A recent study by a Virginia-based branding and marketing firm revealed the top 5 business challenges for accounting and financial services firms.
As a part of an ongoing research of professional services firms and how they grow, Hinge Research Institute^ conducted a survey to owners and executives of 530 firms of various industries and sizes, including the accounting and financial industry, to determine the business challenges they are facing, as well as the marketing initiatives they are undertaking to address these issues.
- Attracting & Developing New Business
Generating leads on potential clients and retaining existing ones have become the highest priority challenge for 70.5% of respondents. As the international competition becomes fierce, it also grows more challenging to these markets. Moreover, making existing clients more aware of the services they offer is among the top marketing initiatives of the industry as organic growth has become a critical goal to these firms.
- Finding/Keeping Good People
Another concern is finding the right people with the right skills needed in order to keep up with the high demands of customers. This labor concern stems from the fact that baby boomers in senior roles are nearing retirement age. Firms should employ and cultivate more leaders to avoid this cyclical labor shortage brought by generational change.
- Leadership/Internal Change Issues
In connection to finding and keeping good people, employing and developing leaders equally poses a test to these firms. One way to execute this is to develop a program for the next generation of leaders to cultivate high-visibility experts. This way, the leadership techniques are passed on and more potential employees are transformed.
- Technology Issues
With the evolution of technology and businesses’ high dependency on it, this issue is both a challenge and an opportunity for this industry. Clients are expecting more efficient solutions as these firms leverage the power of marketing automation. Using this innovation effectively will contribute to the firm’s success.
- Dealing with Client Demands/Expectations
Lastly, keeping up with the crucial demands of clients is a struggle to 29.6% of the respondents as these clients expect to have their problems solved. To ensure their satisfaction, one key step is to know which type of client does the firm specializes in and develop a program dedicated to securing this type.
The Outsourced Accountant supports Australian and New Zealand accounting firms by helping them understand and implement outsourcing solutions to help them become more proactive and truly add value to their clients. If you want to know more about outsourcing, call us at 1300 896 522, and download our e-book.