Added Value Corporation Pty Ltd - Small Firms Group

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What is Small Firm Group (SFG)?

SFG is a special forum for principals from small firms to meet and share experiences to help each other.

Who are the SFG Group member firms?

SFG firms are often sole practices, or maybe two or three partner firms.

What happens in SFG Group meetings?

Each principal provides a brief update on developments in their firm, this is then opened for questions, comments and answers. Then special topics are covered in detail and members share their experiences. Sometimes key data is shared often via completing a questionnaire, eg prices charged for SMSF work.

What about confidentiality?

There is no doubt confidential information is sometimes tabled in meetings. In any case, for information disclosed during the meeting, the rule is: "What people say in the room stays in the room, apart from communication to other partners in the participating firms. The exception to this is the situation when people give permission for information to be relayed. People may use the information, but must not disclose the identity or association of the speaker."

How often do SFG Groups meet?

This varies, from every second to every third month. The frequency is determined by the members of the Group, to suit their preferences.

Where are SFG Group meetings held?

Meetings are at a member firm's own premises, or where there is not sufficient space in the meeting room, at a nearby conference facility.

Who attends SFG Group meetings?

For sole practitioner firms, generally the sole practitioner attends. If unable to do so, sometimes a senior manager replaces them. For two to three partner firms, the managing or administration partner attends.

What is Added Value's role in SFG Group?

Added Value prepares the agendas for the meeting, the topics included are based on those suggested by members and ideas which occur to Thea Foster during the course of her consulting work. Thea Foster chairs the meetings. If an issue is to be surveyed by questionnaire, Added Value prepares the questionnaire, tests it and ensures responses are tabled at the meetings. Sometimes summaries of the surveyed information are prepared and shared. Between meetings, Added Value facilitates the exchange of information and helps address any member firm questions which may arise. Thea Foster completes Taking Action Points and follows up on those.

What does being a member of a SFG Group cost?

Currently, each firm pays either $440 or $550 per meeting, depending upon the frequency and duration of the meetings. This fee includes GST, and is to be paid regardless of whether or not a firm principal attends. In practice, it is very rare for there to be no firm representative at a meeting. Regardless of attendance, each firm receives all meeting documentation.

What can SFG Group offer me and my firm?

SFG can offer your firm the opportunity to ask questions of many other firms to check what is happening for other firms, both internal and external developments and plans. You can also check with Thea Foster about developments within the profession, to access firms with special expertise who may be able to undertake projects for you. For the practitioners, SFG is often an opportunity to obtain experience from outside their firms and to network with other practitioners.

What happens at SFG Group meetings?

In addition to the firm update and special topics, there is also an office tour. Interestingly, members find it most useful to tour the premises of other accounting firms. Comments from host firms explain that the impending SFG meeting has produced a flurry of tidying up. There is informal networking during and after the meetings and at morning tea. Thea Foster sometimes distributes information she has accessed, maybe practice management information she has obtained in Australia and overseas. This is often of interest to the firms.

What are the benefits I will get from SFG Group membership?

The following comments were made during a written survey conducted amongst members "Alleviates the loneliness of a sole practitioner." "Provides opportunity to actually consider practice mgt issues which are usually pushed aside with everyday compliance issues." "Exchange of practice management solutions." "Able to brainstorm practice matters in a peer group with immediate feedback." "Excellent network opportunities and the possibility of work referrals in niche areas." "Access to peers in the same level as my practice - they all experience the same issues and problems - a problem shared is a problem halved or however the saying goes." "An excellent opportunity to tap into the extensive business knowledge and experience of other like minded practitioners." "An opportunity to invest time focusing on our own businesses - not just those of our clients." "Exchange of what works for us / what doesn't work." "Exchange of employment information / techniques / working documents etc." "Provides reality check or health check of our own business and improvements to be made." "Enjoy good company!"