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Growing Aggressively in Today's Economy - Is It Possible?

Growing Aggressively in Today's Economy - Is It Possible?

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by Hugh Duffy

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After 4-5 years of a soft economy, there is tons of skepticism out there about whether it's possible to aggressively grow an accounting practice in this economy. The naysayers have a strong argument between unemployment, uncertainty and tight credit, it's easy to stay on the sidelines and do nothing. However, the naysayers still need to offset attrition to tread water.

From my vantage point, I have had the opportunity to work behind the scenes with small accounting firms all over the United States which provides me with a much more diversified view of what works and whether it's possible. Here are some insights that I can share with you as you consider whether it's worth taking the plunge:

If your local market has an unemployment rate above 10%, then it's far more challenging than most markets around the country. I fully respect your apprehension to aggressively market your accounting practice because your concerns are well founded and eventually, things will improve. By all means, you should still be marketing your accounting practice but the level of financial investment should be moderate, not aggressive. With our Outsourced Marketing Program, I have avoided engagements in markets that are extremely soft economically because it is very challenging to persuade small business owners to spend $3,000 - $5,000 per year for accounting/tax services when many businesses are struggling to survive. Personally, I have stayed away from markets like Las Vegas, Detroit, Fresno, Bakersfield, Reno, and Providence because the local economies have been very very soft.

If your local marketing area has a professional sports team (NFL, MLB, NBA, NHL), there are plenty of businesses to target even if the local economy is soft. We've been shocked by the results in a couple markets. Bigger markets are far easier to grow than small markets if you know how to market your accounting practice. For example, we had one client in Miami that knocked it out of the park despite terrible economic indicators in South Florida.

If your practice has a unique service or area of expertise, this can draw prospects from a broader geographic region to you because there are very few accounting firms providing this unique service. We have tried to make everyone aware of the amazing capabilities with niche marketing on the internet but many accountants are afraid to pull the trigger. This is a huge opportunity if you have the right area of expertise.

Internet marketing is bigger than nearly all accountants realize and provides a great ROI. By internet marketing, I mean everything from a well organized website, search engine optimization, blogging, multiple websites, social media, email newsletters, social media marketing and online reviews. Not two or three of these elements, all of them together into one holistic marketing effort.

If you have questions, feel free to contact me offline at 888-999-9800 x151.

Hugh

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Hugh Duffy, BYF CEO and Co-Founder

Hugh is the consummate marketing coach for accountants and takes pride in the impact that it has on their practice, and lives. Hugh has more than thirty years of marketing experience. Since 2003, he has been teaching accountants on how to improve their marketing and make more money from their accounting practice.