Maintaining a Competitive Advantage

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competitive-advantageIf you don’t have a competitive advantage, don’t compete. – Jack Welch

In order for your accounting practice to excel, it must maintain a competitive advantage.  Status quo is never sufficient for those who want their businesses to continually expand and grow (and earn more revenue).  Here are 6 tips that will help you accomplish that:

1. Read one article a day.

Whether it be about accounting, marketing, tax preparation or business principles, the more you expose yourself to timely and relevant information regarding your profession, the more competitive you will be.  In fact, in an article posted on Entrepreneur.com entitled “5 Tips to Keep You Sharp,” Scott Halford goes so far to suggest reading articles with opposing opinions.  He explains, “You brain chemistry switches when you are met with competing knowledge or an opinion that flies in the face of your own experience.”

2. Watch your competitors.

This tip is found on AllBusiness.com as one of three quick tips intended to help readers maintain a competitive advantage.  Not only do they recommend you monitor your competitors, they also suggest you not be ashamed to copy their best ideas.  Regardless, if you don’t know about your competitors-what they offer, how they market, what they charge-you’ll always lag behind and be the less prominent accounting practice.

3. Attend conferences and workshops.

There are many specialty conferences and workshops offering a wealth of information enabling you to keep up with your industry.  Not only can you learn from the presenters on the program, but you can also learn from other attendees who may face the same challenges as you do in their own accounting practices.

4. Schedule time to devise new approaches and services

While you may be tempted to spend all your time on billable hours, the only way you can improve your business is by working on your business.  Schedule time each month to consider new approaches and services that would enhance your accounting practice.  Note client suggestions, concerns and frustrations as you look for new ways to satisfy their accounting wants and needs.

5. Teach someone about something you do

This can come in the form of seminars designed to get you new clients.  Or it can manifest itself in a mentoring relationship you share with another professional.  Regardless of the situation, when you teach someone about something you do, you look at it from a different perspective which often enables you to learn new things yourself.  Halford explains, “The teaching process reveals new learning for you since people have different questions about what you’re teaching.  It causes you to stretch in your topic area.”

6. Optimize your skills

Knowing how to make the most of your accounting software is another way you can increase your competitive advantage.  Consider purchasing Universal Accounting Center’s QuickBooks Made Profitable (QBMP), a must-have for QuickBooks consultants. For next to nothing you can use your QuickBooks expertise to attract more clients and increase your bottom line!

80% of small businesses use Intuit’s QuickBooks software.  Once you complete QuickBooks Made Profitable, you will be able to use our proven system to attract more clients with your QuickBooks expertise.  Take advantage of this marvelous opportunity to increase your bottom line.  Order now!

Always be on the lookout for ways to not only maintain, but enhance your competitive advantage.  These 6 simple tips are a great way to get started!ResourceHalford, Scott.  “5 Tips to Keep You Sharp.” 7 October 2009  Entrepreneur.com“How Do I Maintain My Competitive Advantage?” 27 February 2007  AllBusiness.com

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