Running a private CA firm is the aim of the majority of chartered accountants qualifying each year. Numerous such individuals usually begin their career with a chartered accountancy firm and then move on to establish their own.
Your firm gives you the freedom to work as well as generate a higher amount of income. You also get the opportunity to work with renowned clients and even the Government. The office of the CAG empanels CA firms to conduct audits. Auditing for the CAG’s office is a highly prestigious opportunity for a CA firm.
However, you have to gain an established position and expand your firm to become eligible. Some of the ways you can do so are mentioned below.
- Avail clients form your seniors
Making cordial relations with seniors during your articleship and employment is essential when you seek to have your own firm. Such associations can help you avail clients quickly without much hassle and grow your CA firm. Make sure also to ask these customers to refer your firm to other clients.
Many a time, seniors provide opportunities on referral basis to juniors. Usually, they seek a commission when they refer clients to you.
- Add new partners
Increasing the number of partners is one of the quickest and easiest ways to expand your operations. New partners can also bring in new clients. Sometime, they can also invest in your CA firm and help in expansion.
However, adding new partners also has its downsides especially leading to difficulties at fruitful decision-making. It is vital to have a proper distribution of the work quantum as per projects or clients to maintain proper optimisation of the work flow.
- Attend events and conferences
Attending events, conferences, seminars, and social gathering that hosts stalwarts of various organisations and other CAs is an ideal way to improve your connections. Meeting with new people and letting them know about your firm can help you to expand business.
However, right communication is one of the qualities of an accountant that you need to have, which is also essential when you approach an individual. Provide your business card and ensure they are interested in your offerings.
- Expanding to areas with less competition
The place you are operating from may already have competition that restricts you from expanding. Hence, expanding to a location where there is scarcity of CA firms can help you avail more chartered accountant practice opportunities and grow your operations.
Opening a branch office requires funding, which you can avail through Business Loan For Chartered Accountants from NBFCs like Bajaj Finserv. They offer such loans at attractive rates of interest and additional borrower-friendly features such as Flexi Loan facility.
- Provide complementary services to existing clients
Assessing the nearby competition is one of the ways that can help you expand a CA firm. You can see what services they are offering and at what expenses. Providing some of them on a complimentary basis to your clients creates a win-win situation both for them and you.
- Have a social media presence
A social media account can help you reach out to more clients. Your existing client base can also become helpful in this case to promote your firm. Asking them to share your posts enables your page to increase online awareness, increase audience outreach, and bring in prospects.
Make sure to follow a step by step guide to start a CA firm. Also, provide competitive chartered accountant fees details you are better than the available market competition.