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For any business to succeed and expand, it needs a solid client base. Business expansion is critical for growth, but pursuing new business and securing new clients is a cause of apprehension for most growing businesses. Logically, it follows that if you fulfill a client’s needs and if you provide high quality service, then client retention and acquisition efforts should be successful.
However, this is not as easy as it sounds. For example, a business may provide high quality work, but if a client’s needs do not align with the services provided, a client may not return. Additionally, even if a business retains a significant number of clients, new clients are still needed to sustain business and increase profitability.
Options to Tackle Expansion Challenges
Partnerships can provide opportunities to ensure that business expands for CPA firms. Following are several examples of how partnerships can foster this:
What Should You Look For In A Partner?
When evaluating characteristics to engage in a strategic partnership, look for a company which can mutually benefit from the relationship:
A Word of Caution
Enter into partnerships after carefully evaluating the relationship. Look around, research and carry out meetings with several potential businesses before you consider entering into a signed agreement. Assess their levels of expertise, areas of operation and years of experience, infrastructure capabilities, manpower resource, and support services. Once you have reviewed these core areas, discuss financial arrangements and non-compete clauses. After a thorough evaluation, consider signing an agreement.
The team of professionals at Analytix Solutions has expertise to help strategically guide small business in managing financial functions, including accounting and bookkeeping services. We are currently offering a free analysis of your business processes and accounting system. If you would like to learn more on how Analytix Solutions can help your business forward, please call us today at 781.503.9002 or email us email@example.com.
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