Professional accounting firms and CPAs can be crucial players in the thought leadership market.
Companies today face an unprecedented number of new accounting and reporting concerns relating to environmental, social, and governance issues, cryptocurrencies, and digital assets, special purpose acquisition companies (SPACs), the Covid epidemic, and inflation, to name a few. Company management, audit committees, and stakeholders all look to the professional accounting community for publications that disseminate current information, perspectives, and advice helpful in understanding and managing today’s difficulties in order to handle these challenges.
If done correctly, these thought leadership pieces can deliver authoritative, high-quality data-rich content that is both educational and helpful, as well as being swiftly and easily available to interested readers. They can also be used by CPAs and accounting firms to exhibit their knowledge and professional capital to target audiences, giving additional support resources to current and potential new clients.
How exactly thought leadership is incorporated into an accounting business?
Build thought leadership into firm strategy as a separate KPI and determine how thought leadership initiatives may assist or further the fundamental goals of the organization’s strategic posture. Be sure to take into account how thought leadership initiatives can benefit your company in both concrete (like increased client income) and intangible (like improved reputation) ways.
Create and cultivate an atmosphere that values and encourages thought leadership by integrating it into the firm’s culture. Building a culture where professional personnel sees participation in professional development and information-sharing events as its own source of competitive advantage rather than just a CPE check-the-box exercise is crucial.
Develop the firm’s existing knowledge/areas of strength and use planning for thought leadership activities as a way to identify areas where expertise can/should be further expanded. Identify areas of expertise within the firm and associated top experts.
Set aside time for experts to engage in thought leadership activities, and reward them for their efforts. A company’s professional staff reward program should be in line with and encourage such a commitment if it is to be successful.
Decide which channels are most effective for delivering your brand of thought leadership. Consider which platform will help you reach your target audience and share your expertise. If your thought leadership is more opinionated and/or conversational, podcast production and panel participation are effective. Practice papers and executive summaries frequently produce thought leadership content that is data and fact-filled.
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