Recession brings adversity to many individuals and business owners who have been negatively impacted by the economic downturn. While we’re not suggesting you take advantage of those who are struggling financially, we do ask you to consider potential opportunities that may now exist as the result of adversity—opportunity that can create a win-win scenario for both you and your prospective clients.Stephen Fuller, the Dwight Schar faculty chair and public policy professor at George Mason University, believes “there’s always opportunity in adversity.” In an article published on Entrepreneur.com, Fuller explains that with an economic recession comes more creativity, as professionals look for innovative ways to overcome difficulty by enhancing their offerings.Silverthorne suggests the same in his BNet.com article entitled “5 Steps to Identify Opportunity in the Adversity around You.” To find those opportunities that might give you a competitive advantage in this recession market, consider the following 5 questions, offered by Harvard Business School professor Bhaskar Chakravorti:
- What underlying customer needs in your target market are being curtailed by adversity? Have new needs emerged because of the adverse circumstances?
- Look broadly across your business and in completely unrelated areas. What resources — products, people, materials, technologies, or intellectual property — are being displaced or underutilized because of the adversity?
- Can you see a way to use resources from your answers to question 2 to fulfill a need you identified in question 1?
- What is the minimum change that customers or your value chain require to adopt your offering? Then, what subsequent changes are likely, and how far could the adoption spread?
- Can you repeat your success with questions 1 to 4 in additional markets, such as new customers or new products?
As mentioned in question 5, one key way to take advantage of a recessive market is to offer additional services of which your target market would like to take advantage. And considering recent changes to tax regulations, this would be the perfect time to become a tax preparer, as there is likely to be a reduction in the number of individuals offering these services.Prepare Yourself!This is a fantastic opportunity for accounting professionals who wish to add tax services to their offerings. With impending IRS requirements will come increased respect for the tax profession and the corresponding withdrawal of questionable and dishonest tax preparers, the kind who promise a refund no matter what and/or are under-qualified, if they have any qualifications at all. Just meeting the new IRS requirements will provide a huge marketing opportunity as you grow your practice. And rest assured, Universal Accounting will be there to help you with all the great training and marketing resources we have to offer.
Universal Accounting’s Tax Training
Universal Accounting Center already offers training that could help you prepare for the IRS competency exams while earning the newly required CPE credits.The Professional Tax Preparer program will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with the following:
- 20 hours of valuable video instruction
- 2 instructional manuals
- Step-by-step instruction in becoming a sole practitioner
- One year of follow-up support from expert tax preparers
- The opportunity to earn valuable professional certification
- Our iron-clad, risk-free guarantee
Seize this opportunity by being prepared for the changes that will impact all future tax preparers. Call 1-877-833-7909 to enroll in the Professional Tax Preparer Program, and enhance your practice. ResourceSilverthorne, Sean. “5 Steps to Identify Opportunity in the Adversity around You.” 15 Nov. 2010 BNet.comWang, Jennifer. “Recession = More Creativity = Higher Rates of Entrepreneurship.” 3 February 2009. Entrepreneur.com
