Digital disruption has forced many accounting business to change their methods, using new tools and technologies, but these changes can reap significant benefits in terms of efficiency and customer engagement.
The digital revolution has begun in earnest, with technological change and innovation driving many firms into the 21st century. But how have these changes affected the client experience, and how does this improve the delivery of your service?
Baby-boomer business owners are ramping up their plans to exit full-time work. It’s this group that is looking for help in meeting the trials that lie ahead. In a challenging business environment, business owners are relying more and more on the sale of their business, to retire or invest in a new business venture. Many partners feel that they cannot afford to retire or cannot sell their business.
Consider for a moment how in a reasonably fast and sustained way Xero Accounting Software, CommSec Online brokerage, Exchange Traded Funds (ETF’s) and Mortgage Comparison sites, have started to change the landscape and ‘wedge’ themselves between you and the client. But how far can they take it, how far will they edge into our traditional domain?
If the accountant is the central point of contact for so many things, then why not deliver a broader group of services and be the main relationship manager, the architect and the conductor of your client’s needs?
Every business owner wants to understand the value of their business. But what does a great business look like with real enduring value? Here are five simple steps to manage and track how your accounting firm is creating future value.
Knowing the future value of your business starts with knowing more about your existing clients and future ones than you think.
You might think you know what your “ideal” client looks like but chances are that this has changed in recent years and you might be missing out on golden opportunities.
Businesses talk a lot about staff or team engagement but not many do it really well.
I was sitting in a conference once and the speaker – who was a HR expert – was talking about engagement. His organisation’s research showed that the industry benchmark for staff engagement is 65 per cent.
The debate raging around industry convergence is pointless. Will the territory of accountants and financial advisers begin to converge? That ship has sailed.
The reality is accounting and wealth management should never have been separate in the first place. They are one and the same.
Leadership is a vital part of delivering a strong structure and growth to your business; and to some extent, it’s a quality you’re born with. But it can also be learned through the knowledge and experience you gather along the journey.
No More Practice Education Pty Ltd
Level 1, 10 Shelley Street, Sydney NSW 2000
