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This is a free monthly 2-hour webinar hosted by SAIBA and presented by practice management experts. The webinar covers everything you need to improve your ability to run both a profitable and compliant practice.
Example of topics covered:
Strategy and planning - Practices need to build a strong foundation to ensure their success. A strong foundation starts with a clear strategy and a plan to execute it.
Practice models - Practices will need to consider the best structure and model to use as well as determine profit sharing and decision making within the firm.
Business development - Expanding the services you offer to include specialist areas such as BBBEE advisory, audit, Business Rescue etc.
Networking and networks - Use different forms of networking, from traditional face to face through to electronic social media, as well as joining networks, associations and alliances of practices as a means of obtaining client referrals, providing clients access to other experts and gaining access to resources and tools.
Marketing - Attracting and retaining clients is a primary challenge facing practices, and securing new clients is one of the main drivers of future profits. This makes marketing and client relations one of the keys to success.
Human resource management - Staff and the firm’s leadership are arguably the most important assets of any firm and, as such, crucial to the provision of high-quality services and the ultimate success of the firm. Key issues to address include how to attract, retain, motivate, and train staff.
Information technology - It is critical for firms to adopt best practice in respect to emerging technologies, such as social media, smartphones, and cloud computing, as these technologies can help marketing and talent recruitment, reduce costs, and offer new client service opportunities.
Risk Management - Risk management is important to practices especially those in more litigious jurisdictions where the number and size of legal claims have increased over the years. There are frameworks and standards for identifying, evaluating, and acting on risks within a firm. Risk management includes ethical issues and safeguards that can be used to deal with ethical threats, the role of quality control systems, and additional risk mitigation, such as insurance.
Succession planning - As professional accountants in practice age, their thoughts inevitably turn to the value of their assets within the firm and their exit strategies from the firm. Hence, it is important that the practice has a succession plan that allows for the orderly exit of practitioners and a strategy that can be implemented to become succession ready. Succession planning includes discussing valuation and pricing, and options for consolidations, mergers, and internal and external buyouts.
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