Question

Topic: Strategy

Small Accounting Firm Looks To Grow In Bad Market

Posted by tlcommunications on 10/18/2016 at 4:53 PM ET 250 Points
My client has a small boutique accounting/taxation/business advisory firm that has been hit by the downturn in the energy market. She is looking to expand her business Into more 'recession proof areas (i.e.Medical) Her existing customer base raves about the promptness and quality of service and advice. Challenges are a downtown (hard to get to,no parking) location and the fact that they tend to be pricey. The standard "you get what you pay for" scenario. Clients without exception rave about the quality and level of attentive service.
I am looking at building a new referral campaign as part of her mix, and also looking at building a robust presence on Linked In — they have a page but its just sitting there, languishing. My LI strategy is to start positioning her firm as an expert advisor in all matters relating to business finance and taxation for specific groups.
Where I am looking for insights is in the following area's:
1.) Besides health services (doctors, dentists, optometrists, veterinarians, etc) what other relatively recession-proof businesses might be a good market for her services? What/whom might I be
overlooking?(Please don't say lawyers— don't want to go there)
2.) Besides Linked In, are there any other methods for reaching out to young professionals who might be looking to put up their own shingle?
Thanks for any input, thoughts, idea's.
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RESPONSES

  • Posted by Gary Bloomer on 10/18/2016 at 7:41 PM Accepted
    First, let's walk out into the woods with a bag of thermite and a shovel, let us then dig a grave and bury and incinerate all of this "bad economy" nonsense.

    That kind of thinking might have washed when the whole world was running around with its head cut off back in 2008 (because, well because it was accepted wisdom), but it's no truer now than it was then.

    First up, location. What's stopping your client going to see prospects? I suspect nothing that a little sales and deal closing training won't fix. If you're going to build a robust presence on a professional social media platform such as LinkedIn (one word, initial cap for In), your client needs to join a handful of relevant groups and she needs to either initiate or participate in a series of group threads and articles. She also needs to seek out and ask for referrals once she's made a series of personal connections.

    Recession-proof niches include:

    Other financial advisors
    Real estate agents
    Funeral directors
    Estate planners
    Moving companies
    Recruitment companies

    Besides LinkedIn, you may want to contact co-work spaces, local chambers of trade and business networking groups, and you may want to create a presence on Twitter, Facebook, Instagram, and YouTube. Do NOT create and share the same content on every platform. Vary things. Be interesting. Use other people's content. Create your own content. Be bold.


  • Posted by tlcommunications on 10/18/2016 at 8:07 PM Author
    Thanks for the insights. But perhaps a little geography might be helpful. We are in Calgary Alberta. Many thousands of people have lost their O&G jobs in the past 2 yrs. We have the highest unemployment rate in the country and hundreds upon hundreds of businesses have had to fold their tents. We are in an economic bubble of the worst sort. While other parts of the country may not feel it is badly, this energy industry driven and dependent area is in dire straights indeed. Just so you know.
  • Posted by Jay Hamilton-Roth on 10/18/2016 at 10:05 PM Accepted
    Can she provide her services to clients throughout Canada by phone/computer? (Aside: it's probably easier for her to branch out to similar businesses in other locations rather than building up expertise in a new niche.)
  • Posted by tlcommunications on 10/19/2016 at 10:58 AM Author
    Hi Jay. Thanks for the suggestion, but the preference is to focus in the area. Setting up a new model for service is too big a hill to climb at the moment as they aren't set up for a distance type of service...ie secure upload etc.
  • Posted on 10/19/2016 at 11:06 AM Accepted
    Has she tried Adwords? Adwords is extremely effective for local businesses that get business as a result of web searches. There isn't much downside since you only pay when someone clicks on your ad. The keys are setting up the account properly, writing the ad(s), and creating great landing pages.
  • Posted by Gary Bloomer on 10/20/2016 at 7:11 PM Member
    Given the lost of jobs, is there scope to serve remote clients in other parts of the country?
  • Posted by tlcommunications on 10/20/2016 at 7:13 PM Author
    She's not really set up for that at present (secure FTP site, etc) but it is something we are looking into.
  • Posted by cookmarketing@gmail. on 10/20/2016 at 8:47 PM Accepted
    O&G at home,,,CEO's+, they know their own doctors, estate planners,,,use the resources, active or inactive (due to downturn) word of mouth WOM will be much more helpful in expanding her base.

    You have a strong following - use it
  • Posted by Shelley Ryan on 11/15/2016 at 3:43 PM Moderator
    Hi Everyone,

    I am closing this question since there hasn't been much recent activity.

    Thanks for participating!

    Shelley
    MarketingProfs
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