How to conduct a competitive analysis for accounting firms

Key quotes:

• "New challenges have emerged, digitization has started playing its role, more and more firms have shifted to cloud, the skill set of professionals have changed, firms are competing for every company out there, and clients are becoming more and more demanding because they need practical advice and up to the mark assistance."
• "What the clients are looking in a CPA firm Here are some strategies for your accounting firm that will help you to beat the competition."
• "All this help CPA’s in a number of ways: If you want to remain relevant in today’s rapidly changing global business landscape, then you cannot bind yourself in geographical boundaries because your clients really don’t care about your location or zip code."
• "There are so many advantages if you are present on different social media platforms, such as: To sustain in this highly competitive market if you are small-sized business, you need to understand your clients’ business and help them attain fruitful results."

Key quotes:

• "Competitive analysis means: “Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service.” Once you have identified a problem you think you may be able to develop into a business opportunity, your first step is to research what products or services your target customers are currently using to solve the same problem."
• "Once you have identified your top competitors, start organizing the list of competitors into a table: A typical competitor table contains the following: Here are a few steps to follow while running a competitive analysis: Every company starts with a purpose of solving a problem, but the companies which sustain are the companies which can constantly improve their offerings, their user experience and their overall process."
• "Asking these questions will help you identify the advantages you may have over the competition as well as help identify where a competitor may have the edge over your product/idea."

Key quotes:

• "The primary purpose of any business is to produce goods or provide services in a way that they have a higher value for the customers than the original cost for the firm."
• "However, it will significantly improve the support activity in the After-market Services group and will help improve the competitive advantage of the company."
• "Value Chain Analysis is the process in which we identify the company’s primary and supporting activities and analyze the ones that add value to the product."
• "The model focuses on understanding the internal processes of the company to optimize them to achieve or maintain the company’s competitive advantage."
• "We may face the following challenges: The idea of the Value Chain Analysis is to achieve one of two things to increase margins: In modern days primary activities are mostly a source for cost advantages."
• "The process of performing a Value Chain Analysis looks differently when the company aims for a differentiation advantage."

Key quotes:

• "They supported the businesses & clients with their profitable consulting and advisory skills while contributing immensely to business growth which led to vanishing of the environment that created scary image of jobs cut, companies going bankrupt, thereby culminating to the social crimes being increased."
• "The above African Proverb holds very true in the current world market where companies are partnering with each other to leverage the capabilities and competencies which helps to increase the efficiency and productivity and improves flexibility of the companies, which eventually supports the strategic mission & vision of the firms."
• "The cost cutting is one of the primary reasons to go for outsource offshoring besides the long term vision of strategic partnership between companies and their offshoring partner."