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Jan 10, 2019

It’s sad, but true.

Tax compliance work alone isn’t going to keep your practice running in the years to come.

Recent research amongst the Top 100 accountancy firms (Australian Financial Review) clearly shows that accountants must start looking for alternative income streams, if they’re going to survive in the 2020s.

  • Financial Review Top 100 Accounting Firms 2018 (Click here)
  • 2018 Top 100 Accounting Firms: Number Crunchers Follow the Big 4 into Advisory (Click here)

For example, have you looked at the ESS BIZTOOLS' website - Crowd Sourced Funding Equity Raising (Learn More)?

The Conclusion: there’s little, if any, growth left in tax compliance work and margins are being slashed as clients look for better deals.

The most lucrative form of new revenue will come from marketing the professional expertise within your firm.

You need to become trusted advisors and provide advice that will help your clients grow.

That’s how you, in turn, will grow.

You need to become proactive in bringing creative business ideas to your clients.

For example, have you looked at concepts like Crowd Sourced Funding Equity Raising? (Learn More).

Taking innovative concepts, like this, to clients, that you know could be a good fit, may help open the door to a lucrative relationship as their trusted advisor.