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.
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TIPS ON
GETTING DOWN TO BUSINESS
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||
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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.
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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.
|
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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.
|
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4.
|
Leverage technology
|
·
Upgrade
information systems and databases
·
Appropriately
manage technology
·
Information
security in of paramount important
·
back up
your work regularly.
|
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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.
|
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6.
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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.
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Shared from article by
Majella Gomes
Accountants Today
July 2010
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