Aussie practices can learn from lucrative branding strategies in US
Accounting firms in the US are rebranding as digital tech startups and reaping millions of dollars in funding, says Business Depot director Lielette Calleja.
Funding can often be a challenging aspect for accounting professionals looking to establish their own firm but those willing to employ innovative strategies can often find the funding they need, said Lielette Calleja, speaking in a recent Intuit webcast.
A recent report by Intuit found that funding was a significant challenge for accountants looking to start their own firm, particularly for women who listed it as their top hurdle.
Calleja said that by thinking differently about the positioning of the firm and its branding this can open up new opportunities for newer firms.
“I’m seeing examples particularly in the US where accounting firms are rebranding as digital tech startups and yet all they are is a glorified accounting firm providing services using tech but they’re getting funding,” she said.
“It’s just crazy, there’s millions of dollars being thrown [at these firms].”
Australian firms typically tend to be more conservative in how they market their firms and are perhaps reluctant to sugarcoat or mask what they do, she noted.
However, Calleja said she has seen some great examples of how firms have used this tech rebranding to generate funding and attract investors.
“I think we need to have a rethink about what we’re going and make it sexy again,” she said.
Another option for accountants looking to make the process of starting their own easier is to join forces with others, she added.
“If I was starting out, I wouldn’t go out on my own. I would join forces with someone else who doesn’t have the same skill set. Find someone who can sell because god knows you need to know how to sell,” she said.
Speaking in the same panel, accounting practice coach Amanda Gascoigne said firms should also be exploring what grants might be available.
“We saw a lot more of those during Covid, particularly female specific grants,” said Gascoigne.
“Another option to have a look at is crowdsourced funding. This is a newer type of funding and there has been a really marked increase in the number of female led businesses getting funding in this way.”
Gascoigne said in the 2022-23 financial year, there was $6.1 million invested across small businesses led by at least one female founder.
“We can see with that crowdsource funding, where women are getting behind other women and putting their money in, that is really trending upwards, which is great,” she said.
For further insights and advice from the panel discussion, you can access the webcast here.
