Give your CA firm an edge with these 5 tips
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Give your CA firm an edge with these 5 tips

  • Highlights

  • Find you niche skill

  • Explore new markets

  • Attract and retain quality people

  • Stakeholder management

The market for Chartered Accounting firms is highly competitive. Other than the Big4, there are a number of quality firms offering premium service in the field. Because of the crowded market, sometimes you may find it difficult to distinguish your firm. Then how to go around it? How to make a mark and improve the business for your firm? Here are some proven strategies that can push the growth of your firm and make you stand out from the rest.

1. Find Your Niche

What is the strength of your firm? Is there any area your team is genuinely interested? If it is yes: Great. Even if it is no, don’t worry too much. Find the field you and your team are really good at. It might be forensic accounting may be intellectual property rights or it may be Labour laws. Whatever it is, try to make a mark on that. You should be able to proudly say that no other firm can compete with you on that particularly field of work. Build your niche and watch that how expertise is rewarded in the market.

2. Explore New Markets

Exploring new market requires substantial investment from your part. This makes the move risky. It might be a different business segment or in various locations or you can try it overseas also. However, you can minimise the risk by choosing the right financing option. Today, financing tools like CA Loans are tailor made to make them suitable for such explorations.

3. Attract Quality People

Attracting quality people is imperative to the business, but it is costly as well. On average, the standard average salary of CAs in India comes around Rs. 7.00 lakh per annum.
However, to get a professional with excellent qualities, the paycheque can go up to Rs. 20.00 Lakh per annum. The difference might be daunting at first. But if you calculate the opportunity cost of not hiring such good people, you will find that you are losing a big time on that.

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4. Maintain Business Relationships

This is the constant truth in all professions since the beginning of time. All the successful CAs emphasise the need of maintaining good relation with clients, colleagues and even competitors. Many businesses come in referral. And referrals will come from the people you have maintained good relation with. Starting from now, start making a conscious effort to build and maintain relationships. And you will be surprised how it will translate in the top line of your firm.

Achieving the target amount of growth is not easy. The market will be volatile, competition will continue to heat up and reaching your targets will be increasingly difficult. But this is not something new. It had happened all the time in the past and it will continue to happen in future as well. Just keep up the good work and follow the points discussed. You will be able to differentiate and grow your business continuously.

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