Posts by Tracy James
The Cost Leadership Model is not Profitable
The cost leadership model is not a profitable for accounting practices as practices with no staff where the principals do all the work have low revenue.
Read MoreDifferentiating Your Accounting Practice
Differentiation is the process of distinguishing a product or service from others, to make it more attractive to a particular target market.
Read MoreCost Leadership Strategy
An overall cost leadership strategy involves providing products or services at a lower cost than your competitors
Read MoreCons with Establishing a Financial Planning Division
The problems practices encounter once they have established their own financial planning practice include: The accountant’s personality. Most accountants are not sales people and do not actually want to sell (which a lot of financial planning actually is). Lack of scale. A recent survey showed the average practice had financial planning revenues of only 4%…
Read MoreStrategies for Providing Value Added Services
Value adding services are an opportunity for accountants to make their work more meaningful, interesting, challenging, and profitable.
Read MorePros of Establishing a Financial Planning Division
The removal of the accountants’ exemption on the 1st July 2016 in relation to SMSF advice provided a strategic wake-up call to many practice.
Read MorePros and Cons of Establishing a Finance Broking Division
The pros and cons of practices providing finance broking services are similiar to financial planning save for education requirements and training.
Read MoreTime Management
Time management is the act or process of planning and exercising conscious control over the amount of time spent on specific activities, especially to increase effectiveness, efficiency or productivity. The Pareto analysis can be applied to time management. This is the idea that 80% of tasks can be completed in 20% of the disposable time.…
Read MoreHow Should I Structure My New Business
When clients come in to see me about starting a new business they have many different questions depending on the type and size of business they are commencing and their own understanding of business. One of the more common questions is; what type of entity should I use? There are several different entities, or business…
Read MoreDefining Value Added Services
Value added services are a large category of services which meet one test – they actually add value in some way or form to the client. The common value added services include tax planning, profit improvement, business development, and succession planning. Types of value added services Value added services that an accounting practice can provide…
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