Trends & Tips for Accounting SMPs
CLIENT Key Expert Tip One of the Biggest Challenges ACQUISITION & "To grow your practice, you need to win clients from rival practices. And, in order to do that, 2%2 Keeping up with new regulations and standards Pressure telowerfees CAttracting and retaining clients Work-e halanca RETENTION 2% 4% 5% 25% 6% TRENDS & TIPS Attracting and retaining staff 6% Competition you must offer a compelling reason for for Rising costs Ability to adapt to changing client needs Keeping up with new technology 23% Stuart Black, 20% ACCOUNTING Member, IFAC SMP Committee them to switch." Succession planning SMPS Invest in Informing Clients Main Profitability Factor IFAC International Federation of Accountants Increase the accounting savvy of current clients to gain more clients down the road. The more knowledgeable your clients are, the more likely they are to understand how much you're helping them and create referrals. Some ways you can invest in client knowledge include: 2%r2% Acquisition of new clients Bettensatantion of-ersting clients 6% 10% Increased productivity 45% Increased average fee size 12% Reduced overheads Better utilization of working capital and other assets 23% Offer full- or half-day mini financing courses in your office. Other Disperse infomative whitepapers digitally Create newsletters and share relevant info via and through print. social media. 25 6-10 11-20 21 or more Sole practitioner (%) professional professional professional professional staff (4) staff staff staft The Source of Information (25) (%) (N) Acquisition of new clients Better retention of existing clients Increased average fee size 43 43 43 49 47 24 23 21 21 22 Percentages in graphs and charts are products of the 2013 IFAC SMP Quick Poll. 3,686 small and 11 10 10 12 Increased productivity 14 12 11 13 Reduced overheads 4 4 medium practices worldwide participated. The majority of participants were from Europe (39%) and were sole practitioners (32%). Better utilization of working capital and other 2 1 4 ansets Other 3 2 3 2 Bokdaca indcaes highest percentaga par ia of pracica
Trends & Tips for Accounting SMPs
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