Firms in the accountancy industry are increasingly recognising the benefits of diversified service offerings in terms of securing long-term clients and futureproofing their business. This award recognises the firm in the accountancy industry in Australia that most effectively diversified its service offering to increase total revenue in the 2019 calendar year. Specifically, the award recognises firms offering services complementary to accountancy, such as risk advice, mortgage and finance broking, financial planning, SMSF advice and legal services.
Based on business growth metrics as well as support and servicing, the award considers the activities, strategies and actions of the firm in terms of driving increased revenue through diversification within the business.
ELIGIBILITY
To be eligible for the Multiservice Firm of the Year award, the firm must offer a diverse range of services across multiple industries or sectors. This could include services such as legal, financial, consulting, marketing, technology, and more.
The firm must demonstrate excellence in delivering these services, as evidenced by client testimonials, case studies, and any other relevant evidence of outstanding performance. This could include successful outcomes for clients, positive feedback, and a strong reputation within the industry.
Additionally, the firm should have a strong track record of innovation and adaptation to changing market conditions. This could include the development of new services, technologies, or approaches to better serve their clients and stay ahead of the competition.
Overall, the Multiservice Firm of the Year award is given to firms that excel in providing a wide range of services to their clients, demonstrating excellence, innovation, and a high level of client satisfaction.
Judging Criteria
The judging criteria for Multiservice Firm of the Year may include the following factors:
Range and quality of services provided: The firm should offer a diverse range of services to meet the varying needs of its clients, as well as demonstrate excellence and quality in the delivery of these services.
Innovation and adaptability: A successful multiservice firm should be able to adapt to changing market conditions, embrace new technologies and trends, and continuously innovate to stay ahead of the competition.
Client satisfaction and feedback: Judging criteria may include client testimonials, feedback, and case studies that demonstrate the firm's ability to consistently deliver value and exceed client expectations.
Financial performance and growth: The firm should have a strong financial track record, with sustainable growth and profitability over time.
Leadership and management: The judging criteria may evaluate the firm's leadership team, organizational structure, and management practices to ensure strong leadership and effective decision-making.
Corporate social responsibility and sustainability: Multiservice firms may be evaluated on their commitment to corporate social responsibility, sustainability practices, and community involvement.
Industry recognition and awards: The firm's track record of industry recognition, awards, and accolades may also be considered as part of the judging criteria.
Overall, the Multiservice Firm of the Year should demonstrate excellence in service delivery, innovation, client satisfaction, financial performance, leadership, and corporate responsibility to stand out among its competitors.
QUALITATIVE CRITERIA
1. Diverse Range of Services Offered: The Multiservice Firm of the Year should offer a wide array of services in different industries to cater to the diverse needs of clients.
2. Client Satisfaction: The firm should have a track record of delivering high-quality services that exceed client expectations and lead to positive feedback and referrals.
3. Expertise and Knowledge: The firm should have a team of highly skilled professionals with in-depth knowledge and experience in various areas of expertise.
4. Innovation and Adaptability: The firm should demonstrate a commitment to innovation and staying ahead of industry trends to provide cutting-edge services to clients.
5. Ethical Standards: The firm should adhere to the highest ethical standards in all aspects of their business operations, ensuring trust and integrity in their interactions with clients.
6. Industry Recognition: The firm should have a strong reputation within the industry, with awards or accreditations that showcase their expertise and excellence in service delivery.
7. Case Studies and Success Stories: The firm should have a strong portfolio of successful client projects, demonstrating their ability to deliver results and value to clients.
METRICS
Here are some potential metrics that could be used to evaluate a multiservice firm for the title of Firm of the Year:
1. Revenue Growth: Measure the firm's growth in total revenue over the past year compared to previous years. This can give an indication of the firm's financial success and market penetration.
2. Client Retention Rate: Calculate the percentage of clients who have continued to use the firm's services over a certain period of time. A high client retention rate can indicate high levels of client satisfaction and loyalty.
3. Employee Satisfaction: Conduct surveys or interviews with employees to gauge their level of satisfaction with the firm's culture, leadership, and overall work environment. Happy employees are more likely to deliver high-quality service to clients.
4. Number of Services Offered: Evaluate the range of services offered by the firm and how well they align with client needs and market trends. A diverse range of services can attract a broader client base and drive growth.
5. Industry Recognition: Look at any awards, certifications, or industry recognition that the firm has received. This can be a sign of the firm's expertise and reputation within the industry.
6. Client Feedback: Collect and analyze client feedback through surveys, testimonials, and reviews to assess the quality of the firm's services and overall client satisfaction.
By analyzing these metrics, judges can determine which multiservice firm deserves the title of Firm of the Year based on their overall performance and impact in the industry.
ADDITIONAL CRITERIA
In addition to the standard criteria for selecting a multiservice firm of the year, there are some additional factors that can help differentiate exceptional firms from the rest. These additional criteria include:
Diversity and Inclusion: A top multiservice firm should demonstrate a commitment to diversity and inclusion within its workforce and leadership team. This can include promoting diversity in hiring practices, creating an inclusive work environment, and supporting diversity initiatives both internally and externally.
Innovation and Technology: The firm should showcase innovative approaches to delivering multiservice solutions to clients. This can include leveraging technology to streamline operations, incorporating data analytics for better decision-making, and staying up-to-date on industry trends and best practices.
Client Satisfaction: A firm's reputation is built on its ability to consistently deliver exceptional service and results for its clients. Client satisfaction should be a key consideration in selecting the firm of the year, with emphasis on feedback, testimonials, and case studies that demonstrate a track record of successful outcomes.
Corporate Social Responsibility: Firms that prioritize corporate social responsibility and giving back to the community should be recognized for their efforts. This can include initiatives such as pro bono work, volunteer programs, sustainability practices, and charitable donations.
Thought Leadership and Industry Influence: A standout multiservice firm should be known for its thought leadership in the industry and its influence on shaping trends and best practices. This can include publishing research, speaking at conferences, participating in industry associations, and contributing to the broader knowledge base of the field.
By considering these additional criteria along with the standard factors, you can identify the firm that truly stands out as the multiservice firm of the year.
Area of Assessment
Business benefits
Key Objectives
Key Strategy
Leadership qualities and skills
Measurable Success
Personnel Strategy
Quality of Service
Strategic Business planning
