It can be easy to go through the motions when running a busy practice. However, as with all sectors, firms that step out of their comfort zone and embrace new ways of working grow and gain market share the fastest.
Looking at other industries and business models can give accounting practices a fresh perspective on strategy and growth. In particular, there’s a lot to be learned from the philosophy and structure of a successful tech startup in terms of building a winning team, working efficiently and using the right IT to get ahead. Here are some examples:
1. Provide an enriching place to work
Like accounting, tech is fast-paced and market competition is fierce. Startups usually have ambitious KPIs and multiple investors to keep updated, which puts an emphasis on both autonomy and teamwork. Good client relationships and efficient service delivery is at the heart of accounting and startups too must focus on bringing their services or solutions to market quickly. Finding the right talent and building a stimulating working environment is key.
To engage their employees, startups strive to create unity between coworkers and a sense of excitement for the company’s future. There’s a huge emphasis on culture and new employees need to be the "right fit" for the business, as well as having the right technical skills. Aside from the stereotype of communal ping pong tables, other ways startups motivate their people is through team-building activities, creating a "flat" non-hierarchical culture, and by keeping workers updated on milestones through good communication policies.
2. Offer better perks and benefits
Tech startups are well known for offering quirky benefits to employees, from office snacks to flexible working, equity share incentives, wellness programs and more. A good basic salary and performance bonus are expected, but it’s the attractive extras that can help attract talent and promote job satisfaction.
3. Focus on branding and image
Whether they’re selling a consumer gadget or enterprise software, successful startups excel at building a compelling brand image and differentiating themselves through strategic marketing, bold imagery and concise messaging. Market leaders don’t "blend in" with other service providers and strive to inject personality into how they present themselves to their target audience. Similarly, accounting practices could consider how they can stand out more. From video content, engaging with local businesses through social media campaigns, or investing in new website graphics.
4. Be your own toughest critic
Like all businesses, startups who succeed are those with attention to detail. They closely monitor customer feedback and phase out processes which are detrimental to productivity and profits. Once they launch their product or service, they continue to refine it, introducing "Version 2.0" to ensure it outperforms emerging rivals.
Similarly, accounting practices should continuously review what’s working well and what could be improved—if the right services are being offered, or if more could be done to generate new revenue streams.
5. Eliminate outdated ways of working
The competitive, fast-paced nature of the industry means that tech startups work on tight deadlines. As funding can be ad hoc, they need to carefully manage their resources throughout the year, which leaves no room for inefficient and/or costly manual processes. As tech startups champion innovation, using smart solutions to support their teams is part of their work ethic.
This is comparable to accounting, where it can be tough to meet deadlines and juggle client demands. There isn’t much time left over for routine manual tasks related to payroll, onboarding, HR or bookkeeping data entry. Manual data entry can be a particular burden due to the effort and expense it takes to type up information from clients’ bank statements, invoices and receipts into accounting software. Due to this, many are rightly adopting automated solutions to eliminate these activities and devote more time to delivering high-quality services.
Leveraging innovation to drive practice growth
With more small businesses
