Some great advice from FundThrough (www.fundthrough.com)
Bite Size Business Insights
*Welcome to our weekly series, Business Bites, featuring simple business insights you can consume in two minutes or less*
Growing your practice. It’s a goal that the bookkeepers and accountants we work with bring up again and again as a high priority. As evolving technology and the COVID-19 pandemic change the industry, what are the best ways to get more work? Here’s what successful bookkeepers are saying:
- Create streams of referral business. Get to know professionals whose work is complementary to yours, like a CPA firm, tax law practice or financial technology company who can refer clients to you.
- Find a niche. Having a speciality can make it easier for you to generate leads either through ad campaigns directed at a specific audience (e.g., truckers or manufacturers) or through referrals; manufacturers know other manufacturers. It can also help you create a more streamlined tech stack which you can rely on to suit all your clients.
- Build your tech stack. By implementing technology that eliminates manual work like data entry, you can focus on building your business and learning more about different technological solutions your clients may benefit from. This added efficiency allows you to be a resource for your clients, which adds more value giving you the ability to charge higher rates and make more income per client. For example, If you have a fast growing client who could improve their cash flow by getting their invoices paid faster, referring them to FundThrough shows your expertise.
- Network, network, network. The other bookkeepers and accountants you know are a wealth of information and connections. Don’t be afraid to ask for advice or an introduction.
- Position yourself as a strategic partner. Building off that last point, automating routine work with technology enables you to become an advisor to your clients based on their financial data. This approach enhances the value of your work so you can get more referrals and even charge more for your services.