My firm’s performance is lower compared to peers.
According a Sageworks survey in second half of 2014, firms that offered Accounting, tax prep, bookkeeping, & payroll services topped the list of industries that make the highest profit, with 19.8% net profit.
The secret behind higher profitability of accounting services:
The secret is no secret! Service based businesses that use skill and knowledge without having to buy expensive physical goods can generate high net profit. But it means ability to keep costs low and charge premium for specialized services. And you can offer specialized services only if your knowledge is superior than that of your peers.
If your firm’s performance is lower, do this:
If your firm’s performance is lower compared to your peers, take a look at your costs and whether your services are seen by your clients as commodity services.
If you are struggling with low profitability of your firm, and if you are ready to embrace a solution that provides you opportunities to convert your skills and specialized knowledge into premium fee services, while reducing the costs of your current services, please use the form below to contact us here at Pransform.