Strategic thinking on growth, quality and market positioning were key topics under discussion at the UHY annual meeting in Auckland, New Zealand.
As reported in the last UHY exchange, external facilitators guided round-table working groups and challenged them to debate how their firms are dealing with these issues – and share solutions with each other (pictured below).
As reported in the last UHY exchange, external facilitators guided round-table working groups and challenged them to debate how their firms are dealing with these issues – and share solutions with each other (pictured below).
Introducing the session, UHY chairman John Wolfgang invited delegates to share and exchange best practice, ideas and solutions that would benefit each other's firms, both within a global environment to help develop international business and locally to support their national markets.
GROWTH
Under discussions on growth, delegates were asked how their firms attract new clients; how they retain existing clients and increase the value of services provided to clients; and what barriers to growth exist and how they can be overcome.
How does your firm attract new customers – what works, what doesn't work?
Key themes were: referrals; staff; planning; marketing; and strategic alliances. Strategic pointers covered included: firms becoming known for a special service and seeking referrals; hiring specialist support staff; staying within the firm's competency; and planning marketing that works in the firm's area.
Key themes were: referrals; staff; planning; marketing; and strategic alliances. Strategic pointers covered included: firms becoming known for a special service and seeking referrals; hiring specialist support staff; staying within the firm's competency; and planning marketing that works in the firm's area.
How do we retain existing customers and increase the value we offer them – what works, what doesn't work?
Key themes were: quality and value; personalising the firm's service; and repackaging existing services. Pointers included: increasing value – more for the same cost; knowing clients' businesses; and developing new products and services in response to customer feedback.
Key themes were: quality and value; personalising the firm's service; and repackaging existing services. Pointers included: increasing value – more for the same cost; knowing clients' businesses; and developing new products and services in response to customer feedback.
What works for your firm to achieve growth? What are the barriers to growth and how to you overcome them?
Key themes were: mergers & acquisitions; expansion; 'problem' clients; breaking perceptions of the 'Big Four'; retention of staff; and fee pressure. Pointers included: mergers are generally cheaper than acquisitions; leveraging the UHY brand; and clients' sensitivity to price increases.
QUALITY
Under discussions on quality, the facilitators wanted to know what common quality control issues are faced by firms in heavily regulated environments; what processes positively affect quality in firms; and how firms manage staff quality.
Key themes were: shortage of high-calibre staff and their retention; staff training and development; internal process improvement, measurement and testing; leadership; costs versus quality; and understanding client business and underlying risks. Pointers included: implementing 'above market' employee benefits; identifying 'hot topic' experts; and the roles of partners and managers.
MARKET POSITIONING
During discussions on market positioning, delegates debated why leadership buy-in for marketing is critical; how member firms can leverage the brand to expand their market share; and what are the pitfalls of UHY brand adoption and how firms can avoid or mitigate them.
What has been your firm's most effective marketing strategy or tactic and why?
Key themes were: brand awareness; relationship development; and market positioning. Pointers included direct marketing; database management; and leveraging referral sources.
How might UHY member firms leverage the brand to expand market share?
Pointers included:
- Creating a brand story to match the potential client's business, ie: emphasise local face, customer intimacy with smaller clients while noting shared knowledge, resources of UHYI and international support of network.
- Large clients emphasise capability across sectors and nations.
- Leveraging relationships with international partners eg: with HSBC, RBS etc
What are the pitfalls of UHY brand adoption and how would your firm avoid or mitigate them?
Key themes were: reputation; cost expectations; and managing lost local or national profile versus gaining an international profile. Pointers included: maintaining quality and standards within the firm; educating the firm's audiences and managing expectations; and strengthening market position.
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