January is a great time to take advantage of growth opportunities and re-evaluate your policies, taking into consideration the trends and changes we anticipate in the profession. This article will identify a few key areas accounting firms should focus on in 2018.
2018 New Predictions & Trends
- Live Video Streaming and Podcasts/Vlogs
In 2018, we predict many more accounting firms will jump on board by choosing to add alternative communication formats to their overall marketing strategy. From Facebook Live and LinkedIn Video to vlogging and podcasting (audio only option), we believe these formats will be become a more dominant form of communication over written text, especially as we see more generational shifts emerge in the accounting landscape.
- Client Experience
In accounting, the client experience is important, but not always top of mind. There is a growing trend of firms recommitting to client experience to ensure client retention. We believe transition, changes in the marketplace and high expectations are driving this renewed responsibility. More than just a client survey initiative, this focus puts measures in place to ensure a firm is fulfilling its brand promise and truly, proactively caring for their clients. There are several large national firms with dedicated positions to this role.
- Re-commitment to Organic Growth
With a lot of firms on the other side of transition, we see a renewed energy toward organic growth. Organic growth rates for public accounting firms have remained steady, but strong. Firms are reinvesting in organic growth through training and development by reallocating resources to free up time to develop more business.
With the recent tax reform, I expect an increase in planning opportunities and some easy short revenue increase. However, I also see this as an opportunity for firms to redefine their ideal client base and do some much-needed pruning. I also believe we will see firms make the decision to move upstream with their tax work.
As the demographics shift and the changes in technology advance, we see a commitment, not just discussion, around diversifying business. I believe we will continue to see firms looking for opportunities to diversify beyond compliance services, as well as strategic merger opportunities to expand into consultative services or a commitment to deepen a particular practice area.
We are excited about the many trends and changes we are seeing in the profession. As we work with firms to help embrace new trends and the many other changes they face, we continuously remind firm leaders to find the right balance between what continues to work today and what will need to be developed for tomorrow.
Have questions about these trends? Contact us to learn more about how CPAsNET helps CPA firms.