Small and Medium-Sized Practices Are a Part of a Globalization Trend

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Business advisory is emerging as an area of increasing importance to the growth of small and midsize practices.  According to IFAC’s Global SMP Survey, in 2013, advisory ranked third out of the four service areas in terms of the pace of projected growth.  While in 2014, advisory edged out tax (13 percent versus 11 percent) as the area most likely to drive substantial revenue increases in the coming year.

The results also indicated:

Many SMPs [small- and medium-sized practices] are part of the globalization trend, with 44 percent of the total respondents saying at least 5 percent of their clients operate internationally, while 69 percent of the largest SMPs (those with 21 or more partners and staff) said at least 5 percent of their clients are international.

For the complete survey results, click here (might require registration).