Free Accounting Dissertations - Problems Faced By A Small Accounting Firm In Attracting And Retaining
Problems faced by a small accounting firm in attracting and retaining clients
I. Introduction
The constant development of the enterprise activity that characterizes our days has created the need for frequent reorganization of a firm’s strategy in order to gain a competitive advantage, which is a basic requirement for the survival of the company in the market. On the other hand, the standards of a firm’s structure, operation and financial level tend to change everyday not only in their nature but also in their quantity and quality. In order for a company to achieve these standards, there are some requirements that need to be met in a short or a long-term basis. One of the most important issues that a firm has to face is that of attracting and retaining clients especially when operating in high competitive financial markets.
This paper examines the forms, the causes and the solutions of such a problem especially to the area of the financial services market and more specifically to the case of a small accounting firm. It has been put effort to analyze the role and the importance of this factor to the whole existence of the firm as it can be observed in the today’s market. The reference to the particular issues related with this problem was considered as necessary as they all influence (in a low or higher level) the way that the firm responds to the problem. A series of possible solutions is then presented as they also have their impact in the effort of the firm to confront the situation. As it can be concluded from the presentation and the analysis of the problem, the effort towards that direction can lead to positive results only if it remains active and constantly adapted to the new trends of the market.
II. Problems that arise during the operation of an accounting firm regarding the creation and the retention of a customer’s net
a. Competitiveness of the market
The operation of an enterprise under the current market conditions is really a very challenging task. The existing circumstances tend to promote the large corporations with very extended margins of profit. The major advantage of the enterprises of this size is their operational structure, which widens the options given to a client regarding his decisions, which can usually be formulated under the prospective of a specific interest or desired profit. When coming to the area of small firms, the limited presentation to the market (due to the lack of capital for extended marketing) as well as the absence of very specialized staff (which as an opposite can be found to the large corporations) can influence the whole image of the firm to the market in a negative way.
b. Lack of strategic planning
The formulation of the strategy of each firm usually depends on the vision and the targets of the specific firm. Moreover, the ownership and the capital structure of firms is also a critical factor in the deployment of strategic planning.
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