What do all high-growth firms have in common?
Well, we have put together a list of the most common practices that the majority of all high-growth firms have in common.
Let's look at the TOP 3 things that successful high-growth firms do that others don't.
High-growth companies tend to:
Invest in Marketing Several high-growth companies have a marketing budget and a strong focus on marketing techniques. High-growth firms are more likely to have spending habits allocated to marketing activities. There is a positive and increasing correlation between marketing spending and high-performance firms.
Differentiate Their Firm Many high-growth firms make differentiation one of their major priorities. With competition rising within this industry, it is important to find ways to differentiate your firm from all of the other accounting firms out there. A successful firm finds a way to do 'things differently.'
Have High-Performance Websites High-growth firms have very user-friendly, modernized, and professional websites! They focus on their website's SEO (Search Engine Optimization), which helps their website reach the right people in terms of needed services, geographical areas, etc.). Their websites clearly state the firm's services, company mission/ differentiation, etc. Having modernized websites can create multiple leads without active outreach.
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Those were the top three things that high-growth firms focus on to create a successful firm. Analyze your company. What is your marketing plan right now? Does your marketing plan/ budget need more attention and focus? What makes your firm different? Is your firm similar to every other local firm in your area? Lastly, when was the last time you updated your firm's website? Is it modernized and user-friendly? Remember, you are creating a website for your customers, not yourself.
Citations: Frederiksen, L. W.. 5 Secrets of the Fastest-Growing Accounting Firms. Bill.com. Retrieved from: https://www.bill.com/blog/5-secrets-fastest-growing-accounting-firms
More information and details can be found HERE.
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"If you are not willing to risk the usual, you will have to settle for the ordinary."
—Jim Rohn