Accountants may be great at predicting financial performance, but nobody can predict the future. Anything can happen, which is why you must prepare your business for the ups… and the downs. Future-proofing means strategically planning for your CAS firm to succeed regardless of what obstacles may appear. By considering your company’s long-term well-being in your daily decision-making, you can tackle 2024 — and 2034 — with a necessary sense of security.
So how do you future-proof your CAS firm? Here are some strategies to consider!
Be Selective With Clients
Say it with us: it’s okay to say no! We tend to think success means more. After all, more clients equals more money, right? But not every client is truly profitable, and biting off more than you can chew will leave your team burnt out and your resources drained.
2024 can be the year you define your business on your terms! What kind of firm do you want to be? What kind of clients do you prefer? What strengths do you have that can be reflected in your niche? By focusing only on the clients you want — and saying “no” to the ones who won’t work — you can conserve energy and resources. You can also save money by targeting your marketing towards only ideal clients.
Aim for Retention
Having good, loyal clients can give you long-term peace of mind. As we said, you don’t need to have a lot of clients, you need to find the right ones and then keep them. In 2024, try to focus your energy more on client retention to future-proof your CAS firm. Some strategies to try might be increasing communication, keeping clients engaged with a newsletter, or showing them your appreciation more often.
Build the Proper Team
When the going gets tough, you need the right people. Hiring can be very difficult for CAS firms in the current age, but increasing WFH options and creating a welcoming working environment can put you ahead of the curve. While future-proofing your CAS firm, you need to hire forward-thinking team members. Prioritize leadership and imagination in hiring to build a team capable of carrying the firm into the future.
Use Tech to Improve Efficiency
Did you know you can save time and money when you invest in the right tools? It’s true. Future-proof your CAS firm by investing in the tech that can make your job easier in 2024. Automation can be a great way to cut out repetitive, simple tasks; good accounting software can help drive efficiency in your day-to-day. Work with your team to figure out what tech stack is right for your firm. Check-in with your team regularly to see if their needs change or if consistent training needs to be implemented.
While we set goals for 2024, let’s think even bigger! Through strategic decision-making, you can protect your firm for years to come and ensure your success no matter what rough seas lay ahead. Let us know your 2024 business resolutions down below and tell us how you’re future-proofing your CAS firm!