How to Boost Profits in Your Tax Firm

By | April 13, 2019
(Last Updated On: April 13, 2019)
How to Boost Profits in Your Tax Firm

You’re working with money on the daily when you’re running a tax firm, but how often do you take a look at your own finances? If you’re feeling like your business financing model could use a little TLC, follow our tips for how to boost profits in your tax firm and you’ll be on your way to making this the best quarter yet!

Refine your tech stack

It’s 2019—and if the IRS has moved to a more digital model, so should you. If you’re working on a small business budget however, you’re going to need to put some more thought into what technology you’re investing in before derailing your budget.

Before you head to your local tech store or online to shop for the latest and greatest, make sure you’re buying the right software and products for your business. One thing to take into consideration is that your software and hardware are compatible. For example, if your business uses Apple products, make sure you’re buying professional tax software for Mac and not a program that’s designed for PCs. Buying the wrong software could cause some functionality issues—or worse, not even work with your devices. In addition, reach out to other local businesses and tax firms to see what products they’re using, what they find helpful, and what’s not worth the investment. Let others be your guinea pig! If you don’t have other local business connections to reach out to, read reviews online before buying new products.

 Boost Profits in Your Tax Firm

Use your (social) network

Even if you relied on a base of loyal customers for years, you should always be thinking about how you can get more leads and grow your business. Advertising on social media is a cost effective and simple way to reach potential leads in your area.

But besides celebrating National Burrito Day and posting pictures of office pups, use your social media platform to build trust with your customers. You have a wealth of financial knowledge—so use it! Start a blog that focuses on financial literacy and tax tips, and help your customers learn a little bit about finances on their own. And if you do a great job teaching them on your blog, chances are, you’ll be top-of-mind when tax season rolls around! Plus, if your information is “shareable” on social media, your happy customers might hook you up with some referrals as they “like, share, comment.”

Improve communication

Communication is key, whether you’re collaborating with your team internally, or talking with your customers. There’s nothing more frustrating than dealing with miscommunication, especially when finances are involved. Here are some tips for improving your internal and external communication.

  • Connect With Staff: Sure, email is a convenient mode of communication in the modern business world. But have you ever seen your inbox crowded with back and forth communication that makes you feel like you’ll never be able to catch up? Enter, the internal messaging system. This solution makes it easier for you and your staff to exchange info without overcrowding your inbox—can you already feel the stress melting away?
  • Hold Regular Meetings: In addition to communicating with your team online, make sure you get enough facetime. Hold regular check in meetings as a team and with individual team members to get important updates and make sure everyone’s on the same page with processes.
  • Never Miss a Lead: Every lead counts when you’re trying to boost your business’ profits! Make sure you never miss a call when you invest in an all-in-one call forwarding phone system.

Take advantage of continuing education

Your customers expect you to be up to date on all industry changes and policies. And when you’re working with their hard-earned money, you better make it happen! Enroll your staff in regular continuing education programs to ensure they’re always offering the best service to your customers.

In conclusion

When you’re running your own business, it’s easy to get wrapped up in what’s best for your customers, and not your business. And while we’re not saying you shouldn’t make them your first priority, just be sure to take a little time for what’s best for your business too! Follow these tips to help you boost your profits and continue to watch business boom!

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