LATEST UPDATE

New IFAC Client Classification Tool for SMPs: Turn Client Insights into Strategic Action

IFAC has launched a Client Classification Tool to help small and medium-sized practices (SMPs) develop a structured and decision-useful understanding of their clients. The downloadable and fillable tool is available here.

This tool can assist firms with prioritising resources, tailoring services, managing risk, and strengthening long-term profitability and efficiency.

Because every practice is different, the criteria for classification can be adapted to the firm’s jurisdiction, client base, values and strategic priorities. Regular reassessment can help keep the firm’s decisions aligned with long-term goals as client needs and the firm’s direction evolve.

For additional context and practical guidance, read the new IFAC Knowledge Gateway article, The Power of Client Classification in SMPs, available here.

It explores the usefulness of classification, the financial and non-financial considerations a firm may use, the benefits for practice management and client service, and practical first steps for introducing a structured approach.