Beating the Competition
5 Steps in Gaining an Edge
Successful businesses must always look for ways to gain a competitive edge. This does not have to be a lengthy or expensive endeavor. In fact, in implementing the following five steps, you could find your businesses leading the competition with higher earnings and a larger, more expansive client base:
1. Create a board of advisors.
You will be able to make informed business decisions much more quickly when working with a board of advisors. To do so, select 3 to 10 individuals with expertise from which you can benefit. Also select those who would find your expertise equally appealing. While you are not required to compensate members of your board, the partnership is only attractive if you can offer something in return. Consider working with legal representatives, business insurance representatives, banking representatives and, perhaps, an accountant. With a board full of individuals with broad and deep expertise, you’ll find your business better equipped to increase its profitability.
2. Research the competition.
Whether or not you like it, you are competing with other tax preparers for clients. You offer similar services to a shared target market, meaning you are one of many options from which that target market can choose.
In order to be a good competitor you must know your competition. How does the competition market their services? What benefits do they offer? To which demographic are they marketing? Are their marketing approaches affective? You must answer all these questions and more by performing simple research.
First, determine which of the tax preparers in the area are prominent. Then study their marketing strategies. Talk with your board and other professionals to see which of these competitors are getting rave reviews and determine why their services are most popular.
3. Practice stellar customer service.
Good customer service doesn’t ensure that you’ll get along with all your clients all of the time. But it does show them that you’re invested in their satisfaction and will do your best to serve their needs. And because of that your clients will feel valued. Those valued clients will then become key members of your marketing team, sharing your contact information with friends and family. And nothing speaks louder to potential clients than a current, satisfied customer.
4. Gain an advantage.
A competitive advantage is gained when you offer your target market something a competitor cannot. When you market using that competitive advantage, you are able to edge out the competition. In order to become the premier tax preparer in your area, you must achieve a competitive advantage and incorporate it into your marketing strategy. The best way to do that is by offering complementary services to your clients. By adding small-business accounting to your menu, you are able to attract and retain clients interested in working with a full-service financial provider.
5. Forge strategic partnerships
Also called “natural business relationships,” strategic partners are business professionals who share your target market but do not offer competitive services. They are individuals with whom you can share ideas, advice, and yes, referrals. But more than that they literally become a work force that buoys your business, enabling you to labor more efficiently and enjoy great profitability.
Strategic partnerships are scalable, meaning that depending on the size of your practice, you must pick professionals who are compatible with your business size and type. Occupations that correspond well with tax preparation include loan officers, checking representatives, financial planners, insurance representatives, lawyers, etc. If you were the CEO of a large tax firm then you would try to connect with leaders of organizations that complement your business’s size and prestige. If you are an independent tax preparer with a handful of clients then you would look to other small business owners or employees of like organizations.
In order to be successful, these strategic partnerships must be symbiotic, meaning they are beneficial to both parties. Before approaching a potential partner ask yourself the following three questions:
1. What will they get from this relationship?
2. What will you get from this relationship?
3. Are they the type of person who will give you referrals?
Are they the type of individual who will provide referrals?There is no use wasting your time on individuals who are not interested in participating in this type of relationship. While it does not require an abundance of time and energy, it does involve the commitment to meet regularly and help one another. These questions will enable you to screen those who may not be ready for this type of collaborative effort.
Gaining a competitive edge requires you to do all those things your competitors are not doing. While the above 5 tips may take time and energy from your busy schedule, they ultimately pay large dividends and place you at the head of the competition.
Start Today!
If you are interested in adding accounting service to your menu, order our DVD, “Start Today and Have Your Own Bookkeeping Service,” and learn everything you need to know to begin. This video will show you that growing your own accounting practice is achievable, profitable, and easy. For less than $10 you can discover that adding bookkeeping services to your menu is definitely within your reach. Order today! Or watch the video online now for free.








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