Younis and Co, a privately owned accountancy and business advisory practice located in Parramatta typifies such businesses; having achieved between 20 – 40 per cent yearly growth since its inception in 1979.
The firm’s impressive growth maintained its course through the GFC and today its principals attribute their success to understanding the complex make-up of the Greater Western Sydney business environment.
Two of the firms partners, Charles Younis and Pierre Wakim, spoke with WSBA about their firm's growth and the distinguishing characteristics of the Greater Western Sydney region.
Younis and Co has a rich heritage in Western Sydney. Can you explain the genesis of the business?
Charles Younis: After working for two of the big four firms in audit and business services I had the desire and the opportunity to establish my own business. I opened my first office in Granville in 1979, which grew initially from family, friends and referrals.
Over the next 20 years the business operated from Blacktown and Winston Hills, until its relocation to Parramatta in 2002, where it remains today.
Something which I found very exciting in Younis and Co’s early days, and I continue to find exciting today, is the process of winning over a client, getting to know them and their family and then working with them to help achieve their business goals.
The business has significantly grown over recent years. What do you put this down to?
Pierre Wakim: We have achieved between 20-40 per cent growths each year since inception, which has resulted in the business doubling in staff over the past three years. Three years ago, there were 12 employees and two accounting partners, whereas today there are four accounting partners and 25 staff.
The key driver behind Younis and Co’s growth has been its focus on industry specialisation within the Western Sydney region – we have developed niche skill sets for servicing several different industries including childcare, building and construction, wholesale and distribution, property development, inbound and outbound investment, and hospitality.
We have also strengthened our specialisation in areas of corporate tax restructuring and superannuation compliance and consulting.
Through direct and strategic marketing in these particular sectors as well as proactive networking and strong recruitment processes, we have successfully taken the business to another level.
Would you say that Western Sydney has its own unique culture? If so, what is it?
Pierre Wakim: Family networks arguably continue to shape a culture that is unique to Western Sydney, both generally and from a business perspective as well.
Western Sydney is a hub for family owned small to medium sized private enterprises, whereas the inner city is more dominated by ASX listed companies and the like.
This means that there is a much closer integration between family and business in Western Sydney, which has major implications on the way that the region needs to be approached and serviced.
For example, a family infused business culture requires us as accountants to adopt a more holistic approach; the success of the business flows directly onto the family, and we therefore need to understand the dynamics of the family that is running the business, the role that each employee plays in executing the business’ operations, and then equip owners with a plan to simultaneously grow their business and achieve their family goals.
What do you believe are the key lessons from the GFC?
Charles Younis: The GFC resulted in diminished consumer confidence and decreased spending, which has had some major impacts on profitability in the retail and wholesaling industries, to name just a few.
The main lesson that businesses should take from the GFC is that they should examine their efficiency and expenditure even when times are good, because this will stand them in better stead if economic conditions do hit crisis levels again.
In addition, the GFC dramatically changed the global business landscape in the sense that it increased the need for businesses to think laterally about how to grow their business and service their clients, who have since gained a stronger appreciation for what good service is.
Businesses operating in the post GFC era need to be more astute in thinking innovatively and strategically, and must have a strong, well priced and clearly marketed service proposition.
What are the key challenges faced by your industry?
Pierre Wakim: There are a number of different challenges facing the accounting industry today and there will likely be additional challenges in the future.
At present, a big issue facing many accounting practices is the increasing challenge to attract strong personnel; competition to recruit the most skilled accountants is intensifying while candidate pools in many areas are declining.
In addition, there are the constant challenges to keep up-to-date with legislative changes, adapt with technological developments and maintain cash flow.
Post GFC, liquidity has become much harder to come by. As such, it has become even more important for accountancy practices to offer clients high quality, transparent and holistic service at relatively low prices.
Describe your ideal leadership model.
Charles Younis: It is difficult to identify a leadership model that can truly be described as ideal; different organisations require different structuring, and as such, one specific leadership model cannot necessarily be administered to every business across the board.
Therefore, an ideal leadership model would appear to be one that is catered and conducive to the success of the individual business to which it applies.
At Younis and Co, we follow a leadership model that is founded on delegation, team work and shared visions. Our partners are assigned clear and specific responsibilities; they then lead their individual teams, delegate tasks and work collaboratively to deliver optimum results for their clients.
What do clients expect today and how has that changed over the past decade?
Charles Younis: Over the past 10 years clients have demanded a more holistic service offering and a greater degree of attention and specialisation from their accountants.
Business clients today expect that their accountant will provide them with all the traditional services, but also approach them with creative solutions, innovative ideas, and the skill sets necessary to implement such if so required, at an affordable price – everything an accountant does has to add holistic value to their client’s business, not just financial value.
This requires accountants to possess a degree of knowledge about their clients’ businesses that cannot be achieved if they are trying to service every client and industry sector, which is why specialisation is becoming so important.
Nowadays, accountants need to understand not only their clients’ industries, but also the risks, vulnerabilities and issues that are inherently connected to private business.
To contact Younis and Co call Pierre Wakim on 02 9683 7888.
