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Why Grant Thornton
Whether you’re growing in one market or many, looking to operate more effectively, managing risk and regulation, or realising stakeholder value, our firms can help.
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Culture and experience
Grant Thornton’s culture is one of our most valuable assets and has steered us in the right direction for more than 100 years.
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Global scale and capability
Beyond global scale, we embrace what makes each market unique, local understanding on a global scale.
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Join our network
In a world that wants more options for high quality services, we differentiate in the market to grow sustainably in today’s rapidly changing environment.
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Leadership governance and quality
Grant Thornton International Ltd acts as the coordinating entity for member firms in the network with a focus on areas such as strategy, risk, quality monitoring and brand.
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Africa
24 member firms supporting your business.
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Americas
31 member firms, covering 44 markets and over 20,000 people.
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Asia-Pacific
19 member firms with nearly 25,000 people to support you.
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Europe
53 member firms supporting your business.
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Middle East
8 member firms supporting your business.
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Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Mergers and acquisitions
We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer-term strategic goals.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery.
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Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
Our global assurance technology platform provides the ability to conduct client acceptance, consultations and all assurance and other attestation engagements.
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Africa tax desk
A differentiating solution adapted to the context of your investments in Africa.
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Banking Holding banking to account: the real diversity and inclusion pictureWe explore how the banking sector can continue to attract, retain and nurture women to build a more diverse and inclusive future.
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Sustainability From voluntary to mandatory ESG: How banks can future-proof their operationsAs we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
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IFRS IFRS 9 - Audit of Expected Credit LossesGPPC releases The Auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9
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growthiQ Steering your company to long-term successHistory has something important to tell us about the difficulties of steering a business to long-term success – through seismic shifts in technology, consumer demands and product development. With that in mind it’s unsurprising that over half the world’s largest companies in the early 1900s had shut their doors by the late 1990s. Some, however, have endured.
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International Financial Reporting Standards Implementation of IFRS 17 ‘Insurance Contracts’The auditor’s response to the risks of material misstatement arising from estimates made in applying IFRS 17 ‘Insurance Contracts’
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IFRS Get ready for IFRS 17After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’, find out more.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Not for profit Mission: possible – putting impact at the heart of charityGlobal charitable continues to decline and charity leaders are increasingly looking at their own unique impact journey.
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Access to finance Raise finance to invest in changePrepare your business to raise finance to invest in change.
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Private equity firms Private equity in the mid-market: reshaping strategies for 2021When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.
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Mid-market businesses Getting ready for private equity investmentOur specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.
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Mid-market businesses Myth-busting private equityNervous about partnering with Private Equity? We explore some of the common myths we come across when speaking to mid-market businesses about PE investment.
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Public sector Helping build the government of tomorrow, todayLearn about the Grant Thornton US public sector team.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Retail How retail is positioning for successCOVID-19 provided some hard lessons for the retail industry. It is time to turn those into sustainable and well executed growth strategies in 2021.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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Technology Mid-market tech companies lead the way on diversity and inclusionWe explore how the mid-market tech sector can continue to build and nurture a culture that’s increasingly more diverse and inclusive for women.
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Technology Responding to slowing growth: why the tech industry faces a more challenging outlook in 2022We spoke to tech experts about industry trends that could affect companies over the next 12 months and what their short-term strategic priorities should be.
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Tax Resetting global tax rules after the pandemicBusinesses are seeing rising challenges, and finance heads are dealing with a range of new measures. To say the next 12 months are critical for businesses is an understatement.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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TMT TMT industry: Fully charged or on standby?Our research revealed five key trends that resonated with Technology, Media and Telecoms (TMT) industry leaders around the world. We asked a panel of our experts from UK, US, India Ireland and Germany, to give us their reaction to the findings.
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Cybersecurity One size fits nothingTechnology companies must adopt a new approach to digital risk: those that successfully develop a reputation for digital trust by demonstrating an unwavering commitment to cyber security and data privacy will be able to carve out a competitive advantage.
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Technology, media & telecommunications Why it’s time for a 5G reality checkFigures suggest the mobile sector is maturing. While data usage continues to soar, mobile revenues are expected to flatten out over the next few years.
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International business Mid-market businesses lifted by rising tide of optimismOptimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Hotels COVID-19: Checking in with the hotel industry one year onCOVID-19 provided some hard lessons for the hotel sector. It is time to turn those into sustainable and well executed growth strategies.
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
- By topic
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
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Mid-market businesses less optimistic, despite record numbers expecting increased profitability
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Women in tech: A pathway to gender balance in top tech roles
Grant Thornton’s 2024 Women in Business data suggests we are far from achieving parity within the mid-market technology sector.
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Women in leadership: a pathway to better performance
What makes the benefits of gender parity compelling is the impact it can have on commercial performance.
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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Women in business: Regional picture
We saw an increase in the percentage of senior management roles held by women, on a global level, but there are some significant regional and country variations.
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Pathways to Parity: Leading the way
To push towards parity of senior management roles held by women, who leads within an organisation is vital.
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Generating real change with a long-term focus
The most successful strategy to achieve parity of women in senior management is one which stands alone, independent of an ESG strategy.
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People at the heart of great business
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Focusing and developing a solid strategy around diversity, equity and inclusion
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Ten considerations for preparing TCFD climate-related financial disclosures
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
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Transition Plan Taskforce publishes its final disclosure framework
As organisations in the private sector make commitments and plans to reach net zero, there's a growing need for stakeholders to be able to assess the credibility of their transition plans.
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Promoting ESG excellence through tax
ESG considerations have never been more important for an organisation’s long-term success, but how can tax be used to add value to an ESG agenda?
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International business: Mid-market growth and expansion
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Top five constraints to international business in the mid-market
Top five major constraints that are testing the mid-market’s ability to grow their businesses internationally.
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Brand and international marketing – breaking global barriers
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The key to international business: Investing in people
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Building resilience in international business
Evolving supply chains and trade patterns amid ongoing global uncertainty.
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IFRS Alerts
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
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Example Financial Statements
General guidance for preparers of financial statements that supports the commitment to high quality, consistent application of IFRS.
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Insights into IFRS 2
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
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IFRS 3
Mergers and acquisitions are becoming more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions.
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IFRS 8
Our ‘Insights into IFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas.
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IFRS 16
Are you ready for IFRS 16? This series of insights will help you prepare.
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IAS 36
Insights into IAS 36 provides assistance for preparers of financial statements and help where confusion has been seen in practice.
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IFRS 17
Explaining the key features of the Standard and providing insights into its application and impact.
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Pillar 2
Key updates and support for the global implementation of Pillar 2.
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Global expatriate tax guide
Growing businesses that send their greatest assets – their people – overseas to work can face certain tax burdens, our global guide highlights the common tax rates and issues.
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International indirect tax guide
Navigating the global VAT, GST and sales tax landscape.
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Global transfer pricing guide
Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
Professional services as an industry needs to turn the Software-as-a-Service (SaaS) model on its head in order to overcome the current COVID-driven climate, and to finally veer away from the rigid hourly model that has engulfed the sector for so long.
Traditional SaaS propositions begin with the requisite technology, and then proceed to compose a complementing service to help deliver that technology. For our industry, the service is inherent, but what has been lacking is an optimum capitalisation of digital tools to extract more value from that service.
With the situation we have now, amid a pandemic that is forcing everyone to rethink best practices, critical necessities, and new norms, many companies are going from thriving to barely surviving overnight.
From a status quo where unemployment was minimal and the use of the gig economy summed up our industry’s claim to adaptability, we’re now converted to a situation where unemployment is rife, and client demands – volume and type – are changing.
To this end, there has never been a better time for professional service firms to re-evaluate what their clients need over this period and beyond; what levels of digitisation they need to aspire to, to complement existing service expertise; and whether – at last – we can leave behind traditional hourly models of working.
Pressure points for service industries
Before indulging prospective new models, it’s vital to understand the pressure points that have been intensified over the past few weeks.
At baseline level, the impacts on commerce have fundamentally changed how all industry interactions and relationships operate. For us in professional services, we’ve had to quickly determine how to now reach customers and clients.
As Grant Thornton US principal business consultant, Chris Smith explains, this rethink can be categorised into three elements.
“First, is to figure out what is now attractive to customers, that perhaps wasn’t two months ago,” he says. “This revolves around how they want to be engaged with, what services they require, and how to go about offering that service.
“All the processes and resultant propositions that were in place at the start of this year need to be questioned now; forcing both them and us into a quick adaptation phase.”
Grant Thornton business services industry leader, Sean Denham, adds that the use of the gig economy represents the second key pressure point to come out of the COVID situation.
“It was all the rage two months ago, but now there’s an argument as to whether professional service firms want to engage a gig economy that doesn’t have the same infrastructure, capability or security entailed,” Sean says. “And even if the conclusion is that the gig economy is still of use, is the demand there from clients to actually require that sporadic help?
“Then, even if those two boxes are ticked, the unemployed pool is so vast now that they actually have more power to make demands, so the benefit of having a low-cost, short-term skills pool may not actually exist in the same way anymore.”
The third pressure point is perhaps the most obvious, but poignant, considering how all populations are having to adjust at present.
“We all wanted that work-life balance,” Chris poses… “well now we’ve got it!”
He adds: “This huge dose of flexibility and being able to work in casual clothes, in our own time, from our sofas, has been stamped on by the reality of kids running around them, or pets interrupting meetings, or technology letting them down.
“For both clients and service providers, remote working when it’s a forced concept, has proven to be perhaps the biggest obstacle to overcome and mitigate so far.”
What is critical?
Inevitably, all these pressure points culminate in a new working dynamic between firms and customers.
The new dynamic hinges on what is now a necessity or regulatory for clients, and what is strategic.
As Chris explains, this can be simplified to a 2x2 grid of what is short-term, long-term; strategic and non-strategic.
He notes: “Many are looking inward at this time and finding silver linings in the form of actually realising where money and resources have been wasted all this time.
“A great example is office space. Some have realised, with people working from home, that the size and cost of real estate doesn’t match their needs. Additionally, as they discover roles that aren’t fundamental at these times, entire departments are now being merged into parallel divisions to streamline efficiencies.
“And with every decision that they make, how we fit into that ecosystem also changes. Are the assets they’ve relied on all this time actually critical? And if not, how can we remain relevant and valuable?”
The annuity model
The question sounds bleak, but the answer is actually hugely positive. Essentially, professional service firms, through being forced to consider what’s valuable to clients during this period, are unlocking a level of diversification that simply hasn’t been in play traditionally.
We can’t be onsite at the moment, but did we need to be anyway?
Most importantly, we can’t put in the face-to-face hours we used to. Again, does that really matter?
Sean argues not: “I firmly believe that those who use this period as an opportunity to ditch the outdated hourly model will be those who thrive; both now and beyond.”
Option one, as an alternative, is to move to an annuity model whereby clients are encouraged to sign up to a yearly subscription, rather than pay just for the hours used.
To Chris’ mind, firms need to address five steps to make this particular transition:
- Understand the new needs of clients, based on the 2x2 grid of immediacy and criticalness put forward. Anything long-term and non-strategic is where professional service providers come in, as businesses realise they don’t need inhouse capabilities in that area.
- Work out what the expected outcomes are. Once a need has been established, it’s equally vital to know ‘to what end’ that service is being geared toward.
- What is the frequency of that needed outcome? Is it a once-a-week task? Is it a yearly audit? Is it a quarterly tax file?
- How to fill the rest of the year? Depending on the answer to step three, if you’re planning on charging a yearly subscription, you need to provide a yearly service; not just a task- or time-based proposition. This is where the ability to provide ongoing insights, not just a siloed job, comes to the fore.
- Finally, how to price and deliver this final, need-based, outcome-driven, continuously relevant service?
An outcome-based model
The annuity model provides professional service firms with an opportunity to reduce risk amid crises like pandemics, as it guarantees year-round revenue. To do so though, you must be able to demonstrate year-round capabilities, even if the core requirements are short-term or time-specific.
It is this latter consideration that brings to mind a different, alternative variation to the status quo.
Chris explains: “The other thing we’re seeing, which I’m very excited about, is not just a shift away from hours to a different pre-planned subscription model. But one that is geared entirely around outcomes. Success. Achievement.”
Through this model, firms would again be encouraged to flex their new digital, agile muscle, but without being pigeon-holed back into the process-driven realm of being paid for hours.
Rather than being paid for the process, companies would pay for the results.
“It makes perfect sense,” Chris continues. “Very few companies are contacting us every few hours to see how the process is coming along, because all they really care about is the final conclusion and whether we’ve brought value to them at the end of it all.”
Not only does it make sense from a value-for-money perspective, but at a time like this, it also gives clients more flexibility in terms of initial outlays and investments.
“For instance, a professional service firm could charge less initially, but then write it into the contract that for every successful outcome that derives from the service, they would receive a fee,” Chris explains. “This way, the client knows they’re only paying in alignment with positive results they’re seeing, while it also serves as a differentiator among firms who now have to unearth what ‘success’ means.”
A new era of value
Understanding success is really the crux of why a change is required. Even without COVID, companies were altering their approach to what they needed, how to acquire it, and in what way they wanted that service to be provided.
Now, even more so, we’re all in the same boat, understanding that it’s hardly business as usual. In that regard, we have a prime opportunity to not just change our models, but to guide them through this difficult period and out the other side.
“Not only are we proposing better ways to work together in the future, but in the immediate term, we’re exploring additional services that clients weren’t needing before,” Chris notes.
“Digital transformation is a perfect example. Not only is that informing the new ways we will look to interact with clients, but we can actually help them make that transformation first. Again, it’s that service instinct first and foremost, with the addendum of tech to ensure more value from that service.”
Sean adds: “In terms of who will thrive at the end of this, it will be those who work out how to form these new virtual relationships during this period, and to then leverage these virtual relationships via a new outcome and service-driven model. Not simply time-based.
“It’s been natural to us for so long to build relationships over coffee or beer, but we’ve proven already that value can still be provided without that face-to-face interaction.
“In fact, if you can’t provide a service without coffee and beer, then there’s something culturally very wrong.
“Hopefully, that doesn’t apply to most professional service firms, and the majority are instead enjoying finding new ways to not just retain relationships but to actually add new strings to their bow.”
For some it’s been a wake-up call. For others it’s been the opportunity they were looking for to convert their investments into modernisation, into a new dynamic where we can be leaner, meaner and provide better value.
To discuss these and any other matters impacting professional services firms contact your local Grant Thornton firm.