The accountancy industry has long been a dominant one. There are many businesses around the world that are registered to provide accountancy services, this includes everything from advisory services, to tax, to audit. Some of the most famous and successful accounting firms include KPMG, PwC, and Deloitte.
There have also been a noticeable number of new entrants into the market. This shows that there are great opportunities and the potential for increased profits in the industry, which is certainly a good thing. Yet it also shows that competition is ramping up again and, therefore, it is imperative to ensure you do everything you can to stand out from other businesses in the accountancy industry.
The general feeling is one of optimism, with pockets of strong growth. It is forecasted that income for accountancy and related services will increase over the next five years. One of the main reasons for this is because of the growth and value of consultancy services. Moreover, the very make-up of the industry makes it one whereby competition will always be fierce. It is characterized by thousands of sole practitioners and smaller firms, a substantial number of mid-tier companies and the four big firms. Therefore, SMEs and sole practitioners need to do everything within their power to stand out from the competition and this all begins with projecting a professional image.
Giving off a professional brand image
Whether you are offering a bookkeeping service, sorting out a business’s monthly payroll, dealing with taxation or providing a consultancy service, it’s all about giving off a professional vibe and showing yourself as an expert company/practitioner that can be trusted. One of the distinct characteristics of this industry is the fact that repeat business is imperative. Clients are very reluctant to change firms. Procuring new business is not always easy and holding onto your customers is of paramount importance. Consequently, first impressions are everything and you need to continue to project this professional image if you are to ensure your clients have continual faith in the service you are providing.
But, what methods do you have at your disposal in order to achieve this? It is all about building your brand image, so it is one that is associated with high levels of trust, professionalism, and quality. Use social media channels and blogs to increase loyalty by sharing engaging, relevant and informative content. Share testimonials that you have received from satisfied clients on your website. Consider using an independent review platform. Have you thought about creating a portfolio? Written case studies and video case studies can really help to show your level of skill and your positive track record. Attend annual events and enter industry rewards. All of these are great steps to achieving recognition and building your professional brand.
Of course, you also need to make sure you provide a quality service. After all, it is going to be difficult to build a strong and trustworthy brand identity if your service then lets everyone down. Using innovative and effective tools like TripLog to help clients manage their reporting requirements and keep their taxes low is one of the best ways you will differentiate yourself from the competition. Using tech to stand out is of huge importance in the current day and age.
Aside from this, another important thing you need to make sure you do is have professional business documentation. This is of the utmost imperativeness when you consider the fact that the service you supply involves dealing with documentation every single day. If you are dealing with everything from VAT documents to payroll documents and you then provide your clients with a makeshift invoice they are really going to question the credibility of your company. They may even have concerns over the validity of the document you have provided them with. Your invoice template and quote template are both representations of the service you supply. They need to be professional, sophisticated, evoke confidence and reflect your brand image in a strong and effective manner.
Hopefully, you now have a better idea regarding the accountancy sector, as well as some of the things you can do to build a professional brand image so that you stand out from the crowd. Good luck!