• Apply now

Money in bank in 24 hours

Apply now

How can CA firms combat competition and take their practice to new heights

  • Highlights

  • Tackle competition with a robust strategy

  • 3 vitals of CA firms

  • Revenue generating ideas

  • Right financing option

All businesses need to face up to competition; even specialised services such as CA firms may find themselves facing stiff competition from other players. It is essential to keep abreast of the times and be flexible enough to incorporate welcome and unwelcome changes in the business scenario. It is important for the CA firm to never slip into a state of complacency.

The 3 vital areas of a CA firm are:

1. Process

The various services the firm renders in order to earn an income

2. Marketing

Retention of existing clients and maximising the revenue earned from each account Prospecting and winning the right kind of clients

3. Management

How the firm carries on its operations in order to maximise profits and generate wealth The firm should never lose sight of these 3 critical areas if it should have sustained business.

Other revenue generating ideas for growing your business are as follows:

1. Referral System

You need to incorporate a systematic referral process in place in order to ensure that all referrals are followed up and pursued actively until it is successfully converted into business. It makes commercial sense to have a team assigned to convert referrals into sales.

2. Up selling and Cross selling

It is essential to be in constant contact with your existing customers in order to understand if they have any additional service requirement. You need to ensure that all your customers are apprised of the range of services that you can provide. This can help you maximise your earnings from your existing client base.

3. Diversify your Service Offerings

Every CA firm specialises in specific service areas. However, it would be advisable to diversify into related areas such as management consultancy, advisory services and the like, if you wish to expand your customer base and ensure sustained business


4. Digital Marketing

With many prospective clients being active on the social media, digital marketing would be the way forward.

You need to have a web site that is HTML5 compatible and can be easily accessed using a smart phone or a tablet. The content that you display needs to be domain specific and powerful enough to attract attention. It is recommended that you have gated content that can be downloaded only after sharing an e-mail id. This will ensure that you get enquiries only from serious clients with service requirements.
While combating the competition, along with having the right strategy, it is equally important that a right financing option is chosen to reduce cost and maximise benefit from the lending operation. Today, innovative lending products like CA loans are available in the market. Their various features make them ideal for financing initiatives by CA practices.

How would you rate this article

 Please let us know why?

What did you dislike?

What did you dislike?

What did you like?

What did you like?

What did you like?

Next up


How to use a Chartered Accountant loan to strengthen your practice