We put this question to over 9,000 accountants in public practice. Based on their feedback and thoughts we have developed a clear picture of ten key success factors to future proof the growth of accounting practices.
For example, one insight is the expected increase in the number of minority interest shareholders.
Experienced fee earners (EFEs) are hard to find, attract and retain.
Offering a small parcel of shares (e.g. 5%) can be a ‘win win’ for you and your staff:
- Creates differentiation between you and competing practices needing to attract quality staff;
- Presents a lower risk investment option for future successors;
- A mechanism to reduce the risk of staff taking clients and establishing their own practice;
- Part of an effective succession plan for existing partner/directors.
First step? Accountants like checklists. Use this information to create a checklist to assess how well your practice is positioned for future growth and success.