Industry Analysis & Industry Trends
After enduring a volatile past five years, the next five years are expected to be more stable for the Financial Management industry. Over the three years through 2008-09, the industry grew strongly, driven by the ongoing uptake of more technologically advanced accounting systems and the work generated by the many major corporate transactions like mergers and acquisitions (M&A). Later, the financial crisis caused a sharp contraction in the industry's performance, as clients' budgets tightened, financial management upgrade projects were postponed, and M&A and other major transactions dried up. However, since then, conditions in the industry have improved, with many organisations showing an increased focus on financial management and control issues in the wake of the financial crisis... purchase to read more
Industry Report - Starting a New Business Chapter
The main barrier to entry into the industry is in establishing the reputation for expertise and positive outcomes that tends to be required in order to gain a foothold in the market. This can be challenging, and is reflected in the fact that many of the firms that enter the industry are founded by individuals with existing strong personal reputations through working for another firm or in a similar field.
This reputation requirement means that new firms tend to start on a small scale, presenting a barrier to entry directly into the top end of the industry. This is common among knowledge-based industries, where starting on a large scale before having established the reputation to be able to drive business is a very risky move... purchase to read more