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Doubling your Revenue in This Economy

CPA firms in Miami that have been able to report increased revenue during the economic downturn often have niche services, strategic promotion of these services, and a hard push behind their best people and expertise to thank for that growth. Our niche as a CPA in Miami is the medical field. Our Accountants Miami are experts in Medicare Cost Reports and Medicaid Cost Reports required by CMS.

While most of these fast-growing CPA firms in Miami have had niche services in place for many years, the common theme of an integrated strategy in marketing, business development and cross-niche support also emerges in their success stories for these CPA in Miami firms.

Our CPA firms has seen a huge percent increase in revenue this past fiscal year to counteract a 20 percent downturn in the year-ago period, due to a rising need for ALF, Home Healthcare Agency’s and Adult Day Care providers. Our CPA in Miami firm was at the right place at the right time that jumpstarted our niche model.

“You make your own luck and have to be open to new ideas and circumstances, states Viera, managing partner of onw of the fastest growing CPA firms in Miami”. “A lot of CPA in Miami like to say ‘No’ first if it’s outside of their comfort zone. You have to be open-minded and work for what you want and want to get it.”

Fortunately for Viera, he found comfort in audits for companies in the medical field, which he began doing in 1992 for two clients and, within five years, had developed into a niche service. Our  CPA firms large niche practices are the future of the accounting profession. “There’s a differentiation in terms of expertise and knowledge of a niche, and as a CPA in Miami our clients are really impressed and wooed by that. It creates faster loyalty and trust.”

CPA in Miami has a SOLID FRAMEWORK

Our CPA firms managing partner, Gustavo Viera, stressed that expertise should serve as the foundation for niche growth. “You cannot start a niche with someone that’s just average, or doesn’t know it that well; it doesn’t impress people,” he said. “It starts with a learning of that niche, because if someone doesn’t wow [the clients] … . They have to have depth.”

As a CPA in Miami you also have to be aggressive.  “Niche leadership teams tend to be very entrepreneurial in how we approach the market, and we have the decision-making authority at an individual initiative level,” he said.

This applies to the 12 our CPA firms in Miami offers, but with cross-functional leadership of audit, tax and consulting professionals across each one, teamwork is also critical. “The egos have to be left at the door in terms of respective departments, and there had to be a joint mantra going to support the cross-functional nature of the initiative.” That means utilizing customer relationship management software to share leads between niches, and holding bi-weekly meetings to track new, firmwide opportunities.

SET BIG GOALS

As a CPA in Miami I’ve come to realize a very simple thing – most people switch service providers when they feel vulnerable. “‘Everyone will listen to what we say now because they feel vulnerable.’ And people did listen, they did switch to us.”

CPA firms use the same bold predictions to comfort clients. “We look at their situation as an independent eye, see and discuss what needs to be done, right-sizing companies to adjust to the recession,” Viera says. “In some cases it’s obvious that even though there’s a shrinking market, we’re not getting their fair share. We speak about putting game plans in effect, including share – a higher market share than they have had in the past.”

CHASE THE COMPETITION

Viera has seen his firm double in size every four years since its inception in 1983. Our CPA firms in Miami is moving upstream and going after big companies as potential clients.

We hit our goals the only way many CPA firms in Miami record growth in this economy – signing clients away from other firms. “The niche is about having to steal from others,” confirmed Viera. “It’s not like new business is coming around.”

The competitiveness extends to marketing. “This may sound obvious, but most firms turn on marketing in bad times and turn off marketing in good times,” Viera said. “It’s a contact sport – if you’re not committed to it 100 percent, 100 percent of the time, you can’t have an effective growth program.” We’re hiring outside consulting and are more formal in our marketing approach with classic Marketing 101 advice. “We formalized a plan and created action steps in areas of accountability; enforced discipline. Selling is painful, especially for CPA in Miami that are not wired to sell. It’s hard, but essential to reach out and meet people.”

CPA firms in Miami are also entering the social media space, though, as Viera said, “Business-to-business social media is still new. I don’t know if anyone has solved the equation of how to make it work and the ROI.” For now, CPA firms in Miami are relying on newsletters and LinkedIn to network, disseminate their content and promote conference-speaking gigs. Publicizing this niche expertise should be consistent, even when the markets are not.

FLAG THE BEST CREW

Firms also need to create that connection internally, as they continue to bring in younger leaders.

About 

Gustavo A Viera is the managing partner of Gustavo A Viera, PA. His experience spans more than 25 years. He started his career in public accounting at PriceWaterHouseCoopers where reached the level senior audit manager. His Fortune 500 experience includes positions as CFO – Latin America Region for both Hewlett Packard and Telefonica of Spain. Gustavo also writes a blog twice a week that addresses trending accounting and tax issues. He is an SBA Advisor and teaches workshops for aspiring entrepreneurs. His office is located at One Alhambra Plaza Floor PH Coral Gables FL 33134, and is admitted to practice in the State of Florida as a licensed Certified Public Accountant. Gus welcomes questions and he can be reached at 786-250-4450.

About the Author

Gustavo VieraGustavo A Viera is the managing partner of Gustavo A Viera, PA. His experience spans more than 25 years. He started his career in public accounting at PriceWaterHouseCoopers where reached the level senior audit manager. His Fortune 500 experience includes positions as CFO - Latin America Region for both Hewlett Packard and Telefonica of Spain. Gustavo also writes a blog twice a week that addresses trending accounting and tax issues. He is an SBA Advisor and teaches workshops for aspiring entrepreneurs. His office is located at One Alhambra Plaza Floor PH Coral Gables FL 33134, and is admitted to practice in the State of Florida as a licensed Certified Public Accountant. Gus welcomes questions and he can be reached at 786-250-4450.View all posts by Gustavo Viera →

  1. AlexAlex11-05-2011

    I feel as though I have been well armed with information I wouldn’t have otherwise acquired if it weren’t for this article which was not necessarily a crash course, but rather, an in depth overview of this industry. It certainly sounds very competitive, almost cut throat, because of the dearth of new business prompts CPA to have to win over clients from other competitors. I also gathered from the compendium that a few CPA’s in the Miami area have forged a close knit alliance to share information and perhaps clientele, perhaps not unlike how a doctor might send a patient to a certain medical specialist who is also their affiliate.

  2. CarmenCarmen11-06-2011

    It certainly sounds like you have your finger on the pulsed of society here and you have given your readers a lot of information to ponder. It is however unfortunate that they are having to steal clients from one another in order to stay in business because there is no new business coming in. Maybe our society will turn around for the better again in twenty twelve. Your have done a great job getting this information out there.

  3. EstherEsther11-07-2011

    Your blog is full of good advice but I think the one that sticks out the most with me is the “think outside the box, get out of your comfort zone that advice can carry over to all parts of your life. Setting big goals is more good advice if you don’t your efforts will be mediocre at best and your business will become stagnant. Constant change is what is needed and you have to be willing to go with it.

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