ave a read of the average accountant’s website, and the word ‘innovation’ keeps popping up. Are accountants really innovating?
Excluding the Top 100 practices, there are another 33,770 practices producing combined annual revenues of $8.7b.
The top 100 accounting firms for 2018 billed $11.3 billion revenue. PwC was number 1 with $2.35b, and Suntax number 100 with $4.33m.
Word-of-mouth referrals are the number one method professional services firms get leads and gain new business.
Statistically, 30% of businesses fail in the first year, and 70% within 10 years.
Ground floor in the right area near anchor businesses is always superior. You don’t get walk-in business to level 1 as such.
Did you know that you can now post news and events directly to your map listing which then displays when your practice pops up in a Google Search.
Client satisfaction feedback is critical if we are to improve the weaknesses in our client servicing, while continuing to build-on our strengths.
The key to exceptional business results is consistency. If you do nothing else, be consistent. Provide predictable, reliable results every time.
Client satisfaction is defined as ‘the number of clients, or percentage of total clients, whose reported experience exceeds specified satisfaction goals.
The three ways accountants can get in trouble with debt financing their practice are: Using short term debt to make long term investments. Doing this creates problems as the short-term debt will need to be refinanced well before the long-term investment returns are available. If the short-term debt cannot be refinanced, the lender will either sell or close the business. Failing to consider that when increasing debt it increases business risk. Borrowers need to ensure their cash flows have a Read More…
The benefits of your practice providing a service guarantee to clients are as follows
This strategy is about creating new services that you can provide to your existing client base. It is similar to the low hanging fruit strategy, but involves more work. The practice has to create the new services, train the staff on delivering the new services, and develop a marketing plan. When considering what new services to provide ask yourself two questions. Firstly, what service would provide immense value to existing clients? Secondly, does the practice team have the skills or Read More…
A good pricing strategy is one which is a good balance between the price floor and the price ceiling.
An accounting practice’s key performance indicators (KPIs) are the set of quantifiable measures that are used to gauge or compare performance.
As the business environment changes, practice owners must change. To not do so is to get left behind.
If we believe Sturgeon’s Law is true, then it goes without saying that 90% of accountants fit in that category too.
A business strategic plan details the methods by which a business sets out to achieve its objectives. Typically a business strategy will cover a period of three to five years.
To make a Purple Cow practice is extremely difficult and probably only one in a thousand practices will be able to achieve this.
The cost leadership model is not a profitable for accounting practices as practices with no staff where the principals do all the work have low revenue.
An overall cost leadership strategy involves providing products or services at a lower cost than your competitors
For 2015/16 the total Australian accounting industry revenue only grew 3.2% or $580m to $18.7bn.