Accountants, financial planners and finance professionals are faced with a similar choice. Am I building a business or becoming the very best professional that I can? Either choice is ok – one is not necessarily better than the other. They are however different and the business strategy and direction engaged will be different based on the choice you have made.
Too often finance professionals end up with a business strategy confused, mainly because it is not consistent with their primary goal.
Building a business is about organisational structure, delegation, leverage and systems. And it creates a brand that is not simply you. In mature successful businesses the brand stands independent of the owner and founder of the business. Progressively the owner and their image recede into the background and the corporate brand and presence take over. What may have commenced as personal goodwill becomes corporate goodwill. There is a clear vision on what the business will be, size, scale, business model and geographic coverage. And quickly you are moving to recruit people who can do what you do – not simply people to play a support role. And if you are building a business you are often looking for people who may be as good, or better than you in your profession.
Building a great career is different. It is about you. It is the building of professional excellence, strong technical expertise, great client service and the highest level of professionalism. And yes you may have people who work with you and assist you, but their role is always subordinate to you. They are primarily there to assist you to function at the highest possible level. Your goodwill is personal goodwill.
Thinking about the differences between a business and a career also points to areas where they cross over. There are common denominators. The key difference is in what you are aiming for. From there it is about how you go about trying to achieve it. The implementation is quite different.
Because many professionals operate in a self-employed or independent status they have the structural and legal appearance of a business. Strategies and support services offered frequently do not differentiate between the two fundamental directions. The same solutions are offered. Getting this right is about having a clear vision and direction. Then you need an implementation map that gives you your stepping stones. Test these back against the vision and ensure that they are consistent.
Greg Hayes is the national chairman of accounting group Hayes Knight. In addition to their accounting services they also provide practice support to accounting firms and a financial services model for delivery through the accounting profession. Greg is also the author of ‘A Practical Guide to Business Valuations for SMEs’ (CCH 2013).
