How Small CPA Firms Can Compete and Increase Enterprise Value in an Ever-changing Landscape
“We live in extraordinary times, and we need to evolve as a profession. Futurists say that the rate of change will be almost incomprehensible, and the implications are incredible as well. This comes home to roost in our profession.” – Barry Melancon (2017 AICPA ENGAGE conference)
Competition is getting stronger for basic tax and accounting services and the landscape is rapidly changing. In addition, CPA firms are facing other challenges including:
- Enhanced technology
- Fee compression
- Finding talent
- Increased regulations
In order to compete and add value to their firms, many CPA firms have broadened their offerings to include other business advisory and consulting services for their clients.
By doing so, they strengthen their relationship with clients as a trusted advisor, helping them in other areas such as business, succession, retirement, investment, estate and insurance planning.
Offering these services however, is a complex decision because of the breadth of expertise required. But the very nature of your relationship with your clients is what enables you to offer these services as an additional line of business.
There are many benefits of expanding your service offerings to include more business and financial consulting:
- Creates deeper relationships
- Improves client retention
- Provides additional revenue streams
- Produces higher income and valuation levels
- Attracts new clients due to the breadth of services
- Increases professional and client referrals
- Helps attract talent
Adding these new services sounds simple, but to do so effectively, you need an experienced partner to help you deliver these services without adding overhead to your firm.
So how do you broaden your services without adding resources?
Schedule our seminar that provides CPE credits to learn how engaging in a strategic partnership with Triton Financial and First Beacon Business Advisory Group can help your firm compete with the large CPA firms.