More than a third of tax and accounting firms plan to add new services or expand current ones when asked about growth paths.
It's especially popular among large firms, who are taking strategic steps to support adding and expanding their tax, audit, and advisory services without adding staff; steps such as using data analytics to streamline processes and outsourcing tasks to create capacity.
But if you build it, will they come? That's the crucial question tax and accounting firms need to ask before they decide to add or expand services. After all, what's the use of offering more services if clients aren't asking for them?
That's not to say your firm shouldn't grow. But you can use these four steps to expand strategically to meet your clients' needs.
Use Data Analytics to Determine Your Client's Needs
Advanced data analysis can use your firm's current client data to identify gaps in your current offerings and spotlight which service lines have the most untapped growth potential. Your data also can help you drill down to effectively target specific client segments with new or expanded services based on their past interactions.
Build a Partnership with Clients That Helps Them Address Pain Points
If you make relationship-building the foundation of your client service strategy, your clients will consider your firm more like a partner in their growth than a service provider they do business with just at tax time. That means they'll be more likely to turn to you with problems they need to solve, and they'll be open to education from you about how you can address their pain points. These open, honest exchanges will help your firm get to the root of which services would provide the most value to your clients.
