IOMA forecasts some margin relief in 2010 for accounting firms.
“Many firms and owners are anticipating higher revenues and have taken steps to adapt to the economic environment so that growth can continue or resume. Some of the steps include identifying new opportunities, adjusting marketing and billing practices, and refocusing strategies and goals,” , according to the latest edition of the IOMAPartrner’s Report, a monthly update for CPA firm owners.
The speed with which many CPA firms react, the ability to adapt, and the underlying strength of a firm’s people and ptocesses could determine success or failure in 2010.
IOMA sees firms adopting a number of tactics:
- Adapt.
- Think strategically.
- Change focus.
- Empasize efficiency.
- Develop new niches, expand existing ones.
- Economic realities.
- Cost cutting and marketing expansion — simultaneously.
- Reduce staff.
Meanwhile, IOMA is preducting that 51% of firms will see gains in net income in 2010. About 23% predict an increase of less than 5 percent. Another 17% percent foresee a 5% to 10% increase, and 11% expect more than a 10 percent.
What will firms be doing to drive topline revenues?
- marketing to new clients
- increase billing rates
- marketing to existing clients
One thing IOMA doesn’t need to say: it won’t be easy.
