Decision makers at a CPA firm understand the industry has undergone dramatic changes, which have brought about different kinds of challenges to the business environment. Across many CPA firms, there is a big shift in the workplace that includes the retirement of baby boomers, who are drivers of senior positions in these companies. This creates a pitched battle that seeks to recruit the most talented professionals to replace the existing group. That is why understanding the challenges likely to occur in the future is important so a business can prepare in advance.
Attracting and developing new business
One of the most cited challenges in the financial services business environment is attracting and developing new business. Markets have changed in the recent past and businesses are forced to keep up with the changes that have been happening so fast. New technologies in the market have also triggered a change in the way businesses handle marketing, thereby making it difficult to capture new markets and keeping them connected to the business. Organic growth is a vital goal that many businesses in the financial services want to achieve, but pursuing it successfully is not as easy.
Locating and keeping good people
With the race for top talent intensifying, financial services firms have also had to bear with the shortage of dedicated and skilled professionals. Cyclical labor shortage makes some services of the company to move at a slower pace or to stall. Take a case where baby boomers exit the market due to retirement then the company has to spend more time looking for people with relevant skills and experience to replace them. The time spent in between is a big loss and this is why financial services firms need to always have a program through which they can prepare the workforce for such changes.
Internal changes and leadership issues
When a group of workers leaves a company, specifically leaving leadership positions, the company has to look for people with similar skills to ensure the replacement does not cause a ripple. Internal changes can force a firm to restructure its workforce, and this could temper with the reputation of the business if the changes made don’t reflect the image it has built for a long time. The best way to avoid this problem is to cultivate a team of visible experts and professionals who are able to offer alternative solutions after their seniors retire or leave for whatever reasons.
Issues with technology
The struggle to keep up with new trends in technology is not only nerve-wracking, but also expensive to sustain. Client expectations are pinned to new methods of service delivery and any failure to comply with their demands could see the business lose a huge percentage of the market.
Fulfilling client demands and expectations
As you will learn through Rusty Tweed, client’s demands and expectations are issues of priority, which determine the progress of the business. Most clients demand stellar service and want their problems handled excellently. Achieving such efficiency is not easy and may require the business to spend more to come up with systems that can sustain client demands and expectations.