2017 marks sixteen years of Business Fitness guiding the accounting industry, and for fifteen of those years we have been keeping a close eye on the trends and developments across the accounting industry via the Good Bad Ugly benchmarking survey and report.
The Good, the Bad & the Ugly of the Australian Accounting Profession has delivered relevant and meaningful data and analysis to help Australian accountants improve the performance of their firm and stay on top of industry trends. The survey and report has earned a reputation as the most established, respected and comprehensive research publication of its kind.
The 2017 Good Bad Ugly survey is now open until the end of August, so get your data into our online benchmarking survey and receiving a free customised report for your firm.
Here’s an insight from the 2016 report into the most profitable firms and six areas they seem to excel compared to average performing accounting firms. The aim was to identify highly successful firms in each revenue group to understand the activities and mindset these firms employ to achieve great results.
The following summarises these highly profitable strategies:
- Purpose
Extremely profitable firms instil values, set goals and create a vision. They have a mindset of continual improvement and celebrate milestones when achieved. - People
Extremely profitable firms employ competent people for a specific role and have them fully contribute. This includes skilled leaders who facilitate communication and guide collaboration by forming one united team. - Process
Extremely profitable firms have standards of excellence, they are flexible yet experienced in adapting to process change. They implement modern tools that drive efficiency and productivity but are not necessarily the very early adopters of these tools. - Patrons
You will know them as clients, but in continuing with the “P” theme, extremely profitable firms have a relationship based philosophy as opposed to being transaction based. They have a regular contact program in place with key clients and in many cases this contact is not made by the partner. - Product
Extremely profitable firms listen to their clients and build services around their needs. In some instances this is providing new services to suit economic circumstances, other examples include adding advisory services to cover client fee resistance on compliance services. In a number of firms it is providing niche services to particular industries. - Promotion
Extremely profitable firms are embracing modern marketing strategies to facilitate the growth of new clients and new services to existing clients.
So, despite what your numbers are saying right now, we invite you to participate in the 2017 Good Bad Ugly survey as motivation to create change. Extremely profitable firms view this as an opportunity. All firms, regardless of performance or profitability must review results and consider strategies to consistently perform at the peak of their game.
Brad Geelan | Business Fitness
Brad also co-ordinates the annual benchmarking study “The Good, the Bad and the Ugly of the Australian Accounting Profession.”
In his spare time you will find Brad in the backyard playing cricket with his two boys.
Email: brad.geelan@businessfitness.net
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