Are You Comfortable With Your Firm's Vision

Accountant's Minute 155

Welcome to Accountants Minute.

Are you comfortable with your firm’s vision?

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?

If 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 of the next 20 to 30 years?

Is your firm committed to innovation?

Marc Tatora, 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
    • audits
    • representation to banks/lenders
  • Innovative areas:
    • financial planning
    • budgets
    • 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
    • benchmarking
    • 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?

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.  To register please click here.

If you have any questions, please do not hesitate to send me an email – peter@essbiztools.com.au or telephone me on 1800 232 088.

Have a great day!

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