By Mary Ellen Biery, Research Specialist, Sageworks
Successful CPA firms know that while business may be great today, there's no guarantee for tomorrow. That's why it's important that you're constantly thinking ahead – constantly considering where you'll find your next clients and which industries may be the most fruitful for growing your business.
Sageworks recently provided some data to Entrepreneur on the fastest-growing industries among US businesses with revenues of $10 million or less. These industries saw sales growth between January 1, 2012, and December 31, 2012, that topped private companies as a whole. As a result, they might be good targets for prospecting, since they may be growing quickly and may need extra help managing their books and evaluating their financials.
Some of these might be industries you already serve. If so, now is a good time of the year to check in with those clients to see if they need additional advisory services.
The fastest-growth industries for small US businesses and their growth rates for 2012:
- Residential building construction – 14.8 percent growth
- Computer systems design and related services – 14.3 percent
- Machinery, equipment, and supplies merchant wholesalers – 13.8 percent
- Management, scientific, and technical consulting services – 12.3 percent
- Architectural, engineering, and related services – 11.4 percent.
- Foundation, structure, and building exterior contractors – 11.4 percent
- Building finishing contractors – 11.3 percent
- General freight trucking – 10.4 percent
- Services to buildings and dwellings – 10.1 percent
- Other specialty trade contractors – 10.0 percent
For more information on how your accounting firm can develop client relationships that maximize value for both parties, please attend the upcoming webinar, Stand above the Crowd with the ProfitCents Solution, on May 8.
About the author:
Mary Ellen Biery is a research specialist at Sageworks, a financial information company and provider of the Business Credit Report by Sageworks. She is a veteran financial reporter whose works have appeared in The Wall Street Journal and on Dow Jones Newswires, CNN.com, MarketWatch.com, CNBC.com, and other sites.