By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice
The accounting industry is comprised of several colossuses, many midtier firms and thousands of small firms. In a bustling economy, most smaller firms can do quite well. When times get more difficult, as they are today, all accounting firms are under pressure. Nevertheless, they can still do exceptionally well.
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One of the keys to success for small accounting firms is being able to provide integrated solutions. While continuing to deliver compliance services, small firms can benefit from developing and highlighting high-demand, value-added advisory capabilities. They can then use these advisory capabilities to differentiate themselves effectively. Many larger firms continue to grow because of their advisory services, and smaller firms can duplicate this same approach.