The changing marketplace
Enabled by technology and an increasingly engaged public, practitioners are being confronted by rapid change on a daily basis. Consumers now want to be able to access the information and services that they need whenever they want and wherever they are. In the past, consumers rarely questioned the advice of their accountant or financial adviser. This dynamic is changing and it is now the more financially literate consumer or business owner who is driving the accountant and the regulators to change.
For practitioners, it is becoming more challenging to know the right direction to take, or solution to implement. At the same time, regulation has become more complex to protect the individual and maintain the public interest.
Become a sustainable firm
In 2007 CPA Australia released its Firm of the Future report (PDF), which examined and extrapolated factors that would produce future opportunities and challenges for public practices. Many of the key drivers of change identified in the report were proven correct and remain a factor for practices today, including technology developments, business processes, knowledge management and a mobile workforce.
The information and resources on these pages will assist you to assess the readiness of your practice to be sustainable for the future and provide a series of tips to help you prepare for the challenges ahead and take advantage of opportunities.
- Be strategic, identify your space and own it.
- Bring in the skills you need, whether that is partners, staff or third party alliances.
- Be proactive in positioning clients for the future.
- Embrace growth opportunities in non-traditional service areas
- Develop an integrated solution and embrace working collaboratively to provide a best-practice service approach for your clients.
- Technology is key to sustainability.
See: Planning for your firm (PDF) and Nine big accounting ideas for practising accountants
PD course: Your sustainable firm
This course starts by assessing where your practice is now. You then work through five modules:
- Building sustainability
- Service offering and adding value
- Creating a sustainable team
- Leveraging technology
- Risk management.
The modules can be studied separately or together, and in any order.
Whether you’re a sole practitioner or a partner in a larger firm, the principles and learnings from this course should help you formulate manageable strategies to develop your sustainable and growing firm.
Access as an online course which utilises 26 interactive video clips or as a hard copy learning manual.
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