How Can a Chartered Accountant Grow his Business? |
Posted: October 31, 2018 |
While Chartered Accountancy (CA) has traditionally been a sought-after profession and commands considerable social respect, the industry has been facing a lot of challenges lately. Corporates in India are adopting international accounting practices to meet client requirements. This requires CAs to improve their depth and quality of service to remain competitive. A Business Loan for CAs is just one of the many ways in which professionals in the field can achieve greater business growth. Here are a few tips for CA professionals to reach new levels of business growth: Specialisation As businesses borrow heavily to fund acquisitions around the world, corporate debt management is gaining importance. Angel investors and venture capital firms are also aggressively backing high potential start-ups. The value of capital involved in these transactions is substantial. CAs need to study the market closely to identify gaps in current corporate finance services and position themselves as a cost-effective alternative in areas such as risk management. Housing societies, small businesses, non-governmental organisations and co-operative credit societies are some other examples of niche customer segments that CAs can provide specialised services too. Value-based proposition Traditional CA services have low-profit margins due to increased competition. Outbidding rivals on cost grounds can help companies win contracts, however, for the long-term viability of their business, this is not an optimal strategy. Instead of lowering prices, CAs should focus on value-added services like GST, corporate audit and valuation services. IT automation To identify high-risk transactions, auditors are increasingly using low-cost reporting applications. This has reduced the scope for error, helped maintain data security and allowed faster turnaround times. The Business Loan for Chartered Accountants offered by Bajaj Finserv, for example, can help CAs easily implement technological solutions in their premises. Repayment tenors of up to 60 months can help CAs manage cash flow and hire more staff, especially during the busy filing season. Quality accreditation As businesses are exploring international markets, Indian CA firms will need to adhere to regulatory guidelines practised globally. This means they will need to gain certifications like GAAP prescribed by the US Financial Accounting Standards Board (FASB). Consultative selling approach As revenues depend directly on the number of new business a CA firm generates, having the correct approach to sales is crucial. By understanding the key business outcomes of a potential client, the CA firm can help them view it as an investment and not an expense. Networking aggressively Industry conferences and business events give your brand exposure to the latest happenings. It also provides an opportunity to explore opportunities for collaboration and consulting. Sharing insights help accounting professionals gain a wider perspective on how market trends are likely to affect business growth. Speaking at such conferences will help accountants develop their reputation as an expert. Presenting white papers and reports will also add to their credentials among their peers and business associates. Demand generation marketing Businesses are adopting social media and internet marketing in a big way to generate new business. Chartered Accounting (CA) firms are no exception. Developing target customer personas can help you tailor your offering to the market and price your services more competitively. Outbound email marketing campaigns are low-cost, high-return marketing tools that can help accounting firms reach customers in a different niche. This can lead to new business opportunities that you may not have considered before. Related Article: Business Opportunity for Chartered Accountants in India
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