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Today, small and medium-sized practices (SMPs) are confronted by a range of operational, market, and regulatory challenges. According to the IFAC (International Federation of Accountants) SMP Quick Poll conducted between 15 November and 31 December 2013, the foremost challenges for SMPs were attracting and retaining clients, closely followed by pressure to lower fees and keeping up with new regulations and standards. Despite these challenges, SMPs can and do prosper. This article suggests seven simple tips to help SMPs improve the management of their practice and increase their chances of success.
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