|A useful article for practising Accounting Professionals on how to best survive recession and utilize the potential the downtrend offers when businesses start scrutinizing services and changing Accountants. Getting these clients..|
Recession CPA Practice Management Tips
CPA & Accounting firm marketing strategy in an economic downturn
|Recession enforces a choice between two alternatives for a CPA or Accounting firm. The way you manage your practice in an economic downturn makes the world of difference. Yet, most of the negative effects of recession CAN be avoided...|
How to maintain and expand your CPA firm market share in times of recession
In a recession, the services and knowhow of an Accounting Professional are needed more than ever. After all, when times are hard, one must stretch pennies and ensure every move is sensible and has a good chance of yielding profit.
Yet, in terms of marketing, the demand for accounting services falls. Especially so when the recession is a long one.
Apathy of hearing all the dreadful news wins ground and hopelessness sets in. Business owners don't easily respond to advertising or marketing. They make all kinds of decisions to cut off EVERYTHING, to change NOTHING... thinking that in itself would guarantee better financial survival.
Thus, it appears that marketing has little or no effect. In reality, it is only the LAG in response that lengthens when economy tightens up.
It's a psychological thing. It's all in the head. But it is REAL also, because when the majority believe in it, they consider it a fact.
When the general confidence in economic growth diminishes, the risk factors perceived with ANY decision INCREASES in the mind of any business owner.
With long term recession, with negative growth figures being broadcasted quarter after quarter, year after year... well, it can feel rather hopeless.
With income stagnating or receding and with costs increasing everywhere, any mistake can prove to be fatal. This influences the decision making process.
It takes longer to make any decision and fewer get made.
Only the most important ones even come to be considered, everything else gets rejected.
During recession all but the most important things get postponed. Indefinitely.
This can make marketing appear wasteful and useless activity. We give up before we even try, as it is so "obvious" there won't be any results.
Why waste money to try something that is impossible?
Consequently, many practicing accounting professionals stop marketing altogether simply to avoid wasting money. Attention is wholly focussed on maintaining the existing clientele and collecting fees owed.
But is it really this hopeless?
Well, no it isn't. Just like any change of commerce, recession also offers new opportunities that go lost unless you utilize the changing needs of the market.
The accountin professional is lucky, as in time of an economical downturn, your knowhow is needed more than ever. And to tap into this added income, you only need to know how to handle the business owner so he will realize his own best interests.
First Phase of Recession
Recession is not just one phase. Just like any other phenomenon, it can be seen to contain different PARTS. The behavior of people and businesses differs during these phases.
For instance, before the economic downturn even starts, there's a longer period of time when more and more people (and institutions, media) PREDICT the recession.
Warning signs such as household debt ratio and overheating economy make for great headlines. This media coverage starts to gnaw away confidence and we gradually become less certain about our future.
I'm not claiming that it is all imagined. Governments have borrowed for social benefits and infrastructure instead of earning the money, banks have had careless lending policies, and so on.
But buying power isn't merely a mathematical equation. We automatically regulate our spending based on conclusions about the development of our earning potential.
The slightest hint that I won't be able to increase my earnings at the current rate leads to fear that I might not even be able to MAINTAIN the current level of income.
Economy is all about confidence. When we have confidence in the growth, we spend money more easily.
It's as we had a subconscious futures broker in our minds and the smallest dent in confidence makes the "spending allowance index" drop instantly.
With media blasting nothing but unavoidable disaster, there's nothing "small" about it. Confidence in the economy and trust in one's future earning capacity collapse.
The beginning of recession its first phase is a very depressing time for all business owners.
It catches many with overextended commitments. The confidence inspired by the good times usually IS what overboils the economy and causes the confidence to lessen, inducing fears of recession, causing everyone to be more careful with their money, slowing down the cashflow... well, you know how it goes.
Man is prone to forgetting the alternating nature of commerce. An economic upswing can have intoxicating effects. Confidence in an even better future slowly replaces precaution or even common sense in making investments.
The news about an impeding recession is at first ignored, then resisted and finally panic strikes.
Many try to counteract by increasing their marketing output. But at that time, the public attention is fixated on the uncertainty of future and all decisions & investments get postponed.
Nothing seems to work. And so, gradually, we sink into hopelessness. It's time to dig your heels in and outlast the bad times.
The longer it lasts, the deeper the hopelessness. But it is still only a feeling.
Recession is a very real phenomenon. Overall, industries sell less. And as we know from current times, economic downturns tend to bring out new crisis, further elongating the agony.
But an individual company does not have to follow the general trend.
I'm not saying it will be easy, but it is so regardless.
There's no LAW that states everyone must go down the same way. Nobody out there regulates this, dealing out even portions of losses.
The worst capitulation occurs in the MIND of a business owner.
It's as if we were all watching this continuous disaster movie that keeps on taking us deeper in despair. Instead of the classic action part where the hero defeats overwhelming odds and emerges victorious, our journey into the abyss of impeding and unavoidable disaster just continues.
As we've learned in recent years, we can be sinking for a VERY LONG time...
And unlike a nightmare, in this horror movie there is no quick redemption. It lasts for months and years on end and instead of bringing the long-awaited ray of hope, it just gets worse.
It becomes a nightmare that consumes the business owner. He cannot but agree to such trillion-dollar media campaigns with each TV channel and newspaper competing to bring even more dreadful news to their anxious audiences.
It takes an exceptional person to stay afloat mentally in this continuous bombardment of bad news and alarming forecasts.
The average business owner sinks into apathy and hopelessness. Slowly, he becomes totally convinced there's nothing one can do but wait and try to stay alive.
And that's how he becomes totally blind to the opportunities that recession offers. Hard times have only taught him that there is no way to increase his sales.
But he has learned the wrong lesson.
Utilizing the changed needs of the market
Once properly into recession, most businesses stop marketing. The initial mental impact of the first phase of recession has taught them that it is a waste of money.
Yet, the basic level of consumption is still there. People still buy products and services. Companies still need supplies and services.
While many decisions get postponed and luxury items sell clearly less, the majority of economy still rolls on with billions spent monthly.
After the initial shock, commerce resumes at a lower level. The basic level of trade is based on real needs and purchase power with the "hype" of economic upswing gone.
A very real element of recession is that companies become more demanding buyers.
Each existing service contract is carefully scrutinized and the "exchange factor" what they get in exchange for their monies gets thoroughly reexamined with a much more critical eye than before.
Money is short and there are fewer new projects to grab their attention. As necessity calls for cutting costs to match the declining income, existing service contracts and the quality & price level of suppliers get their full attention.
Looking at this from the viewpoint of a service provider under such intense scrutiny, we can see how fatal it is to rely merely on the hope that recession passes.
Inactivity is the worst thing in recession simply because one can lose a lot of clients.
In good times, we go after "new" clients. In bad times, we don't.
But "new" clients are usually someone else's "old" ones, regardless of the economic trend.
In tighter times, businesses are much more prone to CHANGING their service providers and suppliers. Yet, most service providers and suppliers have stopped marketing.
That's the opportunity that recession offers.
If you can help business owners to realize these basic principles and show them an inexpensive way to utilize this migration of customers, you will help them to benefit from the changed circumstances.
Obviously, you'll get lots of work with high profit on the bargain!
And the Accounting Professional's Recession Guide will give you the tools to do just that.
Accounting Professional's Recession Guide
This unique system gives you the precise steps on how to make business owners understand the anatomy of recession and help them to adjust their marketing to meet the changed needs of their markets.
This one-of-a-kind system opens the door for helping your clients while getting more work.
Your Accounting Professional's Recession Guide gives a way to sell marketing consultations in many forms.
I can tell you one thing: Never before has anyone given out professional secrets of this kind.
It's all there and this manual will give you work for years to come in consulting clients.
Most business owners are desperately seeking for insight into the dangers AND opportunities of recession.
With this material, you can offer consulting that helps the client analyze the changed situation and know on which specific points to concentrate his attention for maximum results.
You can help him realize the cause of recession which will immediately also offer a way to effectively handle many of the problems.
You will learn how to solve the problems of others so that they will accept (and pay for) the advice instead of resisting it.
You will get a special recession approach to use with your clients and target audience to make them see the benefits of doing something constructive about the situation.
You'll receive a ready-to-use Recession Survey tool to get any business owner interested in this service.
You'll have the Client Troubleshooting Interview to use with business owners and you're guranteed to start them thinking along the right lines and see the value of your consultation.
Your Recession Guide will include a step-by-step recession marketing strategy for your clients, complete with all the insider secrets of professional marketing consultants.
You get a special "Industry versus Company" -interview tool to make any business owner see how he doesn't need to follow his industry on its downward trend but that he can actually go the other way simply by utilizing the lull of his competitors.
You'll get a marketing survey tool to research your client's target audience so that you can find out exactly what the want... and achieve unique competitive edge for the client by offering them precisely the right thing.
His (or your) competitors won't know what the majority of prospective clients want most. You will.
And, you get my support to your work.
While these systems are quite easy to develop once you have the blueprint, we stand by to give you full support in creating the first campaign if you so wish.
We will give you the steps on how you will get clients interested in this new marketing system.
You get a ready Briefing Interview Tool to use when accepting the assigment. It's all there, you simply read out the questions and you'll know exactly how to take the brief.
You also get the step-by-step instructions on how to deliver the different phases of the assignment, complete with reports and all.
And you get the tools to solve the income-marketing impasse ("can't afford to market can't get more money if I don't market") for your clients in a way that he can understand and agree with.
And finally, you get some invaluable tips on how to adjust your own marketing by taking only systems that are guaranteed to produce results at a very low cost.
Start on your way to a life-changing journey to new way of marketing and adding value to your accounting services
Recession forces our hand. I know you know this - so don't kill me for pointing it out.
Each of us is at a crossroads.
One needs to have all of the data before one can effectively start DOING something constructive about it.
You've already heard the bad news from the media. And you've seen how utterly few possibilities it offers for actively taking control of your own future.
Why not get the constructive end of it the underlying factors governing success during recession and learn how some companies have actually EXPANDED during recession?
Once you have the unique information contained in your Accounting Professional's Recession Survival Strategy Guide, you will have all factors pertinent to the equation.
I guarantee it will be GOOD news.
I promise you will feel immensely RELIEVED to find out the degree to which those frightening visions are not true.
And whether or not you use all of the systems, I assure that just by HAVING this information you will automatically start seeing opportunities where none appreared to exist.
The information alone will affect your success favorably.
It's that strong.
It is information that, while not available anywhere else, will make sense once you read it...
In the final analysis, every situation has its pros and cons. In recession, there are huge opportunities that require practically no risk or investment.
If you choose to open that door and find out how you could use that brute force of recession in our FAVOR, then it will bring a long chain of good things all while the majority within the industry struggle.
Your competitors are laying low. They've already given up and conceded their failure.
Competing is never as easy as in times of recession, if only you know how to embrace the opportunity.
Why not take advantage of it?
Get your Accounting Professional's Recession Survival Strategy Guide and you're already halfway there.
Can you imagine the difference this could make for YOUR practice?
The cost of Accounting Professional's Recession Survival Strategy Guide
The retail price of the Accounting Professional's Recession Survival Strategy Guide is $297.00. However, taking into consideration the present economical situation and to encourage you to take advantage of this results-producing material, we make you a time-sensitive offer:
This offer will be short-lived and once it's gone, it's gone. By acting now, you save a whopping $150.00 right away not a bad start for the changing trend!
Recession does not end by the same forces that start it. The media is slow to promote improving times as we all know.
Change for the better start from individuals like you opinion leaders in their area whose actions and views aim for improving conditions.
With your Accounting Professional's Recession Survival Strategy Guide you can start the upward trend for both your clients and your own firm.
Order now, and you will have all this material in minutes!
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We are online 7 days a week and will help you should you have ANY problems. The downloading process is very simple but if needed, we will e-mail your Accounting Professional's Recession Survival Strategy Guide to you so you can order safely and we will see that you get it no matter what.
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Accounting Professional's Recession Survival Strategy Guide!
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Phone (727) 474 1206
Calls from outside USA: +1 727 474 1206
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Consultants USA Inc.
HDK Consultants U.S.A. Inc.
Phone (727) 474 1206
Calls from outside USA:
+1 727 474 1206
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