Innovate or Fail!
The partners of all accountancy practices should be reading this. The days of being able to provide services the way that they always have are numbered.
The entrepreneurs of today and tomorrow want a new relationship. Not only with a broader service offering but also in the way that interactions take place.
Meeting once a year, not having real time information and providing only compliance services are going to see many of our well established practices disappear.
Of greater significance is the reticence of the more senior partners in these practices to hand over the reigns and allow their younger partners to take the lead.
Embracing the social media age and now looking at innovative ways of marketing practices have to become the norm rather than a dream. At a recent conference one of the most though provoking slides contained the quote that
"People judge you online before they judge you offline".
In addition 70% of people will make a buy decision before they make first contact.
This is not just applicable for retail but for professional practices as well.
Professional practices can no longer hide!
Innovate your product offering, market yourselves so that you can be found and listen to what the next generation of partners are saying. Do all of this and you will succeed, ignore this warning and you will be competing against your younger partners when they leave and get it right.
If accountancy fails to adapt to the new realities – that clients want to engage with their accountants in different ways, through different channels – then it faces the very real threat of the best and brightest looking elsewhere for a career.