374 Should Accounting Firms Avoid Black Friday Deals?
Nov 29, 2024
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Black Friday is examined for its impact on accounting firms, with strategies for promotions that maintain service value. Innovative tools like Liveflow and Ramp are highlighted for enhancing financial practices. The podcast also speculates on potential IRS changes amid political shifts and compares them to Argentina’s situation. Additionally, it explores the evolving public accounting landscape, emphasizing tech-driven opportunities and networking. Finally, it discusses the entrepreneurial advantage of aligning personal interests with business strategies.
Accounting firms should resist the urge to offer Black Friday discounts, as they may compromise the integrity of their pricing and services.
Focusing on niche markets and developing expertise can help accountants select clients that align with their values and improve job satisfaction.
Deep dives
Rethinking Black Friday for Accounting Firms
Black Friday offers an opportunity for accounting firms to embrace modern marketing strategies instead of clinging to traditional ways. While discussing consumer behaviors, the speaker warns against the temptation to take advantage of Black Friday deals, highlighting that often these sales lead to subpar purchases. This perspective can be extended to accounting firms, where the speaker suggests that promotions should not compromise the integrity of their pricing. Instead, the focus should remain on providing value and avoiding the pitfalls of offering discounts that could devalue services in the eyes of clients.
The Importance of Non-Negotiable Pricing
Maintaining non-negotiable pricing is crucial for accounting firms to retain perceived value in the services they offer. The speaker emphasizes that once discounts are introduced, it can create a dangerous precedent in which clients expect further price negotiations in the future. Instead of slashing prices, firms should consider offering added bonuses or value-added services that do not involve direct costs or increased workloads. This approach not only safeguards the firm's pricing strategy but also fosters a positive client relationship by providing tangible benefits.
Gratitude in the Accounting Profession
The speaker shares a list of ten things accountants can be thankful for, starting with the relative security of the profession in an age increasingly dominated by AI. Unlike professions that are more exposed to automation, accounting remains a complex field that is not easily replaceable by AI technologies. This is coupled with the notion that professional demand is unlikely to diminish significantly, even amidst evolving market conditions. Such stability, alongside advancements in technology that have revolutionized tax intake and client management, positions accountants favorably for the future.
Navigating Opportunities in Today's Landscape
In a changing job market, the departure of less committed professionals can yield new opportunities for dedicated accountants. The speaker notes that this creates a situation where demand for skilled accountants is high, granting them the freedom to select clients that align with their interests and values. Emphasizing the importance of niche markets, it is suggested that accountants can benefit from targeting specific client needs and developing expertise in those areas. This allows accountants to cultivate fulfilling professional relationships that enhance both their work satisfaction and business success.
🫠Are you stuck in a legacy firm? Over 100 progressive firms are looking for accountants like you on Jason’s job placement platform: https://jason.careers/
🗣️ Continue the discussion on social! Twitter https://twitter.com/JStaatsCPA LinkedIn https://www.linkedin.com/in/jstaats/ YouTube https://www.youtube.com/@jasoncpa
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