#business

Dealing with an evolving industry

It is a hot topic currently, to talk about change in the Accounting and Bookkeeping industry, along with other words such as disruption, add-ons, cloud, focus and success. 

But what does this mean for everyone?  I have been on this journey since starting my own business and then through the rapid disruption from 2011 onwards, during my time at Xero, in Australia, to see the industry go from feeling safe and content, to suddenly rocked, being told what to do and how to keep ahead of the curve. 

From what I have seen more firms are embracing different technologies, moving to advise their clients on the directions they should take and yet internally still battling with how to evolve themselves. Then there is the noise, everyone has an opinion from the software vendors to the consulting firms, to colleagues in the industry, there are articles daily that you can read on the topic a wealth of knowledge being shared. 

But does that help?  I see a huge number of articles on how to 'find the perfect man' or 'get fit in 7 days', has that assisted without hard work and determination - No, it hasn't.  No amount of reading will help without digging in, working out what it is that you want your business to be, the direction you want to take and then sitting down and making it happen, a good friend said to me recently "sometimes you have to simplify to upscale!"

Thankfully there are also a lot within this industry that are a great support, sounding boards, challengers, and supporters.  I know I have seen the firms that have done this really flourish and as always in business, life, love and sport some will fail. 

"If you always do what you've always done, you'll always get what you've always got" - This quote crosses from business to life, and to change will be uncomfortable, painful, hurt, take time and buy in, but it will be worth it to ensure that the business you have built and love is going to continue to be around through the changes to come. 

So, where to start?  Find that team of people who you can bring around you to hold you accountable to your goals, this could be within your business, family, industry or it could be other businesses unrelated to yours that you trust.  Build a board of advisors, narrow down the software changes and focus that you need, the tools to have in your toolkit and then reach out and build those strong partnerships.  There are people within the software industry who know where you are, what you're going through and can give great guidance due to having seen it before.  

Then get ready to fly and also continually ready to change, grow and adapt.  This will not only help your business but also your clients.  In saying this I have said for a long time, "what you do with your business is your business".

Be comfortable in your decisions and if you aren't comfortable then something needs to change!