At a glance
- Sales is key for any successful business – and accountancy firms are no different
- Many are time-poor and don’t have spare cash to spend on business development
- Cost-effective steps include targeting ideal clients through marketing and networking to generate leads
1. Find your niche to stand out
For theGrogroup’s Managing Director, Paul Richmond, one of the biggest mistakes a firm can make is saying: “I don’t care. I just want more clients!”
Instead, firms should curate a smaller portfolio of higher-quality clients. Richmond recommends spending some time thinking about your ideal future client.
Focusing on a specific sector helps you build deep knowledge, tailor your services more effectively, and market with greater precision. It also builds trust and makes it easier for the right clients to find you.
The golden rule, says Richmond, is ‘less is more’: “Focus MORE time in your weekly Business Development sessions on LESS prospects,” he says. “People who have a ‘target list’ of 100 firms are often overwhelmed, so pick six and show them some love.”
Specialising in niche sectors has built a steady pipeline of clients for James Lizars, founder of Thrive Accountants.
“We specialise in early-stage tech businesses, but our B Corp certification and focus as an impact-driven business has led to partnerships with organisations that specifically serve climate-tech startups,” he says.
“This provides a reliable pipeline of ideal client prospects being sent to us. In fact, more than that, they’re dream clients who are similarly delighted when they find an accountant who is so aligned with them from both a specialisation and purpose perspective.”
Modern marketing with purpose
Targeted marketing can attract more lucrative clients. To be effective, accountants should prioritise marketing activities that spark conversations with prospective customers. Matt Baldwin, joint Managing Director at Coast Communications, says many of those conversations start online.
One effective way to drive new business, says Baldwin, is developing a strong content programme that focuses on the issues clients face. To do this, accountants should think like their clients – considering current conversations, future questions and the ones they wish clients would ask as a basis for creating relevant, engaging content.
Baldwin adds that all marketing content can be repurposed to make sure it hits all your target audiences. “Short punchy articles can be shared on your personal and the firm’s social media channels, in regular newsletters and in magazines or newspapers,” he says. “Tag your colleagues and friendly clients or intermediaries to amplify your article.
“And remember, it is important to engage with those that like, comment or share your content, as that will help take those conversations offline.”
2. Maximise your online presence
Regularly posting on your website and social media strengthens your online visibility. Richmond notes that consistency is key. “Driven by algorithms, you need to be posting on LinkedIn (and the others) three times a week.” he says.
Linking between pages on your website and using the right keywords in your content can help more people find you and understand what you offer.
Richmond says: “It’s not about having a million followers on Instagram or TikTok, but you definitely need to be on the platforms that your clients inhabit.
“If you do a degree of wealth management, tax planning or investment advisory work, then you should be on some of the social platforms like Facebook and Instagram. If you are aiming at SME (small and medium-sized enterprises) corporate, then LinkedIn should be your minimum.”
When reaching out directly, it is important to consider data protection. Accountants must comply with GDPR (General Data Protection Regulation), which ensures transparency in how personal data is collected, used and stored securely. Only essential information should be gathered and leads must be able to access or delete their data upon request.
“It’s not about having 1 million followers on Instagram or TikTok, but you definitely need to be on the platforms that your clients inhabit.”
Paul Richmond, Managing Director, TheGrogroup
thGroGroup MD Paul Richmond’s top tips
- Ditch your ‘worst’ 5% of clients and dedicate that time to Business Development (BD).
- Time block first thing one morning every week for BD (if end of the day – you are doomed).
- Pick your favourite sector and write about it. Get out and meet people in that sector.
- Call your clients and just see how they are doing – I bet they will be surprised to hear from you.
- Remember it takes at least six months to see it working, so be tenacious!
3. Networking for growth
Building smart alliances with legal firms, consultants and fellow professionals can create a reciprocal referral network. Richmond recommends networking. “Business breakfast, lunches and cups of coffee are the fastest way to build trust and identify opportunities.”
Attending national networking events like Accountex London can be a great option for finding potential partners and leads, as are functions like the IFA’s regional networking events, where you can meet and build connections with like-minded individuals.
“The best way to impress people is to ask them about the topic they love talking about the most: Themselves and their business! Just be curious… Remember: it’s about being interested, not being interesting.”
Richmond cites a client, the managing partner of a small firm in Scotland, who got the whole office to leave on Friday at midday. “Everyone went out into the pubs and cafés in Edinburgh, and it became a Friday ritual that everybody would go and meet their counterparts in other firms. As a direct result he built relationships with estate agents, IFAs, other accountants, lawyers and all manner of professionals that have served him well in his 40-year career.”
More information on IFA’s regional networking events here.
