While most accountants want to grow their accounting practice so their practice is worth more when they decide to retire, they typically lack the time, skills and desire needed to grow aggressively.
- Lack the Time – Most accountants get sucked into the operational side (back end) of their practice by staff and demanding clients. We all know that the squeaky wheel gets greased. As a result, accountants typically lack the time to aggressively market and generate enough leads.
- Skills – Let’s face it, accountants are technically proficient but not marketing savvy. The road to becoming proficient at accounting and tax has nothing to do with lead generation, reputation management, and branding.
- Desire – And worst, most accountants simply don’t have the desire to peddle their own wares. They enjoy operating in a consultative manner but hate working a crowd.
Why Is Outsourced Marketing growing within the accounting industry?
For most accountants, the market value of your accounting practice is the most important component of your retirement plan. That’s right, the value of your accounting practice on the open market is the linchpin to how prosperous the retirement years will be.
Here are some of the other reasons why more accounting firms are outsourcing their marketing function to companies like Build Your Firm:
- Marketing is not a core function of the firm and not what we excel at.
- It is less expensive to grow with marketing than buying another firm. That’s right, outsourced marketing is approximately 50% cheaper than buying someone else’s practice.
- Outsourced marketing is more sustainable, 365 days out of the year. As a result, the annual new business acquired is higher with a sustained marketing approach than binge marketing for short periods of time.
- Partnering with marketing experts yields better results. By partnering with marketing gurus, my practice will become easier to sell, more profitable and worth a higher multiple. It’s not about doing more of the same thing, it’s about improving our profit margins, hourly realization rates and obtaining a better balanced lifestyle.
If you’d like to learn more about Outsourced Marketing, I recommend that you listen to a educational session that I hosted earlier this year at the Scaling New Heights conference. Yes, it’s long but it will explain why accountants struggle with marketing and then you can hear a panel discussion from three practicing accountants who answer questions from the audience on their experience with outsourced marketing.
To illustrate the effectiveness of outsourced marketing, the three accountants in this video have been outsourcing their marketing for 5-10 years and will continue because it delivers results that are easy to measure and quantify.