Practice Management: Planning for Your Firm

access120 days access
cpd hours4 CPD hours
price£75+vat

This course will enable you to:

  • 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

Every successful firm has a clear understanding of its own strategy – the path that the partners and employees wish to travel.

There is not necessarily a single right or wrong direction for a public accounting firm. Successful firms can be large or small, highly specialised 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 courses based on the IFAC 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.

Strategy and business planning

  • To specialise or generalise? Your competitive strategy
  • How do people negotiate?
  • The strategic planning process
  • Planning for effective client relationships

Developing your plans

  • Developing plans for the various functions of your firm
  • The strategic planning diagram
  • Clients' perceptions
  • The "devaluing" of information
  • How to 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

Putting it into practice

This module helps you put the learning from this course into practice in your firm.

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