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.