5 Tips to Write a Marketing Plan for a Tax Preparation Business

The success of marketing for a tax preparation business is defined by the planning and organizing of that process. Your marketing strategy is as effective as your marketing plan. With the rising competition in this business, there is no more space for improvising and a lack of effort in a marketing campaign. You’ll need to dedicate yourself completely to forming a successful and thoughtful marketing strategy.

The first step is to coin the marketing plan. There are several aspects that you need to take into consideration while writing a marketing plan. If you want to create a plan that will present your tax preparation business in the best light, this is what you need to do.

1. Determine Your Niche

The marketing plan will be more precise and personalized if you know who are your target clients. Will you focus on individuals or small businesses?

Additionally, consider the type of services you want to offer. For example, you can emphasize working with law firms, service-oriented businesses or you can specify the type of tax preparation like individual stock purchase.

Narrowing down your niche will help you to create a marketing plan that will be personalized for a specific audience. Personalization in marketing is essential for attracting the attention of your target audience. 

Spreading a generalized message will fall into the shadow of businesses that claim to be experts in the domain that the clients want. 

Make sure that you write down the service you want to focus on and the characteristics of the target clients you want to attract. Marketing to the right clients will seal the deal much faster. 

2. Set Your Goals

Having a clear goal will make your marketing efforts more direct and specific. Goal setting is one of the basic steps of writing a marketing plan. It motivates you throughout the process and gives your marketing plan a purpose.

Your goals can be:

  • Increasing the number of clients
  • Promoting new tax preparation service
  • Maintaining the satisfaction of current clients

These are just some examples of what your marketing campaign can focus on.

Every business that wants to pull a successful marketing plan needs to set goals. The tax preparation business is no different. Goals need to be clearly defined and as specific as possible, so don’t hesitate to even put the number of new clients you want to bring into the business this year,” shares Amanda Willis, a marketer at TopWritersReview who worked on several marketing campaigns for tax preparation businesses.  

3. Analyze Your Competition

There is so much you can learn by observing your competitors – both the good and the bad. Their work and marketing can teach you what actions bring positive results and what actions fail with your target clients.

When you analyze your competitors, these are some of the aspects of their business that you need to look at:

  • Type of clients they have
  • Services they offer
  • Their pricing
  • Marketing messages aimed at individuals and companies
  • Signs they use on their offices to attract street traffic

Write down in your marketing plan what works well to give your guidance but also write down what you shouldn’t do. You need to look at less successful competitors as well to notice the marketing tactics that you should avoid.

4. Think about What Makes You Different

Tax preparation falls into a large industry with many competitors who are trying to do the same thing as you – reach out to more clients and improve their business’s success rate. 

Professional Tax Preparer™ Business CardTo write a marketing plan, you need to know what makes you different. In order to define that, look your business from four perspectives:

  1. Strengths – Ask yourself what are your strong sides. Do you have well-trained employees? A long history of satisfied clients? Think about what brings success to your business to identify your strengths. Are you and/or  staff a certified Professional Tax Preparer?
  2. Weakness – Knowing your weaknesses will help you to stay away from promoting less successful aspects of your business. You might be a new company with not many clients to support your credibility so you don’t want to put the focus on that.
  3. Opportunities – If there aren’t many tax preparation businesses in your area that is one opportunity to focus your marketing on. There are many opportunities that you need to think through and identify if you want to promote the businesses in the right way. 
  4. Threats – Government policies regarding taxes or other tax preparation businesses near you can cause a threat to your marketing campaign. You might not be able to eliminate the threats but being aware of their existence will help you prepare better. 

Based on the research you did on competitors, you’ll be able to pinpoint your unique qualities or think of a few new ones that you want to adopt.  For example, have you considered offering additional related services such as accounting, bookkeeping, as well as business coaching services to complement your tax planning and preparation services?  Perhaps now is the time for you to build the premier accounting business in your area!  (see what you can do to follow a Turnkey Business Plan)

Write each one of these aspects down to have a clear idea of your strong and weak spots that will be the baseline for creating a realistic and efficient marketing campaign.

5. Define Marketing Channels

The marketing strategy needs to be spread across different channels. There are several options and you have to make a pick based on your goals. However, the more channels you use, the higher will the chances be for improving your business.

Here are some options for directing your marketing efforts: 

  • Website
  • Social media networks
  • Local advertising
  • Networking (attending conferences and relevant events)
  • Referrals
  • Email marketing
  • Sales letters

A combination of some or all of these marketing channels is the most effective choice. 

Finally, once you define your marketing plan you should keep track of the progress at all times. Writing a marketing plan is a task that comes to an end quickly, but applying the strategies you set demands consistent determination and dedication. Tracking the progress of your marketing plan is necessary for making corresponding improvements and adjust the plan based on real results. 

Author’s bio. Daniela McVicker is a blogger and a freelance writer who works closely with B2B and B2C businesses providing blog writing, copywriting, and ghostwriting services. Currently she many authoritative sources, you can check her last review of Trustmypaper. When Daniela isn’t writing, she loves to travel, read romance and science fiction, and try new wines.

Steve Chase, Who knew and now I have a successful accounting business

From supportive spouse to now running a successful accounting business Steve Chase has a journey to share. Reflecting back to his youth he remembers as a Boy Scout enjoying the personal finance merit badge, who knew this was in his future.

Listen to Roger Knecht and Steve Chase as the discuss starting and building a bookkeeping business. Great advices, some tips and tricks you don’t want to miss.

Hear what Steve feels we all need to know regarding our future roles in accounting.

Enjoy and remember this, if it’s about accounting, it’s Universal.

Your Turnkey Business Plan

Start Your Own Accounting Business

Build The Premier Accounting Firm

Get Certified – programs and training for accounting professionals

From E.M.T. to Tax Professional

For many individuals a career change is the right step to a better future and was the case for Eric. Whether we are pushed or pulled to make a change in our career it still is a big step and the same was true for Eric. Hear what Eric did to become a Professional Tax Preparer (PTP) as well and run a successful tax business.

See what you can do to become a Professional Tax Preparer

Universal Accounting & Virtual Bookkeeper’s Roadmap Press Release

Universal Accounting Center (UAC), an accounting school for small business accounting, bookkeeping and tax professionals is joining forces with Veronica Wasek to help bookkeepers grow their businesses by offering them a proven work flow (standard operating procedures) and business system to organize and operate their firm efficiently and profitably.

“It just made perfect sense for us to team up with Veronica,” said UAC President & CEO, Roger Knecht. “For years we’ve emphasized the 3 keys areas to have the premier accounting firm and she nails it when it comes to the production side of the business.”

“Universal offers accounting professionals the resources, training, certifications, coaching and support needed in today,” said Veronica Wasek.  “I’m excited to work with them to help accounting professionals build successful businesses. Partnering with them is such an exciting opportunity.”

In the past few years Roger and Veronica have had various conversations about the accounting profession.  Running into each other at various accounting conferences this is now the opportunity to work together.

For more information about this opportunity and how it applies to you GO HERE!

To find out more, visit https://5mbacademy.teachable.com/p/bk-roadmap

For nearly 40 years Universal Accounting Center has offered premier training to professionals wanting to provide financial services to small businesses. UAC training helps students develop not only crucial financial skills but also the marketing know-how to help promote those services. Skills are taught through a patented home-study course that is available online, allowing students to learn at their own pace. Certifications available are: Professional Bookkeeper (PB) QuickBooks Specialist (QS) Professional Tax Preparer, (PTP). More information about Universal can be found by calling 1-800-343-4827 or visiting www.universalaccountingschool.com.

Data Protection: How and Why to Secure Your Customers’ Sensitive Information

As technology becomes more enmeshed in our daily lives, cyberattacks are on the rise. Hackers stole hundreds of millions of Equifax login credentials after the credit reporting agency didn’t update its software. Meanwhile, Anthem recently paid a record $115 million settlement to current and former customers after hackers stole their names, Social Security numbers, and contact information. If you run a small business, it’s your ethical and legal responsibility to prevent data breaches like these. Keep reading for some best practices to protect your customers’ data and your profit margin.

What’s a Cyberattack?

To prevent a security breach, you must understand what they are and why they’re so destructive. Consumers and companies increasingly find themselves potential targets for cyberattacks, a type of online security breach. Cisco defines cyberattacks as “malicious” and “deliberate” efforts to “breach the information system of another individual or organization.” Criminals benefit from these attacks by seeking money, disrupting business, or destroying data.

Data Protection is Good for Business

Investing time and money into data protection is good for your business because:

  1. You’ll stay legal.

    In some situations, you may be legally obligated to secure your customers’ data. In New York, for example, certain businesses must follow the NYDFS Cybersecurity Regulation, requiring local companies to implement infrastructure protecting from cybersecurity threats.

    According to the National Conference of State Legislatures, at least 15 states have similar data security laws. Find your state’s regulations here. If you do business abroad, you’ll also need to familiarize yourself with those countries’ laws. For instance, Europe’s General Data Protection Regulation (GDPR), the world’s strongest data protection law, dictates how businesses can handle European customer information.

  2. You’ll stay ethical.

    According to Inc.com, it’s up to businesses to “take the lead” when it comes to data protection. That includes having web developers encrypt sensitive data like credit card numbers, passwords, and Social Security numbers. Because hackers specifically target businesses that don’t have proper security measures in place, make sure your network is secure and updated, and promptly fix any security holes.

 

  1. You’ll stay profitable.

    These days, customers value transparent, trustworthy businesses — yet only 1 in 3 consumers trust businesses to do what’s right. By being upfront about the ways you’ll protect your customers’ valuable data, you’ll establish a sense of trust and reliability. However, Financial Post notes, “your words will hold no weight if your customer data falls into the wrong hands.” In addition to securing your network, train your employees on what to do in the event of a data breach. Practice makes perfect, and clearly-communicated policies and procedures will help your company swiftly recover in the event of a data breach.

Protecting Your Customers and Your Business

Although there’s no foolproof way to prevent cyber threats, these precautions will help:

  • Multi-factor authentication. Rather than relying on usernames and passwords alone, add additional levels of security. Examples include combining passwords with fingerprint scans, retina scans, employee ID cards, or smartphone access.

  • Implement data loss protection. Adding data loss prevention (DLP) software ensures sensitive data isn’t exposed to internal or external threats by unauthorized users, and DLP ensures your meeting compliance requirements

  • Data encryption. By hiding sensitive data, such as passwords or credit card numbers, behind a complex passcode, you’ll help control who can access that information, even if someone steals it.

  • Policies and procedures. Train your employees on how to document, report, and fix cybersecurity threats. Depending upon your industry and location, you may also be legally required to report such events to local authorities.

  • Stay up-to-date. Make sure your network and website are running on the latest software versions. Hire developers and engineers to help plug any security holes before they become a problem.

Data protection isn’t just the right thing to do. It’s good for your customers, and for your bottom line. By having the right frameworks in place, you’ll prevent threats and recover from worst-case scenarios. By spending a little extra time and money, you’ll increase your profits, show people they can trust you, and have peace of mind knowing your data is protected.

By Julie Morris

Julie Morris is a life and career coach. She thrives on helping others live their best lives. It’s easy for her to relate to clients who feel run over by life because she’s been there. After years in a successful (but unfulfilling) career in finance, Julie busted out of the corner office that had become her prison. Today, she is fulfilled by helping busy professionals like her past self get the clarity they need in order to live inspired lives that fill more than just their bank accounts. When Julie isn’t working with clients, she enjoys writing and is currently working on her first book. She also loves spending time outdoors and getting lost in a good book.

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