Does Your Practice Have Enough Cash Flow?

Doug Carpenter lands $39,000 yearly client within first 90-days of marketing his accounting practice with

With the government in shut-down, a roller-coaster stock market, ongoing trade wars with China and so much political uncertainty in Washington, some market observers are already forecasting economic doom and gloom for 2019.  But what if there was a silver bullet that could help your accounting practice successfully navigate any economic downturn that might occur all the while substantially increasing your cash flow even during slow periods?  And what if that silver bullet for hard times and cash flow woes affecting your practice was hiding in plain sight for more than ten years, as it was for Doug Carpenter, the owner of a small accounting firm based in Valley Stream, New York?

The silver bullet hiding in plain sight from Doug Carpenter was, whose corporate offices are located a mile and a half down the road from his accounting practice.  “I heard about about ten years ago but I had a different kind of practice at that time and I wasn’t really looking for accounting engagements,” says Carpenter.  It was only a few months ago that Doug finally made the decision to market his accounting practice through which has landed him a $39,000 yearly, business client in less than 90-days. With his first client from Doug has already increased his cash flow by more than $3,000 a month and is the subject of the up coming issue of GA Insider.

The average customer attrition rate for accountants is about 7% in a thriving economy during the best of times. For a practice grossing $1 million that translates into a loss of $70,000 in billings each year if no new clients are added to replace the ones that are lost through attrition.  Now factor in what can happen to a practice when the economy slows down or worse goes into recession.  Attrition rates can balloon to as much as 25% to 30% of your existing client base if there is no plan in place to restore or even add clients to your roster. Shouldn’t 2019 be the year you decide to do something that will substantially increase the cash flow in your practice like making an investment in marketing with is an online accounting marketplace which matches business owners with local accountants. In its seventeenth year of operation the company has become the U.S. Accounting industry’s largest advertising aggregator. 

For more information on how you too can substantially increase your practice’s monthly cash flow through marketing your practice with please call 1 (888) 326-9300.

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