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Drivers behind the franchise:
Since March 2003 (when Success Tax Professionals commenced franchising in the state of Western Australia) the interest from potential franchisees has been high and exceeded expectations. The creativity of the Success Tax Professionals blue print has allowed the company to expand quickly.
The franchising system of Success Tax Professionals is based on:
- Recognition of an obvious need in the accounting industry for a centralised and structured support network to help accountants successfully manage constant legislative change, and to achieve customer service excellence through their advanced knowledge of policy, valued added services and efficient business practices.
- The fact that an alternative legal path into public practice would benefit suitable applicants who otherwise would normally have to work as an employee on wages for a tax agent practice for a qualifying period of time, after which they may or may not face difficulty in obtaining a reference for tax agent status from their employer. Even if a licence was achieved in depth knowledge of all the elements of practice life would usually not be fully understood or consolidated whilst an employee as employers frequently restrict employees to work on a ‘needs to know’ basis.
- That many accountants regardless of status would benefit from assistance in managing the challenges of public practice day to day requirements.
The system importantly recognised that suitable applicants need not necessarily come from the tax and accounting industry alone, but may in fact hold suitable qualifications, aptitude, and commitment which under the franchise system could be coached and supported to achieve excellence in knowledge and service delivery.
The Success Tax Professionals system has a multi-facetted approach to assist, develop, train and coach franchisees on a continuous basis in technical requirements and smart business concepts. The franchisor forms a unique working relationship with every franchisee.
The Success Tax Professionals franchising system is a ‘living structure’ constantly being reviewed and altered to keep up with the changing business environment.
Growth and Expansion
Success Tax Professionals currently has collectively over 75 skilled and trained franchisees in:
- Western Australia
- New South Wales
- South Australia
- Northern Territory
The Franchising Division head office is located in O’Connor, Western Australia.
Ability to attend training is a factor for recruitment:
As our in-house Continuing Professional Development Programmes are conducted in Melbourne and Perth, franchise recruits who are non-tax agents need to be able to clearly commit to commuting for their training programme to one of these locations for the required period of time. Training schedules and more details are included in our Information Package. Non-tax agents and tax agents have different requirements and levels of flexibility with regard to in-house training attendance.
Systems and support functions provided by the franchisor have been replicated for all states.
The Success Tax Professionals company has grown quickly, due to the healthy advantages of franchising and the company’s strong focus on creating a virtual team of professional accounting practices.
The company franchisor places strong emphasis on:
- Careful assessment at recruitment stage to ensure franchisee and franchisor share a compatible vision for the future.
- Extensive digital marketing campaigns, web-site, social media, and promotional activities to raise brand awareness nationally.
- Development of structured training, supervision and readily accessible support for franchisees.
- Keeping up with industry change and new information to optimise benefits for clients and imparting this knowledge to all franchise members to facilitate optimal client servicing.
- Quality assurance, performance standards and industry benchmarks.
- Adding value by delivering training in holistic client services that reduce tax liability and cater for planning and future direction and allow franchisees to provide targeted and results-driven services. Such services are ‘separators’ and clearly define an accountant as a value adding professional as opposed to a basic ‘form filler’. To stand apart you must offer a higher level of service.
- Faster business growth in terms of client numbers and total revenue for franchisees electing to participate in various business development opportunities offered by the Franchisor. Practice or fee parcel acquisitions that can be re-branded as Success Tax Professionals are an example of this.
- Increased accessibility to services and choice of location for customers. Franchisees utilise one or more of the following avenues to provide flexible and convenient services and harness the market in different ways:
- Shop-front commercial office environment (home based accountants must transition to approved commercial offices within two years of joining and are able to receive coaching, mentoring and advice to help achieve this).
- High profile office locations in or on the outside of Shopping Centres (targeting exposure to high customer traffic).
- Mobile services, i.e. services at client’s home or business premises (frequently offered only within the first two years of joining as an extension to home based office services).
- Processing by correspondence and use of IT systems and remote software.
Professional Services Franchises are Different
Franchising works because it is generally beneficial to both parties (franchisor and franchisee). Franchising benefits are widely recognised and demonstrated in companies like Harvey Norman, Harvey World Travel, McDonald’s, Mortgage Choice, Boost Juice and Domino’s.
Success Tax Professionals is different from most traditional franchises in that the area of business being franchised relates to professional services in a highly technical and legislated area (i.e. accounting and taxation), as opposed to less complex industries. This therefore means that the company Franchisor continues to be involved with a franchisee’s business and development following their recruitment into the network.
Success Tax Professionals franchises are not seasonal tax preparation services focussed on the simple salary and wage tax return market. Success Tax Professionals franchises are public accounting and taxation practices delivering the full range of services to businesses, self managed super funds and those individuals who have investments, rental properties, capital gains or other more involved circumstances . We establish a business plan with each franchisee to work towards achieving momentum in their business by targeting the right customer market and also proven practice efficiencies. These plans form the basis for direction, action, review and ongoing improvement.
The Accounting Industry in Australia is $18.7 billion of revenue.
The Success Tax Professionals Franchisor’s goal is for 150 franchises Australia-wide by the year 2020, all using the company’s proven systems and methods, and this is reflected in the company’s Strategic Business Plan (SBP).