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Will Your Firm Experience High Growth Post-COVID?


COVID-19 changed both the economy and the reality for many professions, including accounting. However, if you take the right steps, including automation, your accounting firm can be positioned to experience high growth post-pandemic. Lee Frederiksen of the Hinge Research Institute elaborates with the results of a new study.

Mar 5th 2021
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Virtually every industry has been impacted by COVID-19, and accounting has certainly been one of them. The Hinge Research Institute’s newly released analysis of the Accounting and Financial Services segment of the 2021 High Growth Study reveals the trends that have affected the industry as the economy underwent significant changes due to the pandemic.

Here are highlights from some key findings contained in the report: 

1. Research is playing a larger role in reducing risk. In a world marked by unpredictability and disruption, research is providing accounting firms with the insight to address clients’ and prospects’ key issues and evolving concerns. Firms with the most accurate and up-to-date understanding of their target market’s needs and priorities have a sizable competitive advantage, minimizing their risk of business turnover and market share loss. Highly successful firms are using original target audience research to create high-value content. This thought-leadership content is being used as the cornerstone of highly-effective content marketing programs to gain greater visibility in the marketplace and attract new business.

2. High-Growth accounting firms are going digital. The pandemic has accelerated a decade-long digital adoption trend in response to decreased face-to-face interaction. High-Growth firms that have gone all-in on digital have experienced a 30 percent increase in business leads generated by digital sources compared to their No-Growth peers. Twenty-nine percent of these superior-performance firms are actually increasing their digital marketing budgets to the detriment of more traditional promotional avenues.

3. Firms effectively demonstrating their expertise are gaining greater visibility. Firms that are actively expressing and promoting their expertise are attracting more attention and prospects, resulting in higher growth. Their marketing priorities are also different from firms with little or no growth. They tend to use more marketing and sales automation and use it in more sophisticated ways to promote downloadable content, podcasts, webinars, and other digital marketing tools. High-Growth firms are embracing change and exploring digital strategies to better serve their target clients and keep pace with an evolving marketplace.

4. High-Growth firms are much more mature in the automation of their core business processes. They are using it to streamline their operations and boost productivity. Firms that are lagging behind in automating processes and want to be competitive must upgrade their automation now.

5. The virtual workplace is here to stay for accounting firms. While the pandemic did not launch the remote workforce, it certainly accelerated it, causing many firms to adopt the virtual workspace concept that may not have previously considered it. Virtual has permanently changed how the game is played and the best talent will, from now on, demand a flexible, remote, or hybrid work environment. High-Growth firms are nearly twice as likely to go fully remote as No-Growth practices.

The 2021 High Growth Accounting and Financial Services Industry Report made one thing abundantly clear: High-Growth accounting firms aren’t waiting for anyone. They’re forging ahead despite the pandemic. Embracing flexible, highly efficient and effective digital business and marketing strategies to gain a competitive edge when other firms are hesitating.

If you’re not leading, you’re falling behind. Now is the perfect time to embrace change and meet the post-pandemic future head on.