Business development involves a variety of skills, from reaching audiences online to laying the foundations to attract referrals.
We speak with Damon Brain, Chief Executive Officer at Duncan & Toplis, the biggest accounting and business advisory firm in the East Midlands, about how accountants can supercharge their business development.
Why is focusing on business development so important?
Damon Brain, Chief Executive Officer at Duncan & Toplis
Expertise and skill are not enough to magically manifest a portfolio of loyal clients who refer you to others. After all, the industry is competitive.
“Any established accountancy practice will tell you new business doesn’t just fall into your lap,” Brain says.
“From the outset, new accountants should give careful consideration to their strategies for building their client base, attracting new clients on an ongoing basis, not underselling themselves by setting appropriate and fair fees to generate steady income, and positioning themselves and [their] team to maximise referrals of new business.”
1. Building your client base
The first step is determining your area of specialisation.
“Finding your niche in a particular industry or service can set [your] practice apart from the others,” Brain says. “[This allows you] to tailor [your] offerings to specific needs and become the go-to expert in [your] field.”
Next, it’s important to build a strong online presence.
“Maintaining a professional website that highlights your services and qualifications is essential,” Brain says. “Including case studies and testimonials that showcase your expertise in helping clients resolve financial issues helps with credibility, building trust and setting [your] practice apart.”
2. Attracting new clients
Once you’ve set up your business and found your client base, ongoing promotion is key. This will attract new business, ensuring long-term survival.
Begin by developing networks – both online and in real life.
“LinkedIn remains the gold standard for B2B networking, while online review platforms can lend credibility (or otherwise) to [your] reputation,” Brain says.
“You should [also] seek out opportunities to participate in industry events, seminars and trade exhibitions.
“Membership in professional associations can further increase exposure to other professionals and potential clients.”
Strong networks provide a platform for targetted marketing. Promotion should have three aims, says Brain: demonstrating your worth; projecting your expertise; and conveying your values.
Strategies might include hosting free events, such as workshops and seminars, to establish you as a thought leader and expand your audience, and engaging a professional marketer.
“In its infancy, the natural instinct of the business is to not outsource services such as marketing, but I believe that this is an investment worth making at the outset,” says Brain.
“Professionals are more experienced in marketing tactics, including search engine optimisation (SEO) or online advertising for enhanced visibility, and content marketing, such as blogging and social media engagement.”
3. Maintaining strong relationships with clients
“Retaining existing clients is often more cost-effective than acquiring new ones,” Brain says.
“The work doesn’t stop once you have your clients onboard.”
He recommends making exceptional customer service a priority.
“Prompt acknowledgement of enquiries and personal responses, and a developed understanding of clients’ needs, lead to positive recommendations,” he says.
“Over the past few years, [many] practices, including Duncan & Toplis, switched to flexible, online appointments, and these still very much have their place in the post-Covid era.”
Online accounting and audit software can help with accommodating the diverse needs of modern clients, especially busy entrepreneurs and business owners.
“Don’t be afraid of AI. Speaking from first-hand experience, it is extremely helpful and time-saving.”
Also important is seeking feedback from your clients – and taking it on board.
Brain says: “At Duncan & Toplis, [we’ve] undertaken various client listening programmes and ‘pulse’ surveys and will continue to do so, because it’s crucial to take the voice of the client into account when developing future growth strategies.
“How else will you truly know what’s working and what isn’t, and where your weaknesses and strengths are from a client’s perspective?”
4. Determining appropriate fees – and generating steady income
When it comes to determining your fee structure, adopting a confident mindset is important.
“Your fees should reflect the value provided, so have the confidence to set appropriate fees,” he says.
“This is vital for ensuring fair compensation while also remaining competitive.”
To determine how competitive your prices are, conduct thorough market research.
“Look at your peers – are they offering good value? Where do you stand in comparison?”
Rather than taking a one-size-fits-all approach, consider tailoring your fees to suit your clients.
“Don’t shy away from tiered pricing or a pick-and-mix model,” Brain says.
“Allow your clients to choose the services that suit them best, as market conditions and [clients] evolve.
“Offering a diverse range of services beyond traditional accounting, like financial planning, tax advisory, and even legal services and IT management can cater to varied needs.”
Other ways to keep your clients happy include reviewing pricing strategies regularly and preventing unpleasant surprises.
“Be transparent and avoid hidden fees that can lead to client upset and dissatisfaction,” he says.
5. Maximising your chances of referrals
With a solid client base, strategic marketing, excellent customer service and fair pricing in place, you should be in a good position to expand your business by word-of-mouth.
“If, as an accountant, you know you’re doing all you can to deliver quality and value in [your] services, then [you] shouldn’t be afraid to ask for referrals from clients,” Brain says.
Always invest in developing your networks.
“Good relationships with other professionals, such as lawyers and financial advisers, leads to reciprocal referral opportunities that can significantly expand your client base,” Brain says.
“Don’t overlook your education or professional alumni groups – tapping into these can uncover new opportunities, especially if former colleagues have moved to in-house roles and don’t consider you the competition!”
6. Planning for the future
“So, you’ve done all of the above, and your business development is in full swing,” he says.
“You’re welcoming those important clients, and you’re happily maintaining your existing portfolio. Now what?
“Do not be afraid of taking investment to support the growth of your practice.
“Duncan & Toplis worked with private equity business Blixt in 2023, and, as a result, our growth plan means we can provide a wider range of services, with a deeper skillset to help clients in an increasingly complex financial landscape – while also providing greater opportunities for our team as they continue their careers with us.
“In essence, it means we can accomplish our long-term goals much sooner, thanks to organic growth, as well as the support of private equity.”