As the business landscape continues to change, businesses both large and small must adapt in order to stay ahead of the game. Accountancy firms are not spared in this race either as they address trends such as deregulation, rising audit thresholds and advancements in technology and IT.
How can smaller and medium-sized practices (SMPs) adapt their business model to adapt to the changing environment?
Deregulation and innovation
According to a recent ACCA report entitled ‘The global SMP business model survey: understanding a changing profession’, SMPs have expanded their service offerings to SME clients and are also exploring partnerships with other organisations, in countries where deregulation has been impactful.
Although deregulation is a trend that is more pervasive in Europe, the countries in the rest of the world seem to be following in the same trend.
What’s next for SMPs around the world?
Equipped with many advantages such as the ability to offer personal service, lower cost base and the ability to transfer their technical skills to providing higher value-added services, it would seem that SMPs should have little difficulty in adapting to the changes around them. However, one cannot rest on one’s laurels amidst such dynamic changes.
To read more on how SMPs have responded to the changes in the business environments, please click here.