5 Proven Ways To Grow Your Tax Business

Everyone needs to pay taxes and to do that a tax professional is needed to help them with their balance sheets, tax returns, and to get more return on investments (ROI). Like every business, your tax business also requires new clients to grow and to accomplish that you need to have a strategic plan to garner new customers.

Also, there should be some aspects that make your firm different from others, so that clients get attracted to your firm.

In this blog, we will consider some points that will help you in growing your tax business.

1. Marketing

These days marketing has taken a new course. Marketing is no more about putting posters out there or spreading your business through word of mouth. With advancements in technology, marketing has been digitalized too.

Nowadays, there is more impact on digital marketing, as most of the people are present on social media platforms. You will rarely find someone not using Facebook these days. In fact, most accounting professionals and taxpayers rely on social media to get themselves updated on the latest developments in the industry.

So, make the most use of social media for your tax business by promoting your content on these platforms. Some steps to take to game up your marketing strategy are-

• Creating relevant content for your target audience
• Promoting your content on social media platforms such as Twitter, Facebook, LinkedIn, etc.
• Monitoring your social media accounts to generate online leads
• Sending newsletters to your leads and target audience to mark your presence in the industry

2. Events and Summits

Events and summits are the places where you can reach out to people of your industry. Organizing and attending accounting events will let everyone know that your tax business has a strong presence in the market.

You can organize an event and advertise it to reach new customers. You can post about your event on social media platforms like Facebook, Twitter, or Instagram.

Apart from reaching new customers, you can connect with existing customers during such events and interact with them to know what they want, or what problems they face with your services. It will not only help build trust, but it will also let you know where and what to improve.

There are many people who are limited by their work schedules; thus, they cannot attend the event. For such an audience, you can provide live streaming of the event. Live streaming helps in reaching audiences beyond the attendees.

Moreover, by attending external events and summits, you get to meet new people from whom you can learn about the latest tax software, updated rules, regulations to fill tax forms, and how they target their audience. You can attend events and summits of the products you use for your tax firm.

This will help in delivering the best services to your customers. Customers will also stick to your firm as you provide them with the latest technologies along with faster service.

3. Cloud Technology

Tax business requires the usage of many accounting and tax applications such as QuickBooks, Sage, Lacerte, Drake software, etc. in order to make the tax processes faster and efficient. But, installing several applications on your local machine limits and slows down the application due to the large storage space and processing required.

You can enhance your processes by hosting your tax applications and data on cloud. Cloud hosting not only helps in better management of your applications, but it also comes with many other benefits such as-

• You can access your tax applications and data from wherever you are and whenever you want.
• You get the ability to integrate add-ons with your tax software for easier import of tax data.
• You can save revenue with flexible plans that cater to requirements of every business, small or big.

When you host your tax application on cloud, you can focus entirely on the services you provide to clients. You will not have to bother about software updates, data losses, hardware issues, etc.

4. Training Your Staff

Train your existing staff so that they can imbibe new and better ways to uplift your business. You can provide training on how to use the new versions of the tax software and applications used at your firm or manage clients’ requirements. You can also update them on the latest tax laws along with new reforms of the Tax Cuts and Jobs Act (TCJA).

Training employees can also help in increasing their loyalty towards the firm. More loyal employees your firm has, more it will positively affect your tax business in terms of client relationships.

Moreover, you can hire new talent in your firm with the latest skillset in order to serve your clients better. Hiring new employees will bring in new ideas and different perspectives on solving a problem. It will help in distributing the workload that will lead to the growth of your tax business.

5. Renovation

When was the last time you updated your firm’s website or logo?

What you present to your customers is crucial. If your marketing and advertising are not appealing to the targeted audience, it is of no use. Make sure to list down points on what age group you are targeting, where your advertisements will be seen, what interests your audience, etc.

For example, as a tax business, if you are targeting the working-class aged between 25 and 35, but your campaigns are made for people above 40, then it will not make much impact.

Final Note

Keeping all the points in mind, it is also important to decide on your specialty. Taxes are not limited to a single category, and you can choose to handle personal taxes or business taxes. Focusing on a particular category will help you identify your audience and design your process accordingly.