Adding new clients is a solid growth strategy—if it's done smartly. It's also a popular choice for tax and accounting firms of all sizes.
According to a 2021 survey performed by Accounting Today for Wolters Kluwer, 61% of firms surveyed plan to focus on recruiting new business clients, and 39% plan to recruit new individual clients to grow their firm over the next three to five years.
But what's the right mix for your firm's recruiting goals? And what makes business clients so much more attractive?
Adding new business clients creates two opportunities: complexity and cross-selling.
Business returns are typically more complex—and more lucrative—than standard individual returns. Plus, with the accounting industry's focus on higher-value advisory services, it makes sense that recruiting new business clients is a more appealing growth strategy.