5 Growth Trends for 2024

Each year, our consultants meet to look into the crystal ball and predict the direction the accounting profession will take in the coming year. 

These meetings always incite lively discussion, especially now that the profession is undergoing a significant transformation driven by rapid technological advancements and evolving client expectations. 

Awareness of the following growth trends will help you enhance your firm’s client experience and secure a competitive edge in the marketplace.  

Trend #1: Thought leadership and personalization 

At a time when information is abundant, clients are increasingly seeking advisors who can cut through the noise and provide tailored, insightful guidance. Focusing on personalization and thought leadership can accelerate your firm’s growth. 

According to a recent CAS Benchmark Survey from the AICPA, 75% of a firm's organic growth is attributed to existing clients. This underscores the importance of recognizing and bridging the knowledge gaps within your current client base. 

Clients crave thought leadership that addresses their current challenges and anticipates future issues. Leverage artificial intelligence (AI) tools to meet the unique needs of your clients and prospects with clear, concise communication that delivers the right information at the right time. 

You can strengthen client relationships and foster loyalty by positioning your team members as thought leaders. 

Trend #2: Optimize and align initiatives 

Growth isn’t just about pursuing new opportunities; it's about optimizing and aligning initiatives with the firm's and clients' dynamic needs. 

Your firm is solving internal challenges related to technological evolution, process improvement, knowledge sharing, and more. Once you develop these internal disciplines, look for ways to package and price these solutions for your clients. 

By mirroring the services your clients need, your firm can create a symbiotic growth trajectory. 

Trend #3: Prioritizing the value proposition 

Understanding and articulating your firm's value proposition is more critical than ever. This applies internally—fostering a culture of clarity and purpose among staff—and externally—communicating the firm's unique offerings to the market.  

Embrace a culture of experimentation and learning from failures. This mindset is about showing potential clients and talent what sets your firm apart and why they should choose you over competitors. 

Trend #4: Entrepreneurial approach 

Adopting an entrepreneurial mindset is vital to unlocking growth. This means being proactive, taking calculated risks and learning from both successes and setbacks. 

The adage "sell the tickets and then produce the show" encapsulates this trend—you should commit to growth initiatives and then mobilize resources to deliver on those promises. Listening to client needs, being open to learning and being willing to be vulnerable are essential traits for firms aiming to attract the right clients and talent. 

Trend #5: Moving up the value chain 

To truly differentiate your firm, you must look beyond traditional accounting, tax and audit services and solve broader business problems for your clients. 

Thinking outside the box and offering advisory and consulting services elevates your position in the value chain. Clients are willing to pay more for services that they want rather than what they need. You can offer more impactful, sought-after solutions by creating strong, meaningful connections and understanding clients' deeper business challenges. 

Leading a modern accounting firm isn’t just about crunching numbers. It’s about staying relevant and ahead of the curve, adapting to changing market developments and client demands. By embracing these five trends, your firm can meet the evolving needs of its clients and secure a thriving future in an increasingly competitive market. 

Do you want to connect with other Operational Leaders in the accounting profession to become a more confident leader? 

The Boomer Operations Circle is a peer group of Operational Leaders from successful and growing firms who work together to develop the best business strategies, plans and procedures. Apply now to start building valuable long-term relationships with others who are navigating the same challenges in shaping their firms for the future.  

Jon Hubbard, Shareholder, Consultant, at Boomer Consulting helps accounting firm leaders find success in the areas of leadership, talent and growth. Jon is a facilitator for the Boomer P3 Leadership Academy, Boomer Talent Circle and Boomer Marketing & BD Circle. He also guides firms to grow and be more effective in the areas of client service, marketing and business development.   

Jon speaks at various industry conferences, user conferences, state societies, and associations. He is a Storybrand Certified Guide and Certified Kolbe Consultant.