Bstar Australia recently produced a report for the accounting industry which highlights business concerns, strategic planning and growth initiatives for Australian firms.
According to the report, (available here) the major theme for firms was business growth and attracting high-value business clients. While this research is Australian based, many New Zealand firms will relate to the same business issues.
In terms of the most prominent accounting business concerns for Australian firms, here is a snapshot from the report.
Ranked in terms of the 6 most important concerns:
- Attracting high-value business clients
- Fee growth and profit levels
- Capacity and time restraints
- Optimising business values
- Service Fee Mix – compliance vs advisory
- Cash flow
One-third of all the respondent firms indicated that to achieve growth, they need to make major changes in their practice.
The report highlighted the number one factor to achieve growth was freeing up more time for busy partners and principals to focus on acquiring high-value clients. So, less time chasing slow payers and more time talking strategy to clients is called for.
The report also highlighted that one-third of all accounting firms in Australia currently have concerns with debtors and practice cash flow (particularly firms who have been in business for 3-7 years).
Can you relate to any of these business issues?
If you are one of the firms who have concerns with debtors and cash flow and can see this as a potential barrier to growth then we’d like to help. We have a number of tools, strategies, resources and services available to you.
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Schedule in a free strategy call with a smartAR cash flow expert. Click here!