February 10, 2023

How accountants can help locals with economic crisis


The ongoing cost of living crisis is affecting those from every corner of society. The post-Covid slump is causing mass layoffs at Big Tech companies while rising inflation is greatly impacting small businesses and local communities. As interest rates continue to rise and salaries remain stagnant, families and small businesses struggle to stay afloat and manage economic uncertainty.

Accountants have the tools, knowledge and experience to offer financial management advice, identify and mitigate potential risks, and overcome money problems to reach business goals. However, not everybody can afford these services, especially in the current climate.

So, how can accountants help local communities navigate the cost of living crisis for free and what benefits could this offer to accountancy firms?

In this article, we’ll examine how accountants can use content marketing strategies to provide free advice to locals struggling financially, in turn boosting brand reputation and long-term customer loyalty. Read on to find out more.

The Impact of the Cost of Living Crisis on Individuals and Businesses

The cost of living has been increasing globally since 2021 – with rising interest rates serving as an unwanted aftereffect of the pandemic. The ongoing conflict in Ukraine further added to inflation, with global prices rising by over 8% in 2022.

High inflation affects the affordability of goods and services for households and creates supply chain bottlenecks for businesses. The rising costs of food, fuel and other essentials are putting extra pressure on already vulnerable communities. An additional 71 million people across the world could be pushed into poverty, according to the United Nations Development Programme.

How can Accountants Help the Community?

Accountants have the training and expertise to offer a wide range of services, such as strategic financial advice, cost-saving tactics and revenue-boosting ideas. In the middle of a financial crisis, accountancy firms can help clients to manage debt, address cash flow problems and advice on business strategies to overcome challenges.

While offering sound advice to clients amid the economic downturn might seem like enough, accountants should also be thinking about building content marketing strategies to reach wider audiences and help local communities manage financial worries.

Content marketing refers to the process of creating and distributing valuable and relevant content (e.g. blog articles, videos, social media posts) to a clearly defined target audience. When it’s done well, content marketing can be a hugely effective way to inform and educate readers about a specific topic, and improve engagement and reputation among clients.

Benefits of Content Marketing for Accountants

By offering free content to audiences about how to navigate the cost of living crisis, firms can directly communicate with their local community about the issues currently facing them and meet their need for information. In doing so, they can reinforce a positive brand impression and create positive experiences for existing and potential clients.

Creating consistent and quality content also helps firms to improve long-term relationships with audiences and establish themselves as thought leaders in their industry. Building authority online will also drive up social engine rankings.

Plus, by creating value without expecting anything in return will build trust and respect during financially turbulent times.

Developing a Content Marketing Strategy that Works

Developing an effective content marketing strategy is no easy task. Here are a few steps you should follow if you’re considering building one for your firm:

  • Define your target audience – It’s crucial to know who you’re writing for. Is it local businesses, independent business owners, etc? Establish this before you start creating content.
  • What problems are you trying to solve? Your content should speak to your audience’s problems. This could include how to better manage cash flow, how to manage the increasing prices of goods and supplies, or how to build a recession-proof business strategy.
  • What channels will you be publishing on? Use analytics to understand which platforms your audience resides in. Will you be promoting content on LinkedIn, YouTube, or via a newsletter? 

Establish a tone of voice that resonates with audiences – During economically challenging times, it’s important to communicate with empathy and understanding, while also being educational and informative. Bear this in mind when establishing the tone of voice for your content.

Follow the Latest Accounting News and Updates with INAA

The International Association of Independent Accounting firms (INAA) was launched 25 years ago to promote international trade. If you’re interested in finding out more about the current trends within the accounting industry, be sure to take a look at what the INAA can do for you. You can discover the benefits of INAA membership here, or apply for your membership on our join us page.

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