CPA Business Plan - How to Market a CPA Practice for Revenue Grow

There are two types of independent CPA firms. Type 1 is financially successful with revenue at $500K by year five and plans for million-dollar revenue at year ten. Type 2 has never reached financial success and does not have a well-written Business Plan. This article is intended for Type 2 CPA firms and will show the reader how to plan for revenue growth using a Business Plan thereby allowing for financial success.

Obstacles  
The biggest barrier to success for any Type 2 CPA firm is a lack of industry niche. There is too much competition for most run-of-the-mill firms that don't have a niche focus.  This causes increased competition and downward pressure on earnings.  If all you do is prepare tax returns for all client types, you won't get recognition or referrals very easily.  I recommend that my clients target from one to three niche markets.  This will help set your firm apart from the competition and you will begin to create a name for yourself among your target clients.

Potential Niches
Begin by brainstorming possible niche areas. Look at your favorite clients. What industries are they in? Write them all down on one piece of paper. Review each one and gauge the importance of the niche. Is it interesting to you? Do you have some expertise you can market in this area? Is it a high earning niche? What are the future prospects in this niche? Then, research how many firms in your area provide services to these niche markets.  You'll want to not only select niche markets that are not overly served but also markets that are not obscure.

Strategic Focus
In the Strategy section of your Business Plan, list the three niche markets you plan to target.  Carry this intention through to all your marketing materials and list in the marketing section of your Business Plan.  On your business card, list your target markets this way "Serving X, Y, and Z industries."  On your company's web site, write a paragraph or two about each industry and the problems they usually face. Talk about how you solve these problems.  Write three Press Releases about your strategic focus and distribute to the media.

Out of the Office
Join your Chamber of Commerce and get the word out. Attend every scheduled event and get involved in the organization. Join several chamber committees and be visible. Become the "go to" accountant for these industries.  Determine which organizations exist for these industries and attend their events. Become a speaker for one or more of these organizations.  Give workshops on specialized topics and grow your mailing list from the attendees.

Plan for Success

Be deliberate in everything you do and put it all in writing in a Business Plan that you review at least quarterly, if not monthly.  Be prepared to invest in a good quality business identity that will draw better quality clients right to your front door.  You can build a financially successful  CPA firm! All it takes is planning, strategizing, and ACTION.

Do you want to earn more money from your CPA practice?

Purchase the Two Page Mini Business Plan™ today and discover the secrets to more business income. Learn specific strategies to stand out from the crowd by reviewing the Sample CPA Business Plan provided. Learn how to market to specific industries with the many other industry business plans included.

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©Copyright 2009-2010 - Suzanne Muusers  

About the author
Suzanne Muusers is a Business Coach based in Scottsdale, Arizona.  She is a credentialed member of the International Coach Federation and has owned or managed a business every year since 1981.  She is the creator of The Two Page Mini Business Plan™, The Secret to More Business Income. Visit her site: http://www.prosperitycoaching.biz

Suzanne Muusers ICF-Credentialed Business Coach Prosperity Coaching LLC

 

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