The Risk of Antiquated Marketing

Source: Accounting Web.com

Fourteen percent of firms in a survey by the Private Companies Practice Section and the Texas Society of CPAs grew by more than 20 percent in 2004. This means 86 percent grew by less than 20 percent, and many of these must have been below average.

Patrick McEvoy, of consulting firm CPA Marketing Best Practices, says consultants believe companies that grow less than the average for their industries are in “turnaround” situations. Is your CPA firm in a “turnaround” situation? These firms are at a disadvantage in recruiting, retaining partners, and attracting quality clients.

Turnaround companies attempt to reduce costs and increase revenues. Because half their expenses are fixed, much of CPA firms’ turnaround activities must focus on revenue.

Yet most CPA firms’ marketing initiatives rely on antiquated practices like club memberships, word-of-mouth, unsystematic networking, and firm brochures.

Aggressive firms are adopting marketing methods that include direct marketing, telemarketing, and strategic alliances.

From Accounting Web.com. The complete article can be found at http://www.accountingweb.com/cgi-bin/item.cgi? id=101460&d=815&h=817&f=816&dateformat=%25B%20%25e,%20%25Y. (See The Small CPA Firm Marketing Meltdown. This article is viewable by Accounting Web.com subscribers only. Subscription information is available at the site.)