Unlocking growth potential in small- and medium-sized practices (SMPs)
In a recent article published by IFAC, Hina Usmani, from member firm Ilyas Saeed in Pakistan, sets out her thoughts about "Unlocking the Potential for Growth in SMPs: Embracing Innovation and Strategic Expansion".
"My article on IFAC’s knowledge gateway explores different options where practices can find new business streams. It also discusses the benefits SMEs and other stakeholders could drive from the variety of services which SMPs offer. As part of MGI Worldwide network of firms, I believe these insights will greatly benefit MGI’s affiliates and associates in the small and medium sector,” says Hina.
Small- and medium-sized practices (SMPs) are celebrated for their innovation and adaptability in navigating challenges unique to small and medium-sized enterprise (SME) clients. While the demand for services beyond traditional accounting presents opportunities, SMPs must stay vigilant in embracing technological advancements and trends like sustainability. Hina explains:
Cultivating strategic growth opportunities
Small- and medium-sized practices (SMPs) face the challenge of handling multiple tasks such as business development, service delivery, and talent acquisition simultaneously. Often, SMPs find themselves working alone to retain clients and deliver quality services, especially as audit and assurance tasks demand extensive time and effort with uncertain profitability. As a result, many SMPs seek growth in alternative service areas.
Effective growth entails more than just expansion; it requires a strategic alignment of activities with the firm's core objectives. However, rigid mindsets, such as resistance to adopting new technologies or diversifying service offerings, can hinder progress. Therefore, identifying new revenue streams is vital for supporting SMPs in achieving sustainable growth.
Sustainability, resource allocation and the right mindset
Ethical practices and careful resource management, including continuous training, are vital for maintaining service quality and seizing new business opportunities. These may include the embracing of flexible working models which contribute to maintaining service quality and seizing new business opportunities, and the adopting a growth-oriented mindset, embracing change and collaboration to improve service quality and client satisfaction.
Utilising accessible technologies
Accessible technologies are crucial for enhancing brand awareness and attracting talent. Platforms like LinkedIn and Instagram provide avenues for digital marketing, supported by efforts to provide adequate knowledge and support.
Strategic client profiling ensures that opportunities bring the most value. This selective approach ensures sustainable growth and enhances the firm’s reputation in the accounting profession.
In conclusion
For SMPs, the pathway to growth requires a balanced approach that combines strategic planning, innovation, and collaboration. By capitalizing on emerging opportunities and understanding their unique market position, SMPs can not only grow but also elevate standards in the accounting profession. This holistic approach ensures that expansion is not only achievable but sustainable, aligned with the firm’s long-term vision to create value in diverse economies.
Read the full article HERE
For further information get in touch with Hina Usmani [email protected]
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