How To Set Yourself Apart From Others In The Industry

Differentiating accounting firms can be challenging for potential clients. So, what can you do to help your target market choose you over your competitors?

Read on for our tips on making your accounting practice stand out from the crowd…

Understanding the Competitive Landscape

Adopting unique accounting firm strategies first requires you to understand the landscape in which you operate. You’ll want to gain a good understanding of current market trends, such as the use of technology and any upcoming changes in regulation or legislation that could affect your clients.

This will help you identify any gaps in the market and any opportunities you can leverage for differentiation.

Many accountancy practices could include niche specialisation, which means providing specialist accounting services to a particular sector or demographic. You may offer innovative new services ahead of the competition. Your particular approach will depend on your preferences, circumstances, budget, and team.

Innovative Services to Offer at Your Firm

As the accountancy landscape becomes more competitive and winning new clients becomes more challenging, more entrepreneurial accounting firms are diversifying their offerings to increase their revenue.

You could consider developing niche services tailored to specific industries, developing expertise and experience that differentiates you from your accounting industry competition, and integrating technology and automation to improve client services.

You could, as many are doing, start to offer advisory services that go beyond traditional accounting, adding more value to your clients and giving you a competitive advantage.

Building a Strong Online Presence

To stand out from your accounting industry competition, you need people to know your business exists and be aware of what you do. With the majority of people using the Internet on a day-to-day basis—including for researching products and services—your practice needs to be visible online.

This includes optimising your website – both for search engines and for user experience. Can visitors navigate your site with ease and find all the information they may need? Are there clear calls to action, and are you painting your practice in the best possible light?

Content marketing—from email newsletters to blog posts and guest posts on other websites—can also help build brand awareness and reputation and improve search engine rankings. Remember to use LinkedIn and other professional networking platforms to cement your online presence.

Networking and Relationship Building

It may not seem like one of the most unique accounting firm strategies, but networking and relationship building—when done right and consistently—can help you stand out from the crowd.

Start local. Are there any community events or clubs you could sponsor or charitable causes your practice could donate to? Are there local Facebook groups or pages that you could meaningfully interact with as your business page to improve the recognition and reputation of your brand?

Industry events and online forums can also be beneficial, whether you’re sponsoring, speaking, exhibiting, attending – or even hosting your own.

Finally, consider creating strategic partnerships with other financial professionals. Working on a referral basis with other, non-competing local businesses, such as mortgage brokers or financial advisors, can be mutually beneficial and help differentiate accounting firms from their local competitors.

Emphasising Customer Service Excellence

A strong focus on excellent customer service is a significant way to stand out from your accounting industry competition. In any service industry, impressing your clients is vital to keeping them coming back and encouraging them to refer new clients down the line.

Implementing client feedback systems will formalise your clients’ reactions to your work and help you improve your service. You may also need to document required best practices for your team and train staff to meet your practice’s standards.

Remember, too, that a one-size-fits-all approach to customer service only goes so far. To truly foster loyalty amongst your clients, you’ll want to tailor your service to their exact needs, demonstrating that you understand them and that you have their best interests at heart.

Continuous Learning and Professional Development

The very best accounting practices do what they can to remain at the forefront of their field – and this means focusing on learning and professional development.

They stay up-to-date with the latest industry trends and developments, engaging with thought leadership in the accounting sector. They keep on top of current and upcoming regulatory changes and communicate the relevant ones to their clients.

They encourage team members to gain certifications and specialisations in relevant fields, including upskilling and reskilling team members to encourage personal growth.

While many focus on clients for word-of-mouth recommendations, the opinions of your team matter, too. Team members who are given the opportunity to grow and flourish and who are highly respected because of both their work and your focus on their development are more likely to be retained – and more likely to promote your practice.

Why Join ICPA?

Adopting one or more of these unique accounting firm strategies may seem daunting, but you don’t need to go it alone. Our 1000+ strong community of accountants and bookkeepers have access to a whole host of membership benefits that help set them apart from the crowd.

Join the ICPA, and you’ll gain access to exclusive resources and professional development opportunities covering a variety of topics. You’ll also benefit from networking events and forums that are exclusive to members, keeping you abreast of sector developments and connecting you with industry experts.

What’s more, our members can also take advantage of our support services, including dedicated telephone advice lines for subjects such as compliance, marketing, and business development. To see a full list of ICPA member benefits—and to register—click here.

FAQs: Setting Your Firm Apart

How can I ensure my accounting firm stays ahead of industry trends?

Networking events and groups can help you to stay up-to-date with changes and developments in the accounting sector. ICPA members also benefit from various resources that keep them in the loop.

How can I effectively communicate my firm’s unique value proposition?

A solid online presence – including an up-to-date website and a focus on content marketing – can show what differentiates you from your competition. Networking, either in-person or online, can also help you to communicate what your practice is all about.

How can collaborating with other businesses enhance my firm’s offerings?

Collaborating with other financial services businesses can lead to mutual referrals, benefiting all involved for little cost or effort.

What are the advantages of offering advisory services beyond traditional accounting?

Offering additional advisory services can increase your revenue streams, as well as cement your reputation as an expert in a particular sector.

How can implementing eco-friendly practices benefit my accounting firm?

With sustainability and Net Zero targets a hot topic, any steps that your firm takes to become more eco-friendly can appeal to businesses and consumers looking for more sustainable partners.