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1. There is no "silver bullet" when it comes to business transformation. But firms are successfully investing in and implementing business transformation strategies. Those strategies include (but are not limited to) increased automation and outsourcing. In fact, it may be too late to impact the 2023 busy season with these strategies unless you have already committed to implementation.
Many accounting professionals have had their confidence shaken by the talent shortage, increased demand for services, and inflation. You are not alone if you are feeling stressed, burned out or threatened.
2. Pain can be a catalyst for investing in your future. Your mindset will significantly impact your future. Reactive behavior is generally expensive — not only from a financial perspective but also to your health and ability to continue providing value.
3. Establish priorities based on an updated vision and game plan. This will become even more of a strategic advantage as firms move into less predictable times.
We hear this from firm leaders, and data confirms the need to focus on the right services, clients and business models.
From my experience, people make good decisions during periods of high confidence and poor choices when confidence is low. Therefore, firms should focus on investing in their vision and the access, development and management of resources. This requires strong leadership and a sense of urgency to avoid being caught in the status quo trap.
Here are some ways your firm can maintain confidence and retain a strategic focus:
- Conduct a firm visioning session.
- Express gratitude.
- Focus on adding value through unique-ability teams.
- Reduce friction (e.g., flexible schedules, lack of adequate resource scheduling, scoping proposals and engagement letters, email overload, excessive and prolonged meetings, difficult clients, and overtime for extended periods). Remember that friction for one person is an opportunity for internal or external resources. This is where unique abilities, outsourcing and automation enter the equation. The ability to increase both capacity and capabilities is critical.
- Communicate positively — but realistically — and regularly to partners, staff and clients.
- Establish boundaries/expectations and hold yourself and others accountable.
- Package and price advisory and consulting services for your strategic clients.
Most firms are planning significant pricing increases and revisiting and enforcing policies and boundaries regarding client acceptance and retention. What happens if you don't address these issues and defer investing? The result is technical debt.
Think — plan — grow!
