Do These Challenges Facing CPA Firms Sound Familiar?
When nearly 100 small firm owners talk about three common things that are key to their firms’ fortunes, you want to know what those are. Maybe these same things are on your mind as well.
Pransform exhibited at the NY accounting show on May 1-2, 2013 and nearly 100 small firm owners talked to us at the show.
And here are the TOP THREE CHALLENGES that they are facing right now….
Growth : Their net earnings were lower than they expected – for the efforts that they put in through the year. Why? Because they were not able to focus on growth. They were being pulled in all directions – marketing, hiring, client service delivery, technology, deadlines and so on.
Getting New Clients : Finding new clients is a tough task, not because there are not many out there, but because there is a competition for their own personal time. It’s hard for them to decide between “being in front of prospects”, “delivering work to existing clients” and of course “family”. Investing more time to reach out was difficult and they depended on referrals, waiting for things to happen rather than making them happen. Time : you can not manufacture time and they know it, now.
Managing New Expectations of Clients : Matching the ever changing expectations of clients is an emerging challenge. New clients are from the “instant gratification” generation and they want information “NOW” – even if it means at middle of night. Be prepared to simply provide the information to them on their smartphone and tablet.
How are they overcoming these challenges?
Are these your challenges too? Or is it something else at your firm?
We asked the very same firm owners – “You know the challenges. Tell us what you are doing to overcome them”.
You would be intrigued by the answers!
Stay tuned for our new market research findings. We’ll be there at the NJ Accounting Show on May 15-16 too and we’ll find out more for you.