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In business, first impressions count. While a lot of accounting firms are sceptical about marketing it could be the difference between Doom, Gloom and BOOM in 2018


If you want to stand out from the crowd and attract this generation of business owners you need to be ahead of the digital change curve. Video content has rocketed up the ladder of importance; it is no longer an option for accounting firms looking to grow; it’s essential. These are the video marketing trends that you need to be aware of in 2017.


Inbound Marketing is the equivalent of having an on-the-road sales rep working for you 24/7/365, in an infinite number of places at once. That salesperson has access to a wealth of data on your prospective clients so they know exactly where to find them and how to press their buttons. This is because the internet doesn’t just allow us to post information about our business. It allows us to embark on a two-way conversation with prospects and clients. Have more than a website; have an online presence with these six easy lead generation tactics.


There has been a fundamental shift in the way clients make their purchasing decisions. The availability of free, high-quality information online has changed the way clients research accounting firms and as a consequence, accountants need to adapt the way they sell their services.


In the digital age, every accounting firm needs a regular client newsletter. If you don’t have one, your clients are missing out and you are also ignoring a proven marketing tactic.


A lot of accountants got complacent and fell asleep at the wheel. Their brand is tired, their aging client base disappearing, referrals dried up and they're not attracting the next generation. Here’s your wake up call.


Accountants all want to know, what’s their firm really worth? Unfortunately, there’s no simple answer to that question because every firm is different and the value depends on a number of factors including ...


GST proved a boom for accounting firms but we now find the vast majority of accounting firms in this country are flat lining or in decline with an ageing client base. How did this happen? How can you fix it?


Growth is now the number one issue in the accounting profession with so many firms flat lining or in decline. They are characterised by an ageing client base and as a result their referral engines have stalled. To reignite your growth your need to shift your marketing focus online ...


In our recent seminar, ‘Ready, Set, Boom,’ we examined the ‘7 Gears of Growth’ that the fastest growing accounting firms in this country all use to accelerate their growth and success. In this blog let’s look at one of the key drivers of business growth, websites.


Let’s face it, accountants don’t get much time to relax. With the Easter break now behind us most accountants turn their attention to the big May 15 tax return deadline, however, there is something more pressing that you might need to prioritise thanks to Google.
 


Despite what you might think, the marketing basics apply to accounting firms. Being in the professional services sector you rely more heavily on referrals than other types of businesses, however, like any business, if you keep doing things the same way, you’ll continue to get the same results.


The accounting profession is a sea of sameness full of firms that are really nothing more than compliance sweatshops offering basic accounting and tax services. These firms view the client tax return as the end of the client process and the commoditization of compliance work has put these firms under pressure. They have no real point of difference, they are characterised by an ageing client base and their referrals have started to dry up.

 


In a previous blog, we discussed 5 reasons why you need to switch your focus to online marketing. In this blog we will delve deeper into how your website can help you generate new clients.


The life cycle of an accounting firm is really no different to that of every person on this planet. A lot of firms have matured and are moving into the decline phase and don't recognise the warning signs.


If you’re like most accounting firms in this country, you’re probably flat lining or in decline. The truth is, the introduction of GST in this country some 15 years ago made most accounting firms busy but it also disguised the need for marketing.


A US based marketing group (Hollinden) recently polled professional service firms regarding their marketing tactics and overall marketing budget. The results revealed close to eighty percent of firms invest less than 5% of their gross turnover on marketing. What percentage of revenue do you spend on marketing?


The internet has changed consumer behaviour forever and most people are now very comfortable buying products online including books, shoes and electronics. The question for accountants is - Do business owners buy accounting services online?


For accountants, owning a poor performing website is like owning the infamous Leyland P76 car (the car referred to by the 1970's Prime Minister, Gough Whitlam as a “dud” and the car Bill Hayden famously called a “lemon).


Welcome to the May 2014 market update regarding accounting practices for sale. Please note, we only deal with practices in Victoria and some border towns like Albury.The demand for fees in in the Melbourne metropolitan area is at record high levels. In fact, we have more than two hundred registered buyers and only a handful of practices for sale. These practices are mainly in regional Victoria with several in the Gippsland area.


If you’re looking to buy accounting fees in Victoria here’s some advice you probably don’t want to hear - take a ticket and join the long queue of buyers. The demand for accounting fees in Victoria is at peak levels while supply remains relatively low due to the baby boomers hanging on longer than anyone expected. While buying fees can be a quick fix there’s an alternative … marketing.


How is it that some accounting firms are growing at phenomenal rates in 2014 and others are flat lining or in decline? To answer this question we need to rewind the clock back to the introduction of GST.

Cast your mind back to the year 2000. The Government gifted every business owner a $200 voucher to help them cope with the changeover to a new GST tax system. The voucher could be redeemed for computer hardware, software or training but it was really just a token gesture to soften the GST blow on business owners.


As 2013 draws to a close, it’s the perfect time to reflect on your achievements and results over the past twelve months. Think about what has worked this year, what hasn’t worked and what needs working on. The break also gives you the chance to start planning your 2014 and how you can make it your best year ever. To help you, I have put together a hit list of potential targets that can make a big difference to your growth and profitability in 2014.


 

If you’re a music trivia buff I’m sure you’re familiar with the song, ‘Video Killed The Radio Star’. This catchy (but annoying) tune was a massive hit for The Buggles in 1979 and some 35 years later the lyrics provide an important message for every accounting firm in Australia. Let me explain …


If you're in the market to buy accounting fees in Melbourne you need to understand that demand is at peak levels and supply remains at the other end of the scale. However, it's not all bad news and there is some light at the end of the tunnel.


Increasingly accountants are asking me how they can claim top spot on Google for searches like “accountant Richmond’ and ‘accountant plumber’. They are starting to recognise the value of the search engine rankings and how top spot can produce a steady flow of new clients. Unfortunately only one person can have top spot and while the competition is high don’t despair …


Marketing is a bit like fishing, to be successful you need to prepare and have a clear plan as to the type of fish you are targeting. You can obviously target several species at once by setting up separate lines but without the right bait and tackle you are just hoping to get a bite. For accountants, hope is not an effective marketing strategy that hooks new clients...


In public practice if a member of your team isn’t performing and meeting production budgets it’s time to have that awkward chat. Professional accounting staff are expected to generate between two and a half to three times their salary in fees but sadly only a small percentage of staff in suburban firms achieve this benchmark. This prompts the question, What benchmarks do your set for your marketing manager? I can hear you saying, “But we don’t have a marketing manager in our practice”. Think again …


Why Pay Dollar for Dollar when You Can Pay 5 Cents in the Dollar …

The demand for accounting fees in metropolitan Melbourne is at a record high. In fact, we currently have more than 170 registered buyers and when a quality practice lists for sale it is like a frenzied shark attack. The most sought after profile is a practice with a fee base of between $400k and $500k located in the inner city region or south-eastern suburbs of Melbourne. We could sell that type of practice 25 times over on the proviso it is quality. By quality I mean ...


 


The 7 Deal Breakers for Buyers

We all know from Economics 101 at university that price is determined by supply and demand. However, when selling your accounting practice there are other price factors that come into consideration and in some cases they are ‘deal breakers’ for prospective buyers.


When surveyed, clients often suggest one of the main reasons they change accountants is a lack of communication. Some clients might mention price, slow turnaround times or a failure to return phone calls and emails but failing to stay in touch is always high on the departure list.

Read more to find out one of the best ways to remain top of mind with your clients.


I’m sure you’re familiar with the extreme makeover television program where a lucky individual is chosen to receive a ‘makeover’ at the hands of the nation's top plastic surgeon, a cosmetic dentist, hairdresser, makeup artist, fashion stylist and personal trainer. A new set of teeth, some liposuction, a stylish hair cut and an updated wardrobe can transform the recipient into a younger looking, more attractive human being.

So, what’s this got to do with the accounting profession?


I recently saw an interview with the latest pop sensation, 35 year old South Korean rapper Psy whose video of his 2012 smash hit Gangnam Style’ has had a record 1.39 billion views on YouTube. He has been on a world tour since his video went viral with its catchy tune and unique horse riding dance moves. What most people don’t know is its taken Psy 12 years to become an ‘overnight sensation’.

But what’s this got to do with the accounting profession? Why have so many firms hit the growth ‘wall’ in 2013?


It’s fast approaching Christmas and that time of year when we find ourselves reviewing the year and using the New Year as an excuse to change our ways. On a personal level, losing weight, finding a better work/life balance, living healthier and travelling usually top the list. But what about your New Year business resolutions?


Traditionally the 6 weeks leading into Christmas are relatively slow periods on the practice broking front but not this year! The demand is stronger than ever and we have a record number of buyers now registered. With only a handful of practices on the market this is creating considerable frustration for buyers but there are things buyers should be doing to help their cause.


Marketing in the public accounting profession has come a long way in the last 20 years. We can advertise, telemarket, entertain and network plus we can now use the internet and social media to source new clients. While the internet revolution has changed the way most businesses market their products and services, it still amazes me that less than 40% of accounting firms have a website.