This is a serious question, especially if you are aged under 44, because, according to Benchmarking.com.au, your group represents 69% of the accountancy profession.
Do you understand your firm’s vision?
Are you comfortable with it?
Is your firm’s vision going to provide you with the career/job satisfaction that you require, especially if you are looking at a time frame over the next 20 to 30 years?
Is your firm committed to innovation?
Marc Totaro, National Manager, Professional Services, Commonwealth Bank said “All types of professional service firms (including accountants/business advisors) are undergoing deep and lasting structural change driven by:
- disruptive technologies;
- changing market demands and
- new market entrants”.
“Accounting and legal firms are increasingly looking to move up the value chain as outsourcing, automation and new business model competitors, threatened to absorb the lower value, high volume activities that traditionally generated so much of their revenue”.
“Some accountants/business advisors are addressing these challenges head on to meet changing customer needs and the shifting market landscape”.
Where is your firm situated on responding to the changing market conditions?
How has your firm responded over the last 5 years, since Deloitte released “Digital Disruption – Short Fuse Big Bang” and to customer demands for the supply of additional “commercial services”?
What about the next 12 months – what changes are going to be made in your firm to meet changing market conditions and create new innovative products?
The tax lodgement season is over, why not do some serious planning now?
An interesting exercise – in fact I think a very important exercise for all firms to undertake, would be to compare the components of your firm’s income dissection five years ago as compared with this year.
The evaluation should cover:
- Traditional areas:
- annual accounts
- tax advice
- tax return preparation
- business activity statement preparation and lodgement
- superannuation fund account preparation
- representation to banks/lenders
- Innovative areas:
- financial planning
- cashflow forecasts
- cashflow management – debtors
- business plans
- strategic plans
- chief financial Officer services
- capital raising assistance – Section 708 Corporations Act, Early Stage Innovation Company Capital Raising, Crowd Sourced Funding Equity Raising
- corporate governance
- personal property securities register due diligence
- business evaluations
- business health checks
- succession planning
- sale of businesses
- purchase of businesses
- assistance in applying for government grants
Some firms are achieving, or aiming to achieve, 50% of their income being generated from “innovative areas”.
How does your firm compare or, do you think that relying on the traditional income sources will suffice for your firm? What about your clients’ requirements, what about your team – will they be happy to continue to devote a significant amount of their time on “traditional areas” work?
Are you still comfortable with your firm’s vision?
If you would like to gain an overview of the services your firm could offer to meet client demands and offer very interesting work experiences to your team, why not visit www.essbiztools.com.au?
We are presenting a series of FREE webinars in June/July “Innovative Products for Accountants”.
The first webinar in this series, “Innovative Products for Accountants/Business Advisors”, will be presented on Tuesday, 19th June 2018 at 12.30pm AEST (click here to register) with the remaining webinars as follows:
|· “Cashflow Management – Debtors Management”||Tuesday 26th June 2018 – 12.30pm to 1.30pm (AEST)||Click here to register|
|· “Personal Property Securities Register Due Diligence”||Wednesday 4th July 2018 – 12.30pm to 1.30pm (AEST)||Click here to register|
|· “Business Planning”||Monday 9th July 2018 – 12.30pm to 1.30pm (AEST)||Click here to register|
|· “Budgets and Cashflow Forecasts”||Wednesday 11th July 2018 – 12.30pm to 1.30pm (AEST)||Click here to register|
|· “Capital Raising for SMEs”||Tuesday 24th July 2018 – 12.30pm to 1.30pm (AEST)||Click here to register|
|· “Identifying Grants for Clients”||Monday 30th July 2018 – 12.30pm to 1.30pm (AEST)||Click here to register|
|· “Chief Financial Officer Services”||Tuesday 31st July 2018 – 12.30pm to 1.30pm (AEST)||Click here to register|
If you need any further information, please send me an email – email@example.com or phone 1800 232 088.
Peter Towers | ESS BIZTOOLS