SWOT in the 21st century
August 31, 2008
I’m intrigued by a couple of articles in AccountingWeb on the use of SWOT analysis for practice development work. The image above shows the approach of one practitioner. Colour me dopey but where’s the client in all this? According to Sarah-Jane Sinnot, the recipient of advice:
Briefly, our key strengths are that we are a young team, that my staff think that they work well together, that our clients trust us and that we have a high level of customer satisfaction.
Our weaknesses mostly centre around staff development and workflow organisation. Another key point is that we sometimes do great work for low fees - and I know this sounds ridiculous, but sometimes no fees at all. When the work hasn’t been positioned correctly from the outset making a fee announcement is not always possible.
We face many opportunities but mainly in the relationships we have with people (clients and others) and in the tax planning that we can offer.
Threats include the reliance the practice has on me and the fact we lack time to explore more interesting work.
Where is the evidence for any of this? It’s always been my view that in a service business of any kind, the key to success lies on the nature and quality of the relationships that are held between a firm and its clients. Technical expertise is a given.The billing is issue is no surprise. Too many firms are frightened of charging what they’re worth in the fear clients will run away. That’s simply not true.
As technology dissolves the barriers between the cloistered world of professional accounting and clients (or rather litigators) then why isn’t the client at the centre of SWOT analysis?.
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My Diigo Bookmarks 08/29/2008
August 29, 2008
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IE8 Beta 2 shows Microsoft is serious about playing catch-up
As well as a host of security, stability, and privacy features, the new IE has a raft of new features and user interface improvements that should make using the browser much more enjoyable.
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Printer quest - which model is best for personal use? - 26 Aug 2008
I commented on this but the even shorter version is - don’t expect an accountant to understand the cost of printing.
My Diigo Bookmarks 08/28/2008
August 28, 2008
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Finextra: Stretched back offices win reprieve as FSA warns banks on staff cuts
Thank goodness the FSA kicked in - the number of failures is becoming alarming and cutting back on essential staff only makes things worse
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Mine Your Own Business: A Small Business Owner Who Knows How to Use Social Media
HOw might professionals respond to this kind of suggestion. It seems to me they should take cues
Xero’s logical partnering
August 28, 2008
Wow - Xero’s on a tear. The latest announcement talks about a partnership with Acclipse, a New Zealand provider of software that includes practice management:
The partnership will see the seamless integration of Xero’s client accounting software with Acclipse’s web-based practice management and tax software, to provide a complete solution for accounting firms.
At least it is more than the usual form of marketing partnership I am used to seeing. This one has meat.
This is a no brainer in the online world. Linking client and professional software provides a way to ensure that friction between the client and professional office is reduced. It should also mean the elimination of data errors. This is made so much easier using online technologies than in the traditional on-premise world.
The real trick comes when the client side software can automatically take adjustments from the professional product. That way, they’re both in synch - or at least they should be. For this to work, the professional software needs a mechanism to suck in the year end data. In the client side online world, that may not be so straightforward. Clients enter data when they want to and not when professionals would like. Therefore a means of understanding the cut off is essential. It will be interesting to see how the two companies tackle this problem and with what degree of success.
Assuming they do solve the technical problems (there isn’t much that software cannot overcome these days) then it will be a relatively trivial matter for Xero to bring Acclipse to the UK market. Today, that is dominated by the likes of MYOB, IRIS and Sage but there is no logical reason why this combinatino cannot be made to work in the UK. However, it requires more than a partnership. It requires marketing. It requires that client and professional sides of the relationship work together to develop on ramping of clients and providing a compelling value proposition. That should not be too difficult. But it will require prfoessionals to get out of their comfort zone.
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