Exit this survey The 10 key challenges facing the accountancy profession Question Title 1. What do you see as being the 3 biggest challenges facing your practice over the next 5 years? (please select the top 3 from the following list) I don't think I will be making an acceptable level of profit over the next 5 years There are not enough chargeable hours being recorded and billed by fee earners It is becoming increasingly difficult to charge prices that reflect the value of the work we do I do not having a clear exit strategy and so I am worried about being able to fund retirement There is a succession crisis as younger partners are financially unable to buy into the practice External threats from cut-throat competition for compliance work as technology and outsourcing make it cheap, fast and easy to access There is not enough cash in the practice and so there is a constant worry about paying the bills and wages each month Slow paying clients, high debtor days and bad debts are a continual challenge Lack of sufficient business skills amongst partners in key areas such as leadership, people management, selling skills and marketing There are not enough of the right sort of clients in the practice The practice is not growing due to it being difficult to attract new clients The practice is not growing due to it being difficult to retain existing clients Other (please specify) Next