Sheet. Management Accounting is a method used only by company managers, as its focus is on resource planning.
Become a valuable asset to your client
To stand out in the market, you need to have differentials that put your accounting in the spotlight and add value to it.
The accountant can be seen as a very important ally in a company’s decision-making, so it is very important that this professional is accessible and makes the processes practical, to create credibility.
Having a consulting activity in accounting is a differentiator. As we have seen, many clients see the accountant as an ally in making decisions, solving problems and helping with the company’s strategy. Therefore, offering this service as a bonus is a great choice. The client begins to see accounting as a valuable aid and not as a “necessary evil”, consequently, a partnership relationship is created between both.
Predict change and its impacts on customers
Many CPAs are limited to reporting the impact of market changes on clients’ finances after they happen. Being proactive and developing the habit of communicating changes to clients in advance is a great opportunity for accounting to gain credibility and recognition.
Furthermore, having the practice of analyzing future economic scenarios is another differentiator, addressing changes in the macroeconomy. It is worth remembering that this should be done in an informative way, not as a management accounting service.
You can use email to share this information. Create a list of customers who want to receive these emails to make the process easier. This approach shows that the company is proactive and interested in being helpful.
Train your employees
It is essential that everyone within an organization is aware of the company’s goals and practices. As a suggestion, make it a practice to have a period dedicated solely to learning and integrating new employees into the company. Courses, mentoring and lectures throughout the employee’s career within the company can help to increase the productivity of the team as a whole, bringing noticeable benefits in the long term.
Be seen and noticed
Digital marketing plays an essential role in every company’s strategy today and has become a priority for many businesses. One of the most cost-effective marketing methods is creating content and promoting it on social media. In the case of accounting firms, LinkedIn may be the best, as it is the largest corporate network in the world. The professional focus of this network allows accounting firms to reach a qualified audience, thus adding value to the company.
Another tool with great results is blog posts, where you can write and share about your services, generating value for customers by delivering useful content.
As a result of the texts promoting benefits to readers, they begin to see accounting as a relevant brand and as a reference. In addition to helping them start using accounting services, it also encourages them to recommend them to others.
Make the most of the benefits of technologies
Nowadays, it is no longer viable for a company to abstain from technological processes. Virtual support from software and programs is becoming increasingly essential for a company to grow; it is essential that processes are optimized and integrated. As a result of the majority of companies having adopted virtual processes for communication and data sharing, corporate networks that have not adopted them are being harmed.
Therefore, invest in automating processes, trying to facilitate data sharing and save time and resources as much as possible. This is a measure that should be part of the company’s guidelines, because in addition to promoting internal benefits, it also helps to reach the market. Show that your company is up to date and has differentiating features in the market.
Constant evolution
A good accounting firm is one in which everyone is constantly evolving, seeking updates and new knowledge. To make your accounting firm stand out, invest in specializations, training, differentiated services and marketing. The accounting field has been changing, and today the accountant must develop a comprehensive work with his client, guiding him so that he can make his company grow.