Sunday, January 3, 2016

GETTING DOWN TO BUSINESS



              Running a public practice or a small business or enterprise entails quite to different set of skills.   Accountant that are working either in or own small or medium practices are subjected to the same commercial vagaries as other businesses.

TIPS ON GETTING DOWN TO BUSINESS
1.
Gearing up for growth
·         Need to improve business skills rapidly and efficiently as the economy become more volatile.
·         It’s a matter of “having what it takes” to do the business.
·         Emphasise on value-added financial and business services.
·         Gear up for bigger and better things.
2.
Vision and strategy:
The starting point
·         Begin with a vision and a strategy that will propel the firm toward achieving its goals.
·         Should identify and manage risks
·         Understand the legal environment in which they operate and the rules that bind them
·         Other concerns
-   Succession planning
-   Business continuity
·         Need to build capacity and continuously upgrade skill.
3.
Stay alert to regulatory changes, new opportunities
·         Be aware of how they are required to operate by law.
·         Be conversant with the aspect of the law that concern the profession.
·         Constantly get update on any changes in the regulations.
·         Ensure the business are adequately insured
·         Conceptualise a comprehensive growth or development strategy.
4.
Leverage technology
·         Upgrade information systems and databases
·         Appropriately manage technology
·         Information security in of paramount important
·         back up your work regularly.
5.
Manage talent customer, credit well
·         Ensure company employees are trained to optimise technological resources
·         Important to know, how to communicate effectively
·         Provide good services
·         Maintain good customer relationships
·         Manage firm’s internal matters
·         Have good credit management
·         Invest in professional development for staffs
·         Motivate staffs to find better ways of doing their work.
·         Strike a balance between maintaining a good relationship and being magnanimous.
6.
Governance Quality should be uppermost
·         Run a transparent, well governed public practice that conform to the highest standards and best practices of business and services quality.
·         Think strategically, optimise resources, manage risks and continue adding value to businesses.


Shared from article by
Majella Gomes
Accountants Today
July 2010

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