Exploring New Opportunities!
Accountant's Minute 156
Welcome to Accountants Minute.
“Today’s business environment is in a state of flux with some industries extremely buoyant whilst others are floundering.”
“Accounting firms service all sectors of the economy and as a result our benchmarking research is showing a marked differential in performance among firms of similar size or based in similar geographies.” (Benchmarking.com.au)
“The most successful practices have the greatest concentration of larger clients therefore a relatively small number of their clients make up 50% of their practice. Although this brings with it greater risk of client loss, it usually creates the most ideal outcomes. Accountants can invest more in client relationship management, industry awareness and industry specialisation”. (Benchmarking.com.au)
There are many opportunities to identify clients to offer a range of commercial services.
Why not prepare a matrix of clients that fit one or more of the following samples of characteristics? You could then offer some of the non-compliance services that I suggest later in this article:
- Develop new product, processes, services
- Group turnover under $25M
- Group assets under $25M
- Debtors’ days outstanding over 50 days
- Subcontractor
- Tradie
- Stock on consignment
- Storing assets in someone else’s premises
- Professional firm – determining appropriate charge out rate to earn a predetermined profit
- Tradie/contractor – determining appropriate charge out rates to earn a targeted profit
- Retail shop determining selling prices and product mix and quantities to achieve a predetermined profit
- Thinking of retiring
- Business expansion/acquisition
- New product to be taken to the market
- Exporter
- Australian hotel/motel or leisure activity business targeting foreign tourists
- Expenditure under $1,000,000 last year
- Income under $200,000 last year
- Company operating in one of the following sectors:
- Advanced Manufacturing
- Food and Agribusiness
- Medical Technologies and Pharmaceuticals
- Mining Equipment, Technology and Services
- Oil, Gas and Energy Resources
- Freight and Logistics
- Infrastructure -Related Construction and Services
- Information and Communication Technologies
- Digital Technologies
- Professional Services – Primarily Scientific
- Company operating for more than three years
- Turnover over $2.5 million (but in Northern Australia over $1.5 million)
