Economy |
- Shortage of new entrants into the accounting field.
- More sophisticated investments and tax issues requiring more continuing education.
- Given the small size of business and the lack of connections outside the region, we see this area more insulated from global economic developments than other areas.
- Increasing shortfall of skilled, educated employees.
- Increasing number of investment/brokerage services.
- Job growth and development will directly affect our growth at Traverse Tax & Accounting.
- People working longer.
- Cost of health care spiraling out of control.
- Mergers of large banks with financial firms.
- Foundations and grants being reduced and tougher to get.
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Government |
- Additional standards in auditing field.
- Increasing privacy issues.
- Standard township zoning approaches for businesses.
- Budget concerns for governments, from local to federal level.
- Decreasing quality and quantity of government services and funding.
- Increasing regulation and scrutiny from regulators.
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Technology |
- Technology advances in every area of practice.
- Electronic (computer) banking/debit cards/ATM balanced with personal touch.
- Continuing to move toward online services.
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Demographics |
- People will not be taking early retirement options as much. They will be working longer because they don't want to give up work and/or they don't have the funds to live comfortably without work.
- Traverse City will continue to attract people who want to retire here. Given the environment, there may be a shift from a tourist center to a larger retirement community.
- Aging population (baby boomers) moving into the area.
- Number of retirees is rising while number of young people is decreasing.
- The need for a "retirement community" feel.
- Continuing change in the character of the area's population such that the disparity between the haves and have- nots will increase. What can we do to increase jobs in the area that will provide a reasonable living for the general population?
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General |
- Need more financial understanding. Young people are not educated to manage money: saving, balancing a checkbook, budgeting, handling credit cards.
- Investment management trends include internet based investing, baby boomer influx, total wealth management, credit exemption rising so there is less need for estate planning.
- Increased competition in the wealth management field.
- Continuing struggle to preserve the character of the area.
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Education |
- The gap between a bachelor's degree and actual skills needed on the job requires training.
- Over the long term, support for education will be in jeopardy due to the need to take care of Social Security and health care.
- Need for basic customer service skills and knowledgeable workers.
- Need for lifelong education.
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