Amy Franko on the Universal Accounting Podcast
In this episode of the Universal Accounting podcast, Amy Franko joined host Roger Knecht, president of Universal Accounting Center, to discuss how The Accounting Practice of the Future Needs Business Development Strategy.
Some highlights from the episode include:
- Dynamic Changes in Business Development Landscape: The business development landscape has undergone significant transformations in the last three to five years, with notable shifts even before the onset of the COVID-19 pandemic. These changes have persisted and continue to shape the current business environment. The pandemic acted as an accelerator for changes that were already underway in the business development landscape. This suggests that the pandemic expedited trends that were emerging prior to its occurrence.
- Need for a Specific Business Development Strategy: In response to the evolving landscape, it is crucial for organizations to develop a dedicated business development strategy. While many may have general growth or business strategies, not all have a specific plan for navigating the complexities of business development.
- Smart Firms Embrace Strategic Planning: Successful organizations, described as “smart firms,” are those that recognize the importance of adapting to the changing landscape. They are actively engaging in strategic planning, aligning their objectives with the evolving business environment, and positioning themselves strategically within the marketplace.
- Understanding the Path to Market: The importance of understanding the path into the marketplace is emphasized. This involves a deeper comprehension of the strategic direction an organization wants to take in the context of business development. This understanding is crucial for firms, whether they are accounting firms, bookkeeping firms, or other entities with specific expertise.