According to the latest news from IBIS: Service-based industries have been immune to the economy’s recent economic turmoil, and they are expected to continue thriving.
This is great news for accountants! In fact, what some can digest as bad news – such as delays in the launch of the official tax season, due to the recent government shut-down, can actually be seen as a positive: your clients need you and your advice more than ever.
In an article released the day before yesterday by IBISWorld, it was reported that the organization “…anticipates that corporate and consumer demand will continue underpinning service sector growth during the five years to 2018. The service sector is anticipated to grow at an average annual rate of 3.3% to $16.3 trillion during this period and, while the manufacturing sector is projected to turn around and grow by 2.4% per year on average in this same time period, businesses on the service end of the spectrum will continue to fare much better.
This news should aid CPA firms around the country by increasing their confidence as they continue to market their services. This by no means should make accounting professionals think it won’t still be important to use business development as a means of differentiating yourself from your competitors. This is the time to reach out to your current clients, to touch base, and offer yourself at the ready as more rules & regulations, like Obamacare, iron themselves out.