Step out of the narrow comfort zone

EXPAND OR PERISIT

 

Public practice firms have got to diversify their business in order to differentiate themselves and as a shield against disruptions in the global and local business environment.  The main challenges of any audit practice probably relate to getting the right human capital, providing quality services and keeping abreast of regulation and legislation.

There are several strategies that can be applied to enhance public practice business models.  They all require a change of mind set and willingness to step out of the narrow comfort zone.

Strategy 1:       Grow

-       Consider growing the business (affiliation/mergers/acquisition)

Strategy 2:      Brand

-       The quality of work

-       How you network

-       The way you differentiate from others

-       Develop unique characteristics that able clients to distinguished you.

-       Relook at services to identify strengths and weaknesses and areas for differentiation.

Strategy 3:      Workplace Dynamic

-       Gen Y has radically different way of looking at things

-       New entrants to the company will have a different set of values compared to those held by previous generations.

Strategy 4:      Manage lost

-       Any price increase will have to be managed to remain competitive

-       Follow industry best practices and apply technology liberally.

-       Target premium services, new market segments.

-       Move up value chain

Strategy 5:      Go Hi-Tech

-       Seriously consider technological upgrades.

Shared from

Accountants Today

November-December 2014