Growth driven by quality

Growth is an outcome of our success, not an end in itself. So we believe that the past year's continued strong growth reflects further improvements in the quality of our service to clients.

Despite a tougher competitive environment in 2006/07, BDO Stoy Hayward's national turnover, including our Belfast firm, grew by 10 per cent to £317.4m. Profits grew more slowly to £72.5m – as we increased our investments in people and infrastructure to enable us to deliver an outstanding client experience.

Indisputably we now have the scale and scope to act for all but the largest global companies: during the year under review we attracted a number of well known clients including BT Global Services, Hammerson, Orange Business Services and Randgold. We recognise that the standards of service demanded by these larger corporates, combined with the increasing expectations of our traditional client base, mean there can be no let-up in our pursuit of quality.

Defining quality

Quality is multidimensional. It includes not just the standard of our work and advice but also the client experience we provide. Quality service is delivered not just by process and infrastructure, but by people – and it is assured not by the number of people we employ but by the level of their commitment and motivation. So our investments have a two-fold aim: to attract, develop and retain people who are committed to delivering quality client advice and service; and to give them the infrastructure and support they need to do so.

In the past year we have opened new offices in Gatwick and Cambridge, and we have recently moved to new, larger offices in Glasgow and Leeds. In early 2008 we will consolidate our existing five London offices into a landmark building in Baker Street.

We have also taken additional space in a number of other locations. These property moves not only help accommodate our significant growth but also ensure that we offer an appropriate working environment for both our clients and our people.

Quality recognition

Client satisfaction levels have improved steadily since we began our Client Listening Programme in 2002. In the last survey 89 per cent of our clients rated our relationships with them as good or excellent.

The quality of our work is also acknowledged within the profession. We were delighted to win the inaugural Accountancy Age Global Firm of the Year Award – and by the judges' comment that we "stood out a mile" in the accounting arena as "the firm that had progressed the most over the year. Clearly, a well oiled machine."

The Managing Partners Forum named us as Mould-Breaking Firm of the Year, noting that we are "succeeding in providing a real alternative to the Big Four as a rounded client and employer brand without seeking to become a me-too member of an enlarged Big Five."

The quality of our people, and our standing as an employer, continue to be widely recognised. In 2007 we scored a hat trick by winning the Accountancy Age Employer of the Year Award for an unprecedented third time. Our investment in our people has enabled us to attract and nurture the most talented individuals; this year we recruited 338 new people and our graduate intake was 192 compared to 175 in 2006.

Close partner involvement with clients is a key element of our approach. We have continued to recruit and promote new partners during the year – we now have 226.

Our international network

Our success in the UK has been matched by the success of other BDO International Member Firms. BDO Member Firms now have some 30,000 people operating from over 600 offices in more than 100 countries, generating revenues of almost $4bn. All BDO Member Firms are aligning around the parallel themes of quality people and quality service, and many are ranked among the leading employers in their countries. Our investment in BDO International – in both people and financial terms – continues to increase and we recognise the importance of being able to offer our clients a seamless global service. We have more people seconded to – and from – other BDO Member Firms than ever before.

Looking ahead

Having more than doubled our turnover in the past five years, we are attracting more competitive attention from the Big Four and others. As we compete ever more vigorously we will remain refreshingly different, in ways that are relevant and valuable to our clients. Our pursuit of quality means we will continue to deliver a better employment and client experience – and assure our continued growth.