Sorcerer's Accountant: Marketing Strategy and Goals

Our vision for marketing

Sorcerer's Accountant is the perfect solution for small businesses going through growth phases, transitioning from owner-operator models to hiring employees and expanding. These clients will find that Sorcerer's Accountant offers competitive pricing, both in comparison to the market and to the alternative of hiring their own bookkeepers. They will also see that Sorcerer's Accountant is incredibly adaptable and scalable in ways that in-house bookkeepers cannot match. By making bookkeeping services the focal point of its business and using it as a hub for generating leads for other accounting services, Sorcerer's Accountant is moving forward with this new business line.

As this shift occurs, the marketing strategy will be reassessed to maximize the potential of these clients as referrals and sources of new business.

Goals

Sorcerer's Accountant aims to achieve Personal, Marketing, Business, and Client Satisfaction goals.

- Personal: Max Greenwood aims to reduce his business workload gradually over a few years while striving for professional recognition.
- Marketing: The goal is to generate a high volume of leads and secure press mentions.

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- Business: The plan is to grow sales substantially within the next three years.
- Client Satisfaction: The objective is to maintain a high level of client satisfaction and ensure very satisfied clients.

Sorcerer's Accountant, located in Chicago, Illinois, provides a wide array of tax and management accounting services for small businesses. Their goal is to assist business owners in saving money compared to maintaining an internal accounting department, ensuring adherence to tax laws, and facilitating strategic decision-making using financial information.

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Clients who choose Sorcerer's Accountant can bid farewell to the frustration of dealing with in-house bookkeepers and low-quality providers. Our team is committed to giving clients the time and attention they deserve, addressing all their inquiries and offering valuable accounting and systems advice from the very first meeting. Clients will quickly realize that our services are customized to suit their needs and can be adjusted as those needs change. They will also value our flexible approach, knowing that they are not tied into a burdensome contract and that the initial cost is reasonable. The small gesture of receiving a thank you card and gift when they meet their quarterly budget targets will truly reinforce our dedication to providing exceptional bookkeeping and accounting services, giving clients peace of mind knowing that this aspect of their business is in capable hands.

Gap Dashboard

Weekly measurements of key metrics will be averaged for each month and entered in the Gap Dashboard. Personal goals will be tracked by Max Greenwood directly to ensure progress towards professional recognition and work/life balance. Marketing goals will be tracked by the CRM system, while business goals will be tracked by QuickBooks. Client satisfaction numbers will be obtained from the survey provider's database. Monthly updates on whether goals are met or not will be shared with the entire staff, including congratulations and discussions on what is going well and areas for improvement. These reports will be shared in full with the bookkeeping program manager and partially with the bookkeepers.

Ideal Customer

Sorcerer's Accountant targets small business owners who have recently hired their first employee and are struggling with the time-consuming nature of bookkeeping tasks, hindering their ability to focus on business growth. While considering hiring a part-time employee for bookkeeping, they realize it may be costly and require extensive training.

The customer is hesitant to invest a significant amount of time in training someone who may leave within a year (or even sooner) due to changes in their school schedule or finding a full-time job. Recognizing the importance of accurate records and his value to the business, he decides to focus his time on other tasks. As a result, he may begin searching for professional bookkeeping services that offer minimal support by conducting research and consulting with fellow business owners.

Market Description

The small business accounting market includes nearly every small business in the United States. As businesses expand beyond sole proprietorships, they usually need professional assistance for tax preparation, as well as for other accounting tasks. Even non-employer sole proprietorships may seek accounting help eventually. While some small businesses directly employ bookkeepers or CFOs, many opt to outsource these services.

The target market for Sorcerer's Accountant is small businesses located within the city limits of Chicago, estimated to be around 85,000 in 2010. This market can be segmented into three categories: Non-employer firms, which are businesses without employees that require services like QuickBooks and tax preparation as they expand. Very small businesses, categorized as businesses with 2-10 employees.

Small businesses, whether designed to remain small or in a growth phase, require payroll, bookkeeping, and tax preparation services. Concerned about maintaining control, they can be persuaded to use outsourced accounting and bookkeeping services with cost analysis. With higher stakes, these businesses can benefit from management accounting services, especially as most cannot afford a dedicated CFO. Many do not need a full-time bookkeeper and can manage with part-time help, limiting their hiring options. Other small businesses, defined as those with 11 to 99 employees, often have in-house financial management and bookkeeping assistance. However, they may save money by outsourcing these services as they are not core to their business operations. These businesses may be content as cash generators for their owners or focused on growth or positioning for sale.

Remarkable Difference

Sorcerer's Accountant combines the benefits of an in-house bookkeeping employee with the added value of training, supervision, and expertise from a Certified Public Accountant, all at a cost-effective rate.

Unique features that set something apart from others

Sorcerer's Accountant in Chicago offers a unique blend of CPA oversight and cost-effective labor to meet the specific needs of small business owners. Clients benefit from having their financial records reviewed by a CPA and receiving additional advice, all at a price similar to hiring a part-time bookkeeper. While not an innovative strategy, Sorcerer's Accountant is well-positioned to succeed in the Chicago market due to its size and the need for tailored services for small businesses. Larger firms focus on serving bigger clients and are unlikely to adopt this approach, as convincing small businesses of their affordability would be challenging.