These extraordinary circumstances offer small- and medium-sized practices (SMPs) significant opportunities to adapt and service a rapidly changing world. IFAC has developed thought leadership on practice transformation, focused on how SMPs can embrace change, leverage technology, manage talent and have a renewed emphasis on providing relevant and value-added services.

The ‘Practice Transformation Action Plan – A Roadmap to the Future’ highlights key areas and initiatives for SMPs as trusted advisers to small- and medium-sized entities (SMEs). In the current environment it is essential for small firms to:

• Prioritize the health and safety of employees, facilitate virtual operations and support staff’s flexible working.  
• Ensure there is regular communication with clients to identify their needs and demands.
• Maximize their close client relationships and in-depth knowledge to provide relevant services, demonstrating the ability to diversify service offerings.
• Utilize technology to provide insights and enable clients to understand their financial circumstances and take informed and appropriate actions and decisions.