Establish Business Networks Making Connections

Question: Describe about the Establish Business Networks for Making Connections . Answer: Evaluating the potential benefits that could be generated by regular contact with Faster growing accounting firms: In the year 2012, around 20 Australian companies were announced as the fastest growing accounting firm that had the potential to become multinational organization. In addition, the growing momentum and activities that was conducted by these companies could help small accounting firms to increase their overall business. Ashby et al. (2012) stated that outsourcing work to small companies mainly help big organizations to reduce their overall expenditure and increase their profitability. However, Bloch and Richmond (2015) argued that outsourcing tasks to inexperienced companies could mainly reduce the overall productivity and hamper client base of the outsourcing company. Furthermore, the main benefits that could be generated from keeping in congest with the fastest growing accounting firms are as follows. Increased business: Being a small accounting firm connection with the fastest growing accounting firm could be beneficial and increase their business opportunity. Furthermore, the companies that usually grow faster do not have the required infrastructure to support its growing business activities. Thus, forming an effective regular contact with these companies could help the small accounting firm increase their chances to receive outsourced jobs. In this context, Butt and Macnab (2013) stated that due to the infrastructural incapability of growing firms, small businesses are able to increase their business opportunity and profitability. On the other hand, Crossan et al. (2013) criticized that some growing companies mainly outsources there business requirements oversea, which hampers growth prospects of small companies in the country. Opportunity to tap into new ventures: The regular contact with growing accounting firms could effectively help small Sydney CBD accounting firm to tap into the growing prospect in its industry. In addition, CBD mainly provide services to organization regarding their accounting needs and by keeping in touch with companies that have huge client base could help increase their contacts. Furthermore, the development in contacts could eventually help accounting firms to accumulate the required orders and attain sustainable growth and profitability. In this context, Gray et al. (2016) stated that business consulting companies are able to generate their income because of contacts, which could be adopted by service providing companies to increase their revenue generations capacity. Increasing client base: Keeping effective contact with the 20 growing accounting firms could help small accounting firm to evaluate the opportunities that could help in increasing its productivity. On the contrary, Kraemer (2016) argued that due to strict operations adopted by companies in the current era mainly reduces its competition to access its cliental base. However, continued completion of outsourced work from major companies could eventually help in increasing its work rating, which in turn might help in capturing new clients. Moreover, fat growing companies mainly focus on clients having huge orders and provide them with reference of small companies. In addition, an effective relation and contact could help in getting these small orders, which in might help small accounting firm to increase its client base. Learning from expert: In addition, with the help of continued contact and business relations could help the small accounting firm to increase its experience by learning from expert. In addition, these accumulated experiences of the encounters could help the accounting firms to increase its operational and marketing capacity. 2: Evaluating the significance of network opportunities and potential benefits that could be provided to the accounting firm: Network strategies may include Benefit of the firm Association memberships The association of member could help the accounting firm in increasing its customer base. Furthermore, the advertisement of membership scheme could mainly help firms to maximise its profitability. Reduction in customer complaints and attracting potential customers could be effectively achieved by this network strategy. Conference participation The implementing of conference participation could mainly help accounting firms to establish an effective link with their clients. In addition, this effective networking link could help in raising the customer satisfaction of the company. Increased training and productivity of the employee could be effectively increased with the help of Conference participation networking. Distributing promotional materials Moreover, the distribution of potential materials could help the accounting company to attract more potential customers and increase its overall revenue. Furthermore, promotion of companies completed work among customer could help in increasing the overall business prospects. One to one marketing In addition, the one to one marketing mainly helps accounting company to provide separate prices to different companies and increase their profits. This networking method might only help accounting companies to raise their profitability by providing same service to different companies. Maintaining regular client contact Furthermore, with the help of regular client contact accounting companies are able to reduce any kind of complaints and mistakes that could arises from their services. In addition, this networking strategy mainly reduces errors and improves customer relationship of the accounting firm. Seminar attendance Furthermore, this networking strategy could mainly help the accounting firm to raise its presence in the market, which in turn might increase its customer base. Furthermore, the increased seminar attendance could help both clients and employees to interact and gain knowledge about the changing clauses and motions issued by accounting standards. Moreover, the use Twitter and Email are effective organizational communication system used for informing about the benefit to the required employees and clients of the company. In addition, this communication system is effective and quick, which could reduce the overall delay that might be incurred by the clients to achieve accounted benefits. In this context, Lopez (2014) argued that hacker mainly poses threat to the internal security of the organization and might leak critical information to competitors of the company. On the other hand, Saeed et al. (2014) stated that online information system mainly help organizations to reduce the overall time for conveying the required message to its stakeholders. Moreover, after analyzing the suggested websites, significance of networking in an organization could be effectively evaluated. Furthermore, with the help of effective networking strategies accounting companies are able to improve their customer service and profitability. 3: Organization Membership Costs and benefits provided The Australian Bookkeeper Network Since 2001 The Australian Bookkeeper Network is renowned as an innovative industry leader. It is actively engaged in providing support, tools and resources to its members so that they can provide valuable service to their clients. In order to gain membership a monthly or annual fee is payable which currently is $38.50 per month or $462.00 per year. The rationale behind paying the membership fees and becoming a member of The Australian Bookkeeper Network is given below: The help desk has dedicated team of experts that provides one to one support to members. It helps in building the business of members by acting as a practice management system. It provides additional services to clients through its network of members. The membership will help in saving times of the members. The membership also includes a deal for indemnity insurance for booking professionals. It helps members gain access to thousands of technical publications dedicated for bookkeepers in the library. It provides a secure online facility for file transfer. It always help member stay updated by providing valuable informations. This membership also offers complimentary membership with Australian Bookkeepers Association. It helps members expand knowledge by organizing seminars etc. It helps members to connect so that they can act as a community (Austbook.net 2016). The Institute of certified bookkeepers The worlds largest institute of bookkeeping is The Institute of Certified bookkeepers of Australia. The institute is dedicated in maintaining and promoting a higher standard for bookkeeping profession by establishing a membership scheme that recognizes both experience and qualification. The institute provides various types of membership and they are student member, educator member, associate member (AICB), and member (MICB). The student members are those who are taking up the course in order to enter into this profession. They get support, resource and help from the institute for perusing the course. The membership is for a maximum period of two years. Educator memberships are for those involved in training bookkeepers and are designed to provide them with valuable resources so that it can enhance their training capability. The application fees for this membership is $75.00 In order to become an associate member it is mandatory to have at least one years of working experience. The membership fees for those in practice are $432 annually or $36 per month. The membership fees for those in employment are $312 annually or $36 per month. In addition member has to pay application fees of $75.00. An individual with proven experience of at least two years can apply for becoming the member (MICB). The membership fees for those in practice are $480.00 annually or $40.00 per month. The membership fees for those in employment are $360.00 annually or $30.00 per month. Further there is an application fee of $75.00 that is required to be paid at the time application. The benefits that can be derived from these memberships are These memberships are internationally recognized. It is a professional course therefore it helps members to get professional designation. The meetings held within network of members are useful and helps members to get valuable insight. The members will get certificate of membership which has a very high value. It gives access to relevant resources. It provides members with professional indemnity insurance (Icb.org.au 2016). CPA Australia CPA institute is dedicated in developing highly skilled accounts and tax and professionals. In order to become a CPA member it is essential to hold a degree or post graduate certificate. Then it is required to complete the CPA program and an experience of three years in the field of accounts and finance is also mandatory. It is compulsory to undertake CPD activities every year and the professionals are required to comply with strict code of ethics in order to serve as a member. The assessment fee for membership in case of new is $160.00. In order to become Associate the membership fees for the first year is $160.00 and the renewal fees is $320.00. The membership fees for CPA or FCPA for the first year is $320.00 and renewal fees are $710.00. The benefit of becoming CPA member is immense: The professionals are highly regarded all over the world. The institute provides various resources exclusively for its members. It organizes regular seminars for their members in order to update their knowledge (Cpaaustralia.com.au 2016). 4 : Organization Range or Networking events and marketing services The Australian Bookkeepers Network It organizes Bookkeepers conference across Australia. The conference organized will have professional experts as speakers which are extremely helpful for new members to gain knowledge and to meet with industry experts. This conference is essential for establishing peer networks and being social with fellow members. The members are listed in their website where anyone willing to hire bookkeeper can easily find them. The Institute of certified bookkeepers The institute organizes workshops for its members it is not only helpful in improving the skills of members but also is very helpful in forming networks within fellow members. The institute also arranges for network meeting that helps to form a useful professional relationship with fellow members. It also publishes monthly news letter which apart from providing relevant information also gives business exposure to its members. CPA The CPA institute organizes seminars for its members. This seminars help member gain useful insight of the business. In addition to the gain of knowledge this seminars are also helpful for members to form networks. The institute publications includes articles written by members this help them to gain popularity and establish distinct identity. The website of the institute also has list of members that helps members in publicity. Reference: Ashby, A., Leat, M. and Hudson-Smith, M., 2012. Making connections: a review of supply chain management and sustainability literature,Supply Chain Management: An International Journal,17(5), pp.497-516. Austbook.net. 2016.Become a Bas Agent | Bookkeeping Franchises | Reigster as a Bas Agent. [online] Available at: https://www.austbook.net/joinus/ [Accessed 22 Jul. 2016]. Bloch, D.P. and Richmond, L., 2015.Connections between spirit and work in career development: New approaches and practical perspectives. Routledge. Butt, G. and Macnab, N., 2013. Making connections between the appraisal, performance management and professional development of dentists and teachers:right, what are the problems weve got and how could we sort this out?,Professional development in education,39(5), pp.841-861. Cpaaustralia.com.au. 2016.Australia. [online] Available at: https://www.cpaaustralia.com.au/member-services/fees/australia [Accessed 22 Jul. 2016]. Crossan, M., Mazutis, D., Seijts, G. and Gandz, J., 2013. Developing leadership character in business programs,Academy of Management Learning Education,12(2), pp.285-305. Gray, S., Harymawan, I. and Nowland, J., 2016. Political and government connections on corporate boards in Australia: Good for business?,Australian Journal of Management,41(1), pp.3-26. Icb.org.au. 2016.Members - ICB. [online] Available at: https://www.icb.org.au/Members [Accessed 22 Jul. 2016]. Kraemer, B., 2016. IEEE's industry connections program: A collaborative environment for developing shared results,IEEE Communications Magazine,54(7), pp.4-6. Lopez, R., 2014. The relationship between leadership and management: instructional approaches and its connections to organizational growth, Journal of Business Studies Quarterly,6(1), p.98. Saeed, A., Belghitar, Y. and Clark, E., 2014. Theoretical motives of corporate cash holdings and political connections: firms level evidence from a developing economy,International Review of Applied Economics,28(6), pp.813-831.