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Small Medium Practice in Review
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In 2004 the Public Practice Advisory Committee undertook a study to establish how the Institute could better support members and address the issues they are facing in their day-to-day business. The following phases take a look at the findings and actions arising from the study. 
 
Phase 1: Public Practice Advisory Committee review of members in Small Medium Practices and their needs 
- Initial findings 
 
Phase 2: What makes best practice? 
- Statistical report 
 
Phase 3: Development of new products and services to better meet the needs of Small Medium Practices 
 
Phase 1: Public Practice Advisory Committee review of members in Small Medium Practice and their needs 
 
The study of 42 practices Australia wide by an expert consultant involved conducting interviews with small medium private practice accounting practices (from 1 to 7 principals) drawn from a population based on locations that covered 30 in NSW and 3 in each of Victoria, Queensland, South Australia and Western Australia.  
 
Information was captured at interviews using a structured interview sheet and a data sheet that collected essential financial data. A database was developed and used to analyse the interview notes/data sheets and draw conclusions.  
 
The findings 
 
In summary, the research findings concluded the current and future needs of members in SMPs. 
 
Current needs included: 

  • Finding and retaining quality staff 
  • Improving people management 
  • Maintaining growth, profit and cash flow 
  • Improving productivity and workflow management 
  • Keeping relevant in the market place 
  • Improving client relationships with winning new clients 
     
    Most pressing issues over the next five years: 
  • Retirement and succession planning 
  • Vision and future for the practice 
  • Generalist vs specialists 
  • Keeping technically up-to-date 
  • Sustainability, especially for sole practices. 
     
    The report also identified: 
  • opportunities to improve Practice Management, and  
  • a basis for developing a strategy to review and refresh existing products and services and potential alliances. 
     
    Phase 2: What makes best practice 
     
    Based on the findings in the initial Small Medium Practice study, a statistical analysis was produced focussing on what members in Small Medium Practices require to develop and maintain best practice. 
     
    The statistical report was launched on the 21 July, 2005 by ICAA President, Stuart Black FCA and is now available at SMP statistical report. 
     
    Phase 3: Development of new products and services to  
    better meet the needs of Small Medium Practices     
     
    New products, services and events relevant to Small Medium Practices - coming soon. 
     
     
     

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