IFAC SMALL AND MEDIUMPRACTICES FORUM 2012Session 3Helping SMPs Meet the Challengesand Seize the Opportunities ofTomorrowCh...
IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow• What are the challenges to SMP...
IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow• Opportunities     – SMEs make ...
IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow• How to respond?     – Proximit...
IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrowIFAC SMP Quick Poll: 2011 Round-...
IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrowIFAC SMP Quick Poll: 2011 Round-...
IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow• What is the SMP Committee doin...
IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow• This gets me back to the topic...
IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow• An introduction of our panelis...
IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow                         Q&A    ...
IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow                      Thank You ...
www.ifac.org
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Albert Au - Helping SMPs Meet the Challenges and Seize the Opportunities of Tomorrow

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Presentation by Mr. Albert S.C. Au
Member, IFAC SMP Committee at IFAC SMP Forum, March 2012

Published in: Business
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Albert Au - Helping SMPs Meet the Challenges and Seize the Opportunities of Tomorrow

  1. 1. IFAC SMALL AND MEDIUMPRACTICES FORUM 2012Session 3Helping SMPs Meet the Challengesand Seize the Opportunities ofTomorrowChair :Albert S.C. AuMember, IFAC SMP Committee Page 1 | Confidential and Proprietary Information
  2. 2. IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow• What are the challenges to SMPs? – Resource constraints – Regulation and compliance overload – Complexity and changing business landscape – People issues- retention and succession – Fierce competition – Lack of brand and reputation – Fast pace of change of technology – Economic uncertainty Page 2 | Confidential and Proprietary Information
  3. 3. IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow• Opportunities – SMEs make up more than 90% in most economies and are the engines of growth and innovation. – SMEs need business advisors and personalized services, which best suits SMPs. – The Big firms are slow, like an ocean going vessel in making changes and directions. Page 3 | Confidential and Proprietary Information
  4. 4. IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow• How to respond? – Proximity to clients and be the trusted advisers of SMEs. – Be versatile, be quick – Innovate – find new markets, new services – look beyond traditional geographical boundaries – exploit the new technologies – Differentiate from the rest of the pack- find your niche and don’t be a jack of all trade – Don’t ever compete on price – Compete on quality and personalized service Page 4 | Confidential and Proprietary Information
  5. 5. IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrowIFAC SMP Quick Poll: 2011 Round- UpExecutive Summary• Challenges & Issues facing SMPs and SMEs:For SMPs, the 2 foremost challenges are: – Keeping up with new regulations and standards – Attracting and retaining clientsFor SMEs, the 2 biggest challenges are: – Burden of regulations – Economic uncertainty Page 5 | Confidential and Proprietary Information
  6. 6. IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrowIFAC SMP Quick Poll: 2011 Round- Up (continued)Executive Summary• Opportunity for practice growth – Business from new clients is the main driver of growth – The fastest growing practice area in 2011 was accounting and compilation work, followed by advisory/consulting services. New business with existing clients is also an important opportunity Page 6 | Confidential and Proprietary Information
  7. 7. IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow• What is the SMP Committee doing to help? – Helping IFAC member bodies support their SMPs• What role should we play? – Shaping regulation, policy and standards – Resources and tools – implementation guidance; practice management support; business advisory practice development • SMPs are constrained by limited in-house resources, and therefore face challenges in efficiently implementing international standards and running their practices. – Communication to stakeholders to raise awareness and value proposition of SMPs in supporting SMEs.• How can members bodies best support their SMPs, to help them to support SMEs? Page 7 | Confidential and Proprietary Information
  8. 8. IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow• This gets me back to the topic of our panel discussion:• Helping SMPs Meet the Challenges and Seize the Opportunities of Tomorrow Page 8 | Confidential and Proprietary Information
  9. 9. IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow• An introduction of our panelists• Brendon Yeo, Member of the Executive Council, Association of SMEs, Singapore• Stuart Black, Australia, IFAC SMP Committee member• Florin Toma, Romania, IFAC SMP Committee member• Don Ho, Member of Council, Institute of CPAs of Singapore Page 9 | Confidential and Proprietary Information
  10. 10. IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow Q&A Page 10 | Confidential and Proprietary Information
  11. 11. IFAC SMP Forum 2012Helping SMPs meet the challenges and seize theopportunities of tomorrow Thank You Page 11 | Confidential and Proprietary Information
  12. 12. www.ifac.org

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