Oct 1, 2014
Planning services for ‘disrupted’ industries is certainly a topical subject at present, following the publication of the updated Deloitte report, ‘Digital disruption – short-fuse, big bang?’
Deloitte have identified 17 industries, comprising 65% of the Australian economy, which will face significant ‘disruption’ by 2017.
Introducing a business advisory services strategy to your accountancy business will give you the tools to assist the identified industries.
The industries listed under the categories given by Deloitte were as follows:
Short-fuse, big bang
· Retail Trade
· Arts and Recreation
· ICT and Media
· Finance
· Business and Professional Services
· Real Estate
· Construction
Long-fuse, big bang
· Education
· Agriculture
· Government Services
· Health
· Transport Imposed Utility
Short-fuse, small bang
· Accommodation and Food Services
· Wholesale Trade
· Construction
Long-fuse, small bang
· Manufacturing
· Mining
One of Deloitte’s key recommendations is that businesses should replenish revenue streams. Products that are part of business advisory services, which will assist in replenishing revenue streams for SMEs, include:
· analysis of your financial performance by undertaking a business health check;
· debtors’ review;
· budgets and cashflow forecasts preparation;
· Personal Property Securities Register (PPSR) due diligence review;
· business plan preparation;
· due diligence review;
· succession planning;
· preparing your business for sale; and
· buying a business.
ESS BIZTOOLS has developed introduction modules on business advisory services, to assist accountancy businesses on their journey of preparing to offer business advisory services.