The current trading conditions for the legal and accounting industry continue to present challenges. This environment has created the need for professional service firms to address process improvement strategies to protect their revenue streams and identify growth opportunities.
In order to remain relevant in this competitive landscape, here are a few key success factors in how firms can manage their productivity levels.
Updating Technology
Technology can play an important part in the success of your business. Using out dated or old technology can create inefficiencies with your cash flow management, the productivity of your team and time management.
For example, rekeying information into your system to reconcile accounts may only take 10 minutes a day, but this tedious task adds up to 9 work days a year, not to mention the possibility of errors. Gone are the days and weeks of time wasting in following up signatories to open accounts, with secure e-signatures, accounts can be set up online and fully functional on the same day.
Social Media
I meet many business people that are still unsure about how to use social media. The reality is that it will continue to be a key driver as to how we work and engage with our clients. Developing a social media policy provides strong branding in a competitive environment and allows firms to continue to showcase innovation in a market that is impacted by new technologies.
Historically, new clients are sourced through relationships and referrals. Through social media, new clients can be sourced from sharing challenging and intellectual content. It provides a means to build intellectual property, conversations and thought leadership to increase market share. Look for partners that provide the opportunity to connect with customers online to build your brand and profile.
Know more
Understanding your current working capital position is often not enough to run a successful business in this current economic climate. Keep on top of insights and analytics which can assist you to proactively identify growth opportunities, customer trends and match performance against your competitors.
Managing risk
With technological advances it is important to work with a financial provider who has invested in market leading security technology to give you secure, controlled, visible, real time cash flow management that is easy to view through a single online portal.
Every firm has exposures to manage on their balance sheet from cash flow management, interest rate and foreign currency movements to audits which can reveal transparency of users and reconciliation of debtors. Some of the best protection a firm can consider is by taking a different mindset to their banking relationship and viewing it as important as a client or business partner. It is your banker’s responsibility to work with you as much as it is an equal partnership for the firm to share or elaborate their ongoing financial risk in order for the bank to deliver the best possible outcome for the firm.
If you own an accounting or legal firm and want to discuss a range of products that can assist you in managing your business, with either Nicole, or someone in your area, please contact the Women in Focus Team at womeninfocus@cba.com.au.
Nicole McCormack – National Manager Professional Services
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