Are You Comfortable With Your Firm's Vision
Accountant's Minute 155
Welcome to Accountants Minute.
Are you comfortable with your firm’s vision?
This is a serious question, especially if you are aged under 44, because, according to Benchmarking.com.au, your group represents 69% of the accountancy profession.
Do you understand your firm’s vision?
Are you comfortable with it?
If your firm’s vision going to provide you with the career/job satisfaction that you require, especially if you are looking at a time frame of the next 20 to 30 years?
Is your firm committed to innovation?
Marc Tatora, National Manager, Professional Services, Commonwealth Bank said “All types of professional service firms (including accountants/business advisors) are undergoing deep and lasting structural change driven by:
- disruptive technologies;
- changing market demands and
- new market entrants”.
“Accounting and legal firms are increasingly looking to move up the value chain as outsourcing, automation and new business model competitors, threatened to absorb the lower value, high volume activities that traditionally generated so much of their revenue”.
Some accountants/business advisors are addressing these challenges head on to meet changing customer needs and the shifting market landscape.
Where is your firm situated on responding to the changing market conditions?
How has your firm responded over the last 5 years, since Deloitte released “Digital Disruption - Short Fuse Big Bang” and to customer demands for the supply of additional “commercial services”?
What about the next 12 months – what changes are going to be made in your firm to meet changing market conditions and create new innovative products?
The tax lodgement season is over, why not do some serious planning now?
An interesting exercise – in fact I think a very important exercise for all firms to undertake, would be to compare the components of your firm’s income dissection five years ago as compared with this year.
