As flights were cancelled and airports shuttered, international business migrated from conference rooms to live streams, modern technology instantaneously connecting people both near and far. As the world’s 9th largest accounting network, sporting 727 offices in 122 countries, Nexia Week has the potential to become an institution for Nexia International.
To accomodate COVID-19 restrictions, the event became a virtual affair with more than 1,500 attendees conducting business, discussing strategies and participating in forums and summits. What struck me was the confidence Nexians have not only in our shared vision, values and purpose but also, our collective vigour and appetite to address conditions as they arise while refusing to waver in our commitment to delivering high quality work and advice, such is our way.
Having extolled the virtues of Nexia International, despite its many and varied challenges, 2020 has seen Nexia Australia outperform similar-sized firms in The Australian Financial Review’s Top 100 Accounting Firms list, with revenue jumping 13 per cent to $109.4 million last financial year. Part merger and acquisition, part organic, growth has (overwhelmingly) come from demand for corporate advisory, audit, tax consulting and business advisory service work and advice, much predicated on providing clear, concise and consistent communication through the early stages of Australia’s COVID-19 response.
In many respects, COVID-19 advertised our Closer to You approach demonstrating the potency of Nexia Australia’s commitment to building enduring relationships, providing proactive and commercially viable solutions by being business minded and being there for our clients. It’s a testament to the organisation for putting the framework together to invite success but also, our people, those who live, breathe and champion the Nexia mantra.
With the prospect of a vaccine on the horizon and the promise of improving economic conditions, despite all of 2020’s challenges, it’s worth taking time to pause and reflect, acknowledging lessons learned while appreciating those which we truly value. As the pandemic took hold, assuming the role of Chairman, I couldn’t be prouder of Nexia Australia’s approach and response. Maintaining high workforce employment and engagement, and guiding clients through the COVID-19 torrent has been a point of pride for all our firms, reinforcing (in my mind) the importance of relationship management.
Few would be wise to offer firm 2021 predictions, but if history is an indicator, business investment, household spending and public spending are tipped to rise with budget papers projecting minimal wage growth, declining unemployment and inflation, maintaining a reasonably steady trajectory.
It’s worth noting as domestic borders return to normal, an economic bounce is expected but we shouldn’t assume the effects will be lasting, after all, we are in the grip of a recession. That said, given Australia outperformed much of the world both in economic response and viral containment, as a glass half full optimist, 2021 provides an opportunity to reset and rebuild, a charge which I’m sure Nexia Australia will lead from the front.
