Practice Transformation Action Plan
A Roadmap to the Future
These extraordinary circumstances offer small- and medium-sized practices (SMPs) significant opportunities to adapt and service a rapidly changing world. IFAC has developed thought leadership on practice transformation, focused on how SMPs can embrace change, leverage technology, manage talent and have a renewed emphasis on providing relevant and value-added services.
The ‘Practice Transformation Action Plan – A Roadmap to the Future’ highlights key areas and initiatives for SMPs as trusted advisers to small- and medium-sized entities (SMEs). In the current environment it is essential for small firms to:
- Prioritize the health and safety of employees, facilitate virtual operations and support staff’s flexible working.
- Ensure there is regular communication with clients to identify their needs and demands.
- Maximize their close client relationships and in-depth knowledge to provide relevant services, demonstrating the ability to diversify service offerings.
- Utilize technology to provide insights and enable clients to understand their financial circumstances and take informed and appropriate actions and decisions.
Copyright © 2021 The International Federation of Accountants (IFAC). All rights reserved.
You must be signed in to the IFAC website in order to submit a comment. If you do not have an account, please register below. IFAC respects your privacy and will not send you unsolicited email or spam. You can subscribe to IFAC publications, change your subscription preferences, or manage your user profile at any time.
Get the latest updates delivered to your inbox
LOOKING FOR BOARD STANDARDS?
Translations & Permissions
Looking to reproduce the standards for your members? Want to include IFAC's publications in your training materials or university course? Learn how we can help.