Aiming to take advantage of new opportunities and to make up for lost time, tax and accounting firms are poised to significantly accelerate their spending on marketing and new business development this year, according to a new survey for "The Seven Keys to Successful CPA Firm Management" practice improvement program.
Some 27% of accountants surveyed say they plan to "increase significantly" their marketing activities over the next year, about twice the number who did so over the past year, Seven Keys CPA reports.
The topline results of the survey are free to the participants and detailed analyses and recommendations are scheduled to be unveiled in a one-hour webinar,
"Marketing + Biz Dev: Trends and Strategies 2010"
Thursday, August 12, 2010
1:00-2:00 p.m. Eastern
Register today!
"The survey shows a new sense of urgency and importance in new business development that had lapsed with the economic slump," said Jean Caragher, president of Capstone Marketing, which, with Bay Street Group LLC, jointly produces the Seven Keys CPA program. "Firms are redoubling their efforts to win new clients, retain old clients and build revenue."
In addition to the 27% of accountants "significantly" ramping up marketing this year, 50% will "increase somewhat," 11% report "no change," 2% will "decrease somewhat," and another 2% will "decrease significantly" their marketing activities over the next year.
For the past year -- in addition to the 15% who said they had "increased significantly their marketing activities -- 50% said they had "somewhat" accelerated their marketing over the previous year, 28% reported no change, 4% reported " decreased somewhat," and 2% reported "decreased significantly."
"CPA firms are battling for business with both barrels," said Rick Telberg, CEO of Bay Street Group LLC. "They're showing a renewed competitiveness and confidence."
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I've interviewed hundreds of CPAs in my career. All of them possessed the business acumen sought by potential clients. Most of them were great at communicating that acumen and value, once they became comfortable during the conversation. Many of them took some time to become that comfortable.
While most CPAs have worked hard to develop their business acumen, they invest little time and effort in developing soft skills and techniques important to marketing and business development. Confidence is an important part of those efforts. Developing the skills and techniques increases that confidence. Furthermore it builds a foundation to keep the confidence when things get rough.
Whether from fear or skepticism, a majority of the CPAs I’ve met neglect to address this part of their practice.
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