According to the Bureau of Labor Statistics, CPA businesses are in demand. Between 2020 and 2022, accountants’ and auditors’ jobs will grow by 7%. Each year, there will be about 135,000 job opportunities.
What does this mean for you, the CPA business owner? It means that there is ample opportunity to grow your certified public accountant business. And, as always, growth takes work. But it’s worth it!
To help you on your way, here are seven essentials for expanding your CPA business:
1. Create a Niche
Many new CPA businesses try to be all things to all people when starting. Unfortunately, this is rarely successful.
A better strategy is to focus on one area of accounting and become an expert in that area. You can then market yourself as the go-to CPA for businesses in that industry.
A niche will help you stand out from the competition and attract more clients.
Once you have found your niche, make sure that your marketing materials reflect this specialization. Your website, social media profiles, and even business cards should target this specific market.
When creating a niche for your CPA business, it’s essential to be realistic. Don’t try to specialize in an area that you know little about. CPA businesses can’t afford to make mistakes, so choose a niche that fits your skillset and expertise.
The more focused your CPA business is on one market, the better it will do in that area.
2. Use Social Media to Your Advantage
Social media is essential for CPA business success. However, it’s not enough to have social profiles anymore. You need a plan for using each platform and what type of content you will post there.
The first step in creating that CPA marketing plan is identifying your target audience on each site. You need to figure out where they are most likely to be active online, as well as their preferences for sharing information about themselves.
For example, LinkedIn users often prefer educational posts, while Instagram users might appreciate funny images more than anything else.
Once you know these details about your CPA market, create targeted messages that fit the individual platforms’ styles and tone of voice. Don’t force the same content onto all sites.
Your social media posts should also drive traffic back to your website. Ensure that your website is optimized for SEO and includes strong calls to action on every page.
If you’re unsure where to start with social media, consider hiring a professional CPA marketing firm. They can help you create a plan to reach your target audience and boost your business growth.
3. Work With Other CPA Businesses
Working together with other certified public accountants is about far more than just synergy. It can also help you grow your business exponentially.
There are many reasons why it’s beneficial to team up, including:
- Cutting costs by splitting services
- Sharing knowledge and resources
- Expanding client reach through referrals
One of the essential benefits of collaborating on projects is building trust between firms. It is especially true in cases where there isn’t a clear division between work done for one firm or another.
If both businesses are equally interested in seeing this project succeed, they will be willing to share credit and give each other positive reviews online and offline when their names come up.
4. Get Involved in the Local Community
One of the best ways to attract new clients is to get involved with the local community. You can do it by participating in or sponsoring events, volunteering your time, or networking with other business owners.
When you become a CPA who cares about your community, people will start turning to you for advice and referrals. It also helps build trustworthiness and credibility among potential clients.
Local involvement also lets you showcase your skills and expertise. You can talk about specific projects you’ve worked on or share success stories from clients you’ve helped.
Being involved in the community is essential for any CPA marketing strategy. Make sure that it features in yours.
5. Use Content Marketing to Educate Potential Clients
Another great way to attract new clients is by educating them about the benefits of working with a certified public accountant. You can do this through content marketing, including blog posts, articles, infographics, and even videos.
New customers will start coming to you for advice and information when you produce high-quality content relevant to them. That’s when you know that you’ve succeeded in attracting their attention.
Your content should answer common questions that potential clients have about hiring a CPA. It should also dispel any myths or misconceptions about the profession.
The more helpful and informative your content is, the more likely people will trust you as their CPA.
Don’t forget to include images and video in your content marketing efforts because they are proven to increase engagement.
However, make sure you don’t only use the same few pictures over and over again. You should try out different visuals like memes or infographics that help get your message across more clearly.
6. Join a Network of Tax Experts
One of the best ways to grow your business is by joining a tax experts network like Taxfyle. Such platforms connect CPAs and clients who need tax advice.
If you’re a CPA, joining Taxfyle lets you gain access to high-paying freelance jobs that are always available at your convenience. It also helps expand your client base and gives you more opportunities to get hired for national projects.
7. Create a Referral Program
One of the best ways to get new clients is through referrals. You can encourage your current clients to refer their friends and family members by creating a referral program.
Your referral program could offer incentives like discounts, gift cards, or even cash rewards. It’s up to you how generous you want to be with your rewards.
Make sure that your referral program is easy to understand and use. Your current clients should be able to access it on your website or blog. You could also create a special landing page just for referrals.
The key to a successful referral program is communication. Let your current clients know about the program and remind them regularly about it. It will increase the chances of them referring someone to you.
Expand Your CPA Business Starting Today
Expanding your CPA business doesn’t have to be complicated. These seven essentials will help you get started. Implement them into your marketing strategy and watch your business grow.
We hope you’ve found this article helpful. Please keep following our blog to learn more about business growth.