A Potpourri of Ideas
A Potpourri of Ideas
Source: Accounting Office Management & Administration Report
Strategic Alliances
Strategic alliances can help small firms capitalize on the Sarbanes-Oxley phenomenon. Work is spilling over from the largest firms to the smaller firms. One benefit is off-season work for the staff, and that beats developing niches in smaller firms. A niche requires expertise often at the partner level. Keeping lower level staff busy off season can result from partnering with larger firms on work such as governmental audits, governmental agency compliance work, Sarbanes-Oxley engagements, etc.
Niche Development
Specialization results in higher billing rates, higher realization, and easier marketing. The leader of a niche doesn’t have to be a partner. The more important qualities are dedication and the right combinations of skills.
Marketing Plans
A firm with a marketing program should require individual marketing plans that tie in to the firm-wide plan.
Effective Marketing Initiatives:
· Media advertising including radio, television, and print.
· Sponsoring children’s sports teams as a source of referrals.
· Premiums such as T shirts, coffee cups, pens, etc., for trade shows.
· Newsletters written by staff.
· Volunteering for charities.
· Active involvement in chambers of commerce.
· Internal marketing through social events, luncheon seminars, and bonuses for marketing efforts.
Distinguish Your Firm from the Competition
Niches are the most popular way to distinguish your firm. They may also be the keys to survival. Marketing efforts should be focused on niches. You should be discriminating towards clients. Keep only the profitable ones.
There are other methods too. Electronic newsletters sent frequently might include articles about the staff and the client. You can track which articles are the most popular.
Operations
Successful firms often systematize their processes. Having a plan for each engagement will boost realization.
Staff Retention
Flexibility towards personal needs is a powerful retention strategy.
Hire quality when it is available rather than hiring bodies to fill immediate needs.
From Accounting Office Management & Administration Report, May 2005, p.1.
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