The pressure on advanced economies globally is showing few signs of easing in the UK. The challenging environment follows months of high inflation, disruptions to the world’s supply chains, and an ongoing conflict in Europe. Governments and populations are still dealing with the after-effects of Brexit, and the Covid-19 pandemic and its resurgent waves across the globe.
But while there is certainly much to be wary of in the coming months and throughout the rest of 2023, there is still cause for hope. As business owners turn to their accountants or bookkeepers to help them through these challenging times, forward-thinking accounting firms are well-positioned to seize this opportunity to strengthen their client relationships. Accountancy firms can take steps to strengthen their practices against the downturn in a number of key ways. They can drive business efficiency through automation, effectively define and communicate their pricing, grow and scale their practice in a financially sustainable way, and focus on client engagement and retention by delivering exceptional client experiences.