Once you complete your Chartered Accountant’s course, you will have two distinct career options: start your own practice, or join an establishment as an employee. Like every other business, a Chartered Accountant’s business also takes some time to grow.
To run a successful private practice, a Chartered Accountant needs to possess many fundamental qualities. Other than such intrinsic skills, here are a few pointers which can help CAs excel at growing their business.
- Enter into a partnership
Unlike many other professionals, Chartered Accountants cannot solicit clients by placing advertisements; positive feedback from existing clients or word-of-mouth publicity is the only permissible form of marketing. Since initiating a new consultancy can be difficult, CAs can enter into a partnership with an existing organisation. You can also consider creating an LLP (Limited Liability Partnership) with your partners.
- Upgrade existing infrastructure with a loan
A CA’s business setup needs a lot of investment. You need reference books, latest periodicals, secretaries and other office staff. Such requirements require funds; you can avail a professional loan for Chartered Accountants to meet the financial requirements. Nearly all NBFCs and banks offer loans to CAs. Bajaj Finserv, for example, provides customised unsecured loans up to Rs. 35 Lakh for CAs, and sanctions the same within 24 hours of applying.
Bajaj Finserv also provides pre-approved offers on such business loans, personal loans, and home loans, besides a range of other financial products and services. These offers help simplify the process of taking a loan and also save time. You can check your pre-approved offer right now by submitting a few details online.
- Develop networking skills
Building any business means that you have to develop networking skills. Using a professional loan, you can throw a small party to inaugurate your new office, so that people know you have started a new practice. You can also become members of CA-exclusive professional clubs, where you may meet potential clients. Attend as many seminars as possible. Gain a strong enough footing inside the community.
- Increase expertise in specific domains
With the growing number of professional Chartered Accountants in the country, it is important to stand out from the rest. You can use a professional loan for Chartered Accountants to fund further education. There are several new emerging areas that CAs can now venture into. Investing in a course on financial auditing, IT law and compliance, and advanced valuation for SMBs are only three of the several new domains where CAs can acquire expertise.
- Maintain a proper billing system
One common problem which affects every self-employed Chartered Accountant is the delay in receiving revenue from the client. A proper and well-maintained billing system can address this issue. A simple search on the Internet will help you get an idea of such systems and software which will ease out operations for you. Set aside a portion of your professional loan for Chartered Accountants to purchase and utilise certain specialised software.
A Loan for Chartered Accountants can help you buy the proper software and arrange an efficient system of managing payments and receivables.
- Retain quality employees
Perhaps the most important requirement for a successful CA setup is quality employees. However, employing the best talent is not easy: they are prone to attrition and necessitate high salaries. Combined with the cost of setting up a new practice, the sum of investments required to start up can prove to be quite expensive. To help fight any financial issues, never hesitate to apply for CA loan.
- Try to expand in areas with less competition
While most of the bigger cities in India have a lot of qualified CAs, a large part of the country does not have too many professionals in this area. Try and expand in towns and cities where there is a lower density of CAs. It will also help you to expand your business and acquire new clients. Again, a professional loan for Chartered Accountants can help you expand another branch at a different location.
The secret to grow a business is to always invest prudently but effectively in the right departments of the venture. Stay ahead technically, and you will soon have a prosperous CA business setup.