Business Strategy of KPMG ( Australia)

A corporate strategy is a blue print to plan long term growth of any business where as a business strategy is a blue print to plan development of each service offered by the organization. Corporate strategy is concerned with competitive advantage of the organization as a whole where as Business strategy is concerned with the competitive advantage related to only one business in the corporation. An effective business strategy ensures a successful corporate strategy. Therefore a clear distinction between the two becomes crucial for any enterprise. 

Every business continuously strives for sustained performance and economic results. This results through a right business model, strong cash flow and a balanced cost structure. Specialized skill in financial management, optimal utilization of technology and other resources and overall cost management become very important for any business unit.  Thus, Business strategy is achieved by any organization when it has achieved either cost leadership or differentiation in their offering or both  (White, 2006).  

KMPG, Australia has been catering to the small and medium firms for services such as taxation, auditing and business consulting. Moreover, it has been profitably offering auditing services in Australia where almost 80% of the market is occupied by the four (Deloitte Touche Tohmatsu, KPMG Australia, PricewaterhouseCoopers and Ernst and Young) audit firms  (Mayhew, 2002)   It has been able to differenciat its services from its competitiors in the sense that it provides industry specific business performance services which assists organizations (clients) in development and management of the strategies crucial to the development of the business  (Francis, 1984). 

Business unit strategy is concerned with the competitive advantage related to only one business in the corporation. It is limited to a specific vertical of KPMG in a specific market. However KPMG has been able to successfully incorporation of all the businesses strategies into one major corporate strategy and hence has been able to make its position in the Big Four in the Australian market.

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Corporate Strategy of KPMG ( Australia)

KPMG’s corporate strategy is a direct reflection of the position that it has achieved in the market place today.  Globally it is one of the most successful audit firms. Such a growth of the organization is a combination of its external growth (Mergers and Acquisition, International affiliations) as well as internal growth (such as Brand management, effective resources management, corporate social responsibilities). KPMG’s corporate strategy can be divided in to the two broad categories.

Firstly, Development Path – through self driven growth, M&A and international affiliations.

KPMG, one of the big four audit firms has achieved this strategic position through self driven growth, Mergers and Acquisition and international affiliations. This has been one of the most important steps in the KPMG Australia commercial expansion. KPMG was formed as a result of merger between Peat Marwick International (which was formed as a result of merger between R Fletcher & Co and Marwick, Mitchell & Co in year 1911) and Klynveld Main Goerdeler. These firms itself were well known for its financial and audit services. Another important path towards future development was laid in the year 1990 when Peat Marwick Hungerfords merged with Touche Ross & Co. Also one of the most recent and crucial event happened in the year 1998 when all offices in Australia merged to form a national partnership. These mergers form important part of KPMG’s growth has it has enabled KPMG to spread its footprints globally.

Secondly, development through internal growth. Internal growth can be by resource and cost management, brand management and also through corporate social responsibilities.

KPMG stands as one of the biggest audit and advisory firms in Australia. The Brand represents services to its clients in various verticals such as Tax, Advisory and Business Consulting which are personalized but very effective.  KPMG creates the Brand promise in the sense that it promises effective solution to the problems present in front of it for its clients. It makes the Brand promise by offering effective solutions to the problems and strategies to implement these solutions. It keeps the brand promise by constantly providing such solution to its clients and maintaining long term relation with its clients.

KPMG has been able to attain one of the largest client bases in Australia and a very high level of client satisfaction too. This has resulted in a long term growth of the company and giving it a strategic position in the market.

KPMG, Australian Unit was one of the first companies to take the initiative to neutralize carbon emissions from day to day operations. This initiative named as ‘Global Green Initiatives’ had three important aims. KPMG aimed at reducing carbon footprints, support environmental projects and educate its stakeholders to improve climate change impact. KMPG set a goal in 2007 to reduce carbon footprints of its member firms by 25% by year 2010. In the year 2008 it reported a reduction of carbon footprint by 7%. In order to ensure its commitment towards the environment KMPG has also initiated various programs for water conservation, electricity conservation, recycling activities etc  (White, 2006). 

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Strategic Analysis of KPMG (Australia)

KPMG is a global organization which provides services in Audit, Tax and Advisory. It is one of the big four auditors along with Deloitte, Ernst & Young and PricewaterhouseCoopers (PwC). KPMG core strength is its industry focused personnel who provide these services in more than 140 cities. In Australia, KPMG has 13 offices and 4500 employees approximately. 

KPMG has broadly 5 major areas in which it operates. Auditing is one of the oldest offerings where it carries out independent audit services to enhance reliability of data. It carries out audit in various areas such as Financial Statement Audit, Regulatory audit and Accounting Advisory services. It also offers Advisory services where in it manages risk and ensures effective competitiveness of its clients. KPMG also provides Taxation services to its clients where in it ensures all taxation related documentation are maintained as per the law and provides expert guidance compliance of all rules and regulation for smooth functioning of any organization. KPMG has a special vertical where in it provides audit, taxation and business consulting services to small and medium firms. It also provides in-depth knowledge and understanding of industries to understand local and global issues and develop strategies accordingly.

The path that an organization chooses to achieve is long term objective is the corporate strategy of that organization. The development of a corporate strategy scopes in the mission, vision, nature of the business, internal and external environment and its competitors too. The corporate strategy of any organization is its answer to the basic questions such as why to operate in a particular area or a business? What is the scope of expansion in the near future?  Corporate strategy is not about micro management. It reflects a bigger picture where in one has to map its performance in a way which is competitive and makes the organization viable in the existing environment and strategies for future expected changes.  (Andrews, 1986).

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