Practice Management: Planning

A successful firm needs a clear understanding of its strategy. There is not a single right or wrong direction for a public accounting firm.

Successful firms can be large or small, highly specialized or general, focusing on transaction or compliance services or high-end advisory services.

Planning for Your Firm examines the business and strategic planning processes and the more detailed policies that govern the development and implementation of the strategic plan within your firm.

This course is part of a series of eight courses based on the IFAC (International Federation of Accountants) Guide to Practice Management for Small and Medium Sized Practices and has been produced with the permission of IFAC.

Work through the knowledge and application modules to understand the theory and exchange your ideas with your peers. Then complete the final Putting it into Practice module to create an action plan for your practice.

• Develop an effective strategy for your firm
• Manage the internal and external risks a new practice faces
• Effectively implement your plans for your firm
• Deal with difficult people when starting a practice
• Establish benchmarks to manage risks

Strategy and business planning
• To specialize of generalize? Your competitive strategy
• How do people negotiate?
• The strategic planning process
• Planning for effective client relationships

Developing your business
• Developing plans for your firms various functions
• The strategic planning diagram
• Clients perceptions
• The “devaluing” of information
• How do I persuade people effectively?

Managing risks and using benchmarks
• Ten steps to successful risk management
• Minimising potential problems in service delivery
• Using benchmarks to drive performance and improvement
• Internal and external benchmarks?

Running your firm
• The key stages in running an effective firm
• Monitoring external forces
• International standards for accountants
• Anti-money-laundering
• Business continuity: the short-term and long-term imperative

This course is suitable for experienced accounting professionals looking to improve and refresh their skills in negotiation.

Learners take their own route through the topics covered in the course. They will learn at their own pace through a variety of activities designed to accommodate a range of learning styles.