The risible musical chairs saga of our mid-tier accounting firms is out of step with all other Australian professional services firms. Today's BRW piece by Nassim Khadem graphically chronicles the latest chapter in the sorry story of well-known brands and sizeable practices on whom thousands of clients depend. It's well worth reading.
For professions such as law, management consulting and consulting engineering, the events of the last decade are an opportunity to learn lessons of being in an industry dominated by an oligopoly of global giants, the Big 4. For other accountancy firms, the lessons relate to the consequences of failing to pursue a strategy of differentiation and the inevitable difficulties in the talent and client markets.
Beaton's research shows unequivocally that simply getting bigger isn't smart; there is no correlation between the size of a firm and the level of satisfaction of its clients. Getting better in the interests of clients is the only path to sustainable success. Of course, getting better begets becoming bigger in many circumstances.
In the screeds of column centimetres written about the mid-tier accounting firms of Australia it's ironic how the welfare of the clients is hardly mentioned.
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