In today’s fast-paced and unpredictable economic environment, it is imperative that you, as a small or medium-sized accounting practitioner, move with the times.
This means finding innovative solutions for diversifying your offerings, keeping your clients and attracting new ones, cutting unnecessary costs, successfully managing your staff and achieving sustainable growth.
Now, more than ever, it is crucial to develop strong practice management skills and to plan your business strategy in advance.
SAIBA’s Planning Your Practice for 2019 Bootcamp, brought to you by SA Accounting Academy, is a two-day event which will explore how to be successful in practice management in today’s challenging climate and will give you the tools to put together your very own strategic business plan for 2019.
Day One will bring together small and medium-sized accounting practitioners, advisory firms, technology providers and industry experts to examine the challenges of running an accounting practice and reveal tips and techniques to overcome these, as well as best practice advice on how to plan for a successful 2019.
Day Two will give you the opportunity to brainstorm with your team or other practitioners and come up with your own business strategy for 2019. A workbook will be provided and mentors will be on hand throughout the morning to assist with any queries. There will also be an opportunity for practitioners and mentors to give feedback on this process to the audience.
In the afternoon, you will have the option to host your year-end function at one of Menlyn Maine’s many restaurants.
A more detailed programme will be made available very soon. In the meantime, you can guarantee your place today by registering here. All registrants who have booked and paid by 30 September 2018 will receive a free e-copy of this year’s Management of an Accounting Practice (MAP) Survey, valued at R799.00
The full agenda for this year’s event will be released very soon. The topics that will be discussed on 14 November are listed below. If you are interested in presenting or being part of a panel discussion on any of these topics, please contact Ros Hinchcliffe, [email protected]
International keynote address: The Practice Growth Blueprint – how to take control of your practice, make more money and get your life back
- Why you’re operating on a broken model and how it’s bleeding you time and money every year
- The Practice Growth Blueprint – the 9-step system my clients use to make more money, get their time back and achieve freedom
- The 3 keys to predictable practice growth and how to systemise these to increase your profits year on year
- The ‘Profitable Practice Model’ that extracts you from the middle of the practice and allows you to work less
- The step-by-step process for creating scalable systems that enable you to go hands-free and give you freedom
Session One: Planning for your practice
- Identifying the types of planning you need to do:
- strategic planning
- planning for different functions of your firm: service delivery, risk management, human resources, marketing, technology, finance and administration
- Ensuring that your planning strategy aligns with the resources you have available
- Working with your partners to lay down a strong memorandum of understanding
- Allocating clear roles, responsibilities and reporting lines within your team
- Ensuring that your initial client base and service offerings do not exceed your capacity
- Balancing new clients and services with the ongoing running of the business to achieve growth at a sustainable pace
Session Two: Practice models and networks
- Looking at the structural considerations inherent in owning or running an accounting practice: assessing different profit-sharing and decision-making models
- Identifying what business model to use: the pros and cons of traditional accounting services vs. high-end advisory services
- Identifying the benefits and drawbacks of outsourcing certain functions of an accounting practice
- Value-added services: developing profitable practice or service area niches
- Using networks to add value and grow profitability
Session Three: Building and growing your practice
- Deciding whether your firm should grow: if so, by how much?
- Setting attainable goals for your firm’s growth
- Deciding whether to grow alone or to merge with another small practice:
- what factors do you need to consider?
- Analysing the strengths and weaknesses of your existing client base:
- which businesses have the potential to grow with you?
- which ones are costing you too much in time and resources?
- Developing and implementing a marketing strategy to support your growth goals
- Managing your growth: what should you do when you hit a ceiling?
Session Four: Developing a people management strategy
- Building a win-win people management strategy:
- tools for improving performance and motivation - compensation and benefits
- workplace rights
- staff appraisals
- promotion and career development
- Identifying common people management pitfalls and how to avoid them
- Tools for improving employer-staff relationships and teamwork and morale across the practice
- Key factors to consider when recruiting new staff
Session Five: Cloud accounting and other disruptive technologies
This panel will look at disruptive technologies which are transforming traditional accounting and compliance-based services, forcing practitioners to expand and diversify their service offerings. Panellists will discuss the threats, capabilities and opportunities of the new technology landscape, such as:
- The trend towards cloud accounting
- Data analytics
- The Internet of Things (IoT)
- Mobile applications
- Social media
- Artifical Intelligence (AI)
Session Six: Client relationship management
- Knowing how to communicate effectively with your client base: what works and what doesn’t?
- Factors to consider when taking on new clients
- will you be able to retain them?
- Can you effectively meet their needs?
- Ensuring that long-standing clients receive as much attention as new ones
- Seizing opportunities for enhanced client relationships through new services, despite limited resources:
- making the most of networks, alliances and referrals
- Tools and technologies for improving client relationships and ensuring client retention
- Understanding clients’ reasons for leaving and what lessons can be learned to prevent future attrition
Session Seven: Risk management
- Developing a framework and processes for identifying, evaluating, and acting on risks within your practice
- Examining ethical issues and safeguards which can be used to deal with ethical threats
- Understanding the role of quality control systems standard procedures and ensuring that your employees are fully aware of them
- What risk mitigation strategies or tools need to be put in place, e.g. insurance, data back-up, etc.?
Session Eight: Succession planning
- Understanding the importance of succession planning and the risks of not having a solid succession plan in place
- Analysing the structure of your firm – can it withstand the loss of exiting partners and smoothly assimilate new ones?
- Identifying key personnel who have the potential to develop within the practice and support its sustainability
- Ensuring thorough handovers when staff and partners exit the firm to ensure business continuity and minimum interruption to client service
- Maintaining strong relationships with clients when their accountant leaves the practice
- Planning what steps to take when closing, selling or merging the practice