Life isn’t always easy — and the economy isn’t always great — but you need your accounting firm to perform well even under intense pressure.
When times get hard, accounting firms are in the unique position of guiding other business owners. When COVID-19 hit, many small business owners felt lost and uncertain about their futures. Who did they turn to? Their accountants and bookkeepers! So, here are some ways you can make sure that, during difficult economic times, you know exactly what to do to be there for your clients and scale your business.
Know Your Clients
The first step to maintaining a thriving accounting firm during rough times is understanding your clients. You should be intimately familiar with their financial status and the vision they have for their business. That way, when the going gets rough, your services can be useful in establishing a recovery plan or readjusting budgets.
Diversify Service Offerings
Now more than ever your accounting clients need your help. You might already keep books for a business, but as times get tougher, their needs will change. You can change too to accommodate them! Advisory services become more and more vital as the state of the economy worsens and, as someone who is already familiar with your client’s business, you’re the top candidate to provide them guidance.
Choose the Right Tech
A good tech stack is always important, but having the right software for your business is even more important when the economy is bad. You can’t afford to be spending money on tools that aren’t working for you. If you need to trim the budget, make an honest assessment of your current software. Which tools are worth the money and which aren’t? Is there software out there that can help you with more tasks?
Know Your Company
Having detailed, documented processes always helps you save time and money, and this can be even more important when times get tough. Just as you understand the ins and outs of your client’s business, you should understand your own firm. Each process should be so clearly outlined that you can easily determine where corners can be cut if necessary. Take some time to figure out what streamlined processes can save you money and time.
Risk Management
Of course, you can’t predict the future. You can, however, have some plans in place for what your firm will do when you lose clients. Some people might just not be able to pay for your services when the economy is bad, and there will likely be fewer potential clients in the pool. Work with your team on developing a plan for managing scope creep and disaster recovery.
When the going gets tough, you get tougher. As an industry professional, you know how to roll with the punches and get back on track. But, due to the unique nature of the accounting industry, you may be able to not only survive a turbulent economy but thrive during it! By using your knowledge to take care of your clients during hard times, you can grow your firm too.
