Small and medium-sized practices (SMPs) today face many issues that challenge their business and bottom line. Besides facing the challenges arising from disruptive technologies, enforcement of regulations and rising business costs, they find themselves being squeezed out of their traditional market of serving clients in small and medium-sized enterprises (SMEs) by large international audit firms.
“Very little time is spent by practitioners assessing their existing business and plotting a course for where they want the practice to be in two, five and 10 years’ time,” says Tim Underwood, Managing Director of Foulger Underwood Asia. “Without a plan, and without applying the time and resource to implement the plan, practices will continue to drift, become less competitive and ultimately have reduced realisable value when the shareholders/members look to exit. It takes a long time to grow organically, therefore, most strategic plans should incorporate organic growth, supplemented with M&A, to try and achieve strategic objectives in a shorter period of time.”
As published in the ISCA Journal, November 2017 edition