Growing an accounting firm, however you define growth, is a yearly practice of recalibration. In an industry that never stops moving, one day you can be mastering new tax regulations and another fielding client requests for AI-powered insights. It’s exciting and exhausting in equal measure.
That’s all the more reason your accounting firm growth strategy should be a living, breathing framework. It should adapt as quickly as the industry itself. To stay afloat and ahead, you must treat each year as an opportunity to build on proven strengths while adapting to emerging realities.
In this blog, we look at the strategies that firms have and can use to achieve sustainable business growth year after year since 2024. Because the question isn’t whether change is coming to your firm—it’s already here—but whether you’re ready to turn that change into an advantage.
Factors Contributing to Growth in Accounting Firms
Regulatory updates, new compliance requirements, and shifting professional standards – these changes are often expected and inevitable, but they come with nuances that can be easily overlooked or misinterpreted. When that happens, firms face financial penalties and potentially put their clients at risk.
The firms staying ahead aren’t necessarily the ones with the best compliance officers, although that’s a massive help. They’re the ones who’ve built regulatory awareness into their practice through annual planning. With a structured approach for assessing changes early, firms can guide clients through them rather than scramble to catch up.
Today’s business owners don’t just want someone to handle their books and file their taxes. They want strategic advisory and real-time insights delivered through technology-enabled platforms they can actually use.
These expectations change every year as your clients adopt new business models and expand into different markets. Annual planning gives you the framework to evaluate the services you offer and how you’re delivering them, making sure you’re on the same page as your clients.
Technology is the “modern” in modern accounting. With AI tools, cloud platforms, and automation software increasingly becoming baseline expectations, firms that don’t reassess their tech stack annually risk falling behind in efficiency, service quality and competitive positioning.
Be sure to address urgent gaps in your tech stack but also prioritise investments that compound over time. Take cybersecurity as an example. Criminals targeting accounting firms have access to the same AI-powered tools you use to serve clients. By making cybersecurity a fundamental aspect of your business continuity planning, you can save on costs and protect your brand in the long run.
The global talent shortage has created competition for human capital between and among accounting firms and other tech and consulting companies.
Annual planning forces you to confront some potentially uncomfortable questions, which can, in turn, help you make informed decisions about hiring and training:
- Do your current staff have the skills your clients will need next year?
- Are you offering career development that matches your team’s goals?
- How will changing client expectations and tech advancements affect your staffing needs?
Accounting Firm Growth Strategies Through the Years
2024: Getting the Fundamentals Right
Explore our 2024 accounting firm growth strategies
2025: Adding Data to the Mix
Building Your Annual Planning Process
Effective annual planning isn’t something you can just squeeze into a weekend retreat in December. It’s a process that requires buy-in from your firm’s leadership and should begin months before the start of the new fiscal year.
This process may include:
Conducting a SWOT Analysis
Setting Goals That Drive Action
Establish specific, measurable objectives connected to clear implementation plans that can be monitored throughout the year. You may, for instance, aim to increase your client base by 20% through targeted networking or referrals. Or you may want to achieve 100% completion of relevant training for your senior accountants by the end of a given quarter.
Schedule quarterly review sessions so you can track progress and make any necessary adjustments. Remember, however, that you don’t have to follow your plans perfectly; the goal is to stay intentionally focused on what matters most.
Updating Marketing and Client Acquisition Plans
Evaluate your marketing performance from the previous year and decide on an action plan based on the results. Which efforts generated qualified leads? What messaging resonated with your ideal clients? Where did you invest time or money without seeing meaningful results?
Consider also seasonal trends in your market and plan campaigns accordingly. Tax time might be your busiest time, but it’s probably not when prospects are most receptive to exploring new partnerships.
Investing in Your Team’s Development
Dedicate a specific percentage of your firm’s revenue to professional development. Plan for a mix of technical training, leadership programs, and industry knowledge. Examples include conference participation, certifications, and internal training initiatives.
And do all these things with intent. The firms that consistently attract and retain top talent are those that make professional growth a priority, not an afterthought.
Turning Planning into Sustainable Business Growth
Annual planning is a considerable investment of time and resources. However, the process itself creates a culture of continuous improvement that goes beyond just operational details.
When your team participates in strategy planning, they gain a better understanding of the firm’s direction and their role in achieving its goals. The process also encourages the development of contingency plans, which can help minimise the impact of unexpected events.
So, whether you’re adapting to new regulatory requirements or launching tailored training modules, firms that regularly reassess their strategies are better positioned to find opportunities in changes while still mitigating risks. That can be the difference between an okay year and a great one.
Grow Your Practice with TOA Global
We regularly update this blog to reflect the latest insights on sustainable accounting firm growth. Bookmark this page to stay updated with proven strategies.
Looking to complement your growth strategy with a team that grows with your goals? Our Australian-trained outsourced accountants can provide the expertise and capacity you need to serve more clients without compromising quality.
Let’s discuss your firm’s specific opportunities and challenges. Book a chat today.
