Three Areas of Focus
for Future Growth of Accounting Firms

Gale Crosley www.crosleycompany.com lists three areas of challenge on which future growth will depend.

Staffing

You will have to become creative.

• Strategic alliances between large firms and sole practitioners can provide sharing of expertise and staff.
• Small firm alliances can promote sharing of part-time employees.
• Consider older former partners who may not be as happy as they expected to be in retirement.

Crosley sees a future more dependent on part-time people working from multiple locations. Use para-professionals like bank tellers and push work down to lower and lower levels.

Regulation

The transition of standard setting from the AICPA to the PCAOB may be the beginning of a trend. There may be different regulators for different kinds of businesses. Regulation may affect the selection of markets you serve. Firm leaders should keep informed on news of new regulatory initiatives and be prepared to develop strategies to capitalize on them.

Leadership

In the next five to ten years, the retirement of baby boomers will create a leadership vacuum if firms don't prepare for it now. Providing leadership training (there are several training programs available) not only assures continuation of the firm, but helps retain younger people—they are more likely to stay if you demonstrate how much you value them.

From Accounting Today, April 17, 2006, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004.