Practice Transformation Action Plan

All practitioners know that the accountancy sector changes incredibly fast. The benefit of being of a small size is that you can be agile enough to take advantage of these new opportunities whilst being able to adapt faster than larger counterparts.

In a rapidly changing world how can small and medium-sized practices (SMPs) embrace change, leverage technology, manage talent and have renewed emphasis on providing relevant and value-add services?

The ‘Practice Transformation Action Plan – A Roadmap to the Future’, written by the International Federation of Accountants, highlights key areas and initiatives for SMPs in order to meet the needs of an evolving marketplace. In the current environment it is essential for small firms to:

• Prioritise the health and safety of employees, facilitate virtual operations and support staff’s flexible working.
• Ensure there is regular communication with clients to identify their needs and demands.
• Maximise their close client relationships and in-depth knowledge to provide relevant services, demonstrating the ability to diversify service offerings.
• Use technology to provide insights and enable clients to understand their financial circumstances and take informed and appropriate actions and decisions.

And while there is no single template for what successful small practices will look like in the future, the report highlights and works through practice transformation through four themes of embracing change, leveraging technology, focus on talent management and evolving the firm operating model and build advisory services.

Download the action plan now