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Firms that invested early in technology were ahead of the game when the pandemic hit. By leveraging tech-enabled solutions and embracing hybrid working models, these knowledge powerhouses adapted – and fast – while ensuring seamless service delivery. Disruption brought agility, efficiency, and in some cases increased staff retention and business growth to professional services.
We’re now seeing improved business confidence, with rising economic activity expected to grow discretionary spending and investment in new projects, driving demand across professional services in coming years. You’ll need the workforce to support this. And with a tightened labour market, and specialised skillsets in high demand, attracting and retaining your workforce is more crucial than ever. This will help you protect your top line, to nurture your bottom line.
With the Practice Compliance Guideline PCG 2021/4 for the allocation of profits by professional firms’ transition period to 1 July 2024 now complete, businesses must have new arrangements in place, replacing the previous low-risk provisions under the Suspended Guidelines. As organisations adapt to this change, it’s important to consider the impact of the PCG on your business structures, remuneration and compliance obligations. Reach out for support around assessing areas of exposure, implications for existing arrangements, forecast income and more.
Regularly reviewing shareholder agreements is crucial to defining shareholder rights and obligations, as well as regulating management, share transfer, and valuation. These reviews safeguard shareholder interests, set clear governance procedures, and ensure firm continuity. Addressing admission criteria, valuation methods, profit distribution, and dispute resolution helps mitigate risks and promote operational stability.
Over the past decade, we’ve observed the continued movement of the Australian economy from a resources-led economy to a knowledge-based service economy. Acquirer appetite has been driven by a focus on innovation, with tech-enabled businesses high in demand – particularly for those looking to become vertically integrated. This means organisations become more attractive supplier choices by diversifying their service portfolio. As acquisition can be a fast way to grow strategically – taking a proactive approach ensures the right acquisition, stronger positioning with sellers, and ultimately, the best outcome for your business.
Organisations usually don’t optimise their working capital until cash becomes tight – however in this scenario, it’s often too little, too late. Professional services firms in particular may have overlooked opportunities to preserve cash because so much of what they do is intangible. Cash freed up can be used to reduce debt, increase return to owners and invest in future growth ambitions. Reach out to understand how you can preserve cash more efficiently.
Spanning across enhancements to client experience (CX), remote accessibility, finding efficiencies in processes and streamlining tasks, many systems have enabled positive change. But with professional services capturing and storing confidential and highly sensitive information, plans, intellectual property and patents, they are a particular target for cyber threats, corporate espionage and fraud. Having a strong cyber security and operational resilience strategy in place to prevent, minimise and rectify customer risk is more crucial than ever.
Although CX may seem like the latest buzzword, it’s crucial to prioritise to build strong, ongoing and loyal relationships with your most important stakeholders – your clients. From delivering impactful services and having the right people to support your clients, to optimising your brand and driving personalisation, CX is essential to define your value proposition and differentiate yourself from the crowd. At the core of CX is your people – the backbone of your organisation. With people reconsidering what they look for in an employer and prioritising jobs aligned to their lifestyle and values, people experience (PX) is a key element of driving good CX. To optimise your PX, key differentiators go beyond compensation, as employees prioritise flexibility, career development and delivering impactful work.
With a global shortage of people, competition for the best talent is intense. Coupled with rising labour costs, employers need to look beyond financial compensation to alternative forms of remuneration. From non-cash remuneration, to how businesses can use employee share schemes (ESS) to manage overall costs – ESS can be a competitive advantage not only for attracting and retaining talent, but also to protect IP. From the outside looking in, ESS might seem complex to set up – but get the mix right, and it can be a tax effective way to incentivise your teams and propel your business forward.
Australia has a complex regulatory environment, borne of decades resulting in red tape and compliance requirements that can be tricky to navigate. Whether it’s tax, audit or managing risk when considering your commitment to anti-money laundering, fraud and modern slavery – we cut through the compliance and complexity.
It’s essential that your business structure supports growth and stability in the face of an unpredictable market. The partnership model can mean partners take their profits and 'drain the swamp' each year rather than reinvesting in the business. As we’ve seen in 2020, a war chest of retained capital was critical to support businesses to withstand the first wave of the pandemic. Will this mean the end of the partnership model and a move to an incorporated structure for some professional services firms?
To help you navigate professional services’ highly regulated environment, our audit approach will help you comply with regulations, improve business strategies and internal processes.
Spanning across governance, compliance and innovation, a risk management framework enables you to achieve your strategic objectives and gives you the confidence to act on business decisions, rather than constrain your operations.
Tax efficiencies can vastly impact your bottom line, especially in a changing environment where investment into people and innovation are front of mind. We can help you navigate your tax obligations and identify funding opportunities.
Spanning across strategy, technology, financial and risk management, our consulting team supports you with hands-on, proactive advice on all aspects of sustainable growth.
To help you navigate professional services’ highly regulated environment, our audit approach will help you comply with regulations, improve business strategies and internal processes.
Tax efficiencies can vastly impact your bottom line, especially in a changing environment where investment into people and innovation are front of mind. We can help you navigate your tax obligations and identify funding opportunities.
Spanning across governance, compliance and innovation, a risk management framework enables you to achieve your strategic objectives and gives you the confidence to act on business decisions, rather than constrain your operations.
Spanning across strategy, technology, financial and risk management, our consulting team supports you with hands-on, proactive advice on all aspects of sustainable growth.
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