Developing a business transformation strategy is one of five pillars that underpin the business model transformation resource initiative launched by the AICPA Private Companies Practice Section (PCPS) to help firms modernize for future competitiveness and profitability.
While change doesn’t have to happen all at once, planning for business model transformation is about taking new approaches in many significant firm functions and processes.
It means reconsidering issues such as what kinds of clients the firm takes on, how it works with and bills them, what services it offers, and how the firm can use technology as a collaborator rather than just a tool, says Kassi Rushing, a business consultant and owner of Kassi Rushing Consulting.
With a strategic plan, “you interweave strategies that build on each other to create strength,” Rushing said. Consider these tips for developing your firm’s transformation strategy.