SEKOYEN ACCOUNTANCY TUTORS LTD
Business Plan Executive Summary
Despite there being many tuition providers and suppliers of materials for professional accounting exams the pass rates remain stubbornly average, barely rising above the 50% mark over the decades. As a practitioner the accountant faces an increasing challenge to keep up with the plethora of financial standards and other regulatory burdens. How can the pain of learning be eased and success at exams more assured? How can the ever growing body of technical knowledge be made accessible to the practitioner and student alike?
The answer is technology: i) designed to equip the student to study and learn at his own pace to his own needs; ii) enabling the practitioner to readily access required technical knowledge and relevant best practice examples for immediate application. This will suit people in all situations whether studying on their own, distance learners, full time or part time students, auditors, industry and not-for profit accountants. This is the attractiveness of the idea. It is flexible and indispensable to all. With accounting convergence it can reach a worldwide audience. I have tested the idea with students and practitioners alike and everyone thinks this is a great idea.
The “mastering” series of products idea aims to significantly reduce the pain of studying and practising accounting, finance and taxation. It aims to do this principally through the medium of the internet by giving the learner and the practitioner the tools to learn on their own terms to their own needs. The product series is grouped into: Mastering Financial Accounting & Governance, Mastering Management Accounting and Mastering Taxation & Financial Management. These groupings broadly reflect the subject contents of the major professional accountancy bodies such as the ACCA and CIMA.
The mastering concept signifies a comprehensive approach to learning support that enables the learner to master topics speedily and confidently.
Distinctive excellence of the product
The product distinguishes itself from other products by empowering the learner to learn and be in control of his own learning. For example, the learner can develop his own study and revision plan guided by stored performance data and expert advice based on insights about how people learn and manage learning. This is the result of the strategic learning approach that underpins product design and offerings. The variables affecting learning are analysed and prioritised. For example, the student may have a need to improve or develop advanced skills in reasoning, reading, time management, critical thinking, studying, business and technical language, etc. The student is enabled to identify and develop these skills at appropriate stages during the chosen course of study because of the strategic design of the course offerings.
Examiners and markers frequently complain about students failing to demonstrate appropriate skills and understanding. These deficiencies occur because tutors often fail to make explicit the need to develop skills required to achieve certain levels of understanding. These products do not assume that students necessarily possess these skills when they start studying or that they would necessarily develop them during a course. Instead, as a minimum these mastering products deliberately provide for the explicit development of prescribed competences to the required level for each course.
Thus the products aim to enable learners at all ability levels to equip themselves to pass the exams first time and be ready to apply their knowledge in practice. The product will continue to serve them as practitioners reflecting the lifelong learning component embedded in the strategic learning approach.
The market consists of students and practitioners. It encompasses all geographical regions. Convergence makes this realistic. The product is flexible and customisable to all accounting and finance courses, professional and academic and can be used with a range of text books and own designed texts. Initially it is envisaged to develop the product for the ACCA (Chartered Association of Certified Accountants) the largest body of accountants with student numbered over 400,000 and qualified practitioners over 150,000. From this base the products, especially Accounting on the tap can be expanded to other accountancy bodies worldwide to a market of millions of accountants.
The close rivals don’t have a product of this sophistication and appeal. They have missed a simple trick and this is my opportunity. Theirs is a proliferation of products; mine is a single product but versatile and efficient. Those tutors often wonder why students don’t pass exams. I have some good ideas to address the issue. I have a well developed delivery model idea that students are excited about because it gives them control over their own learning.
I intend to hire the best tutors to write and support content. I taught myself accounting and gained a qualification at a distance (from ). My frustration at the lack of suitable materials is part of my driving force. I am a master learner with a passion to teach and learn.
Students have been trying out my products in the present form and expect it would be great in asynchronous formats.
Because there is no other product of its kind to benchmark my product against it is not practical to estimate how much IT input would be required. As this is a major cost I would not want to get it wrong. This is where I need mentoring and business partnering to try to gauge the resource inputs. I have detailed specifications about how the product should work but I do not have the software expertise.
I hope you could join me to share my excitement in producing a world class product that will become a great success in a short space of time.
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