a) 75% of Accountants FEAR the FUTURE
b) Why 75% of Accountants FEAR the Future and only 25% will FORGE it.
c) The Future for Accountants Sadly is BLACK and WHITE
There has been much hype about “The Cloud” and the need to add value, and the threat of the potential death of compliance and so on. But what does the future hold for The Profession?
Sadly, we are seeing a Polarised future for the profession with two diametrically opposed movements.
25% -GROUP 1 –THE EVOLUTIONARY ACCOUNTING PROFILE
Practitioners that are embracing change and evolving with the times could easily be misjudged as “cloud junkies”. The constituents might see them as brash, even hasty to adopt new ideas in an attempt to win new age clientele. Interestingly, the Evolutionary often report that after their first progressive leap of faith, one bold move encourages another and so on, and before you know it, the Evolutionary profile have discovered that moving with the times has a far more deep-reaching and potentially valuable impact on their short term and long-term viability, not to mention the sustainability of the practice.
Momentum is an amazing thing, and evolutionary types discover often quite by accident that they should never let go of this exciting and most valuable outlook for the many little wins that it brings them along the way.
75% -GROUP 2 -THE INSTITUTIONAL ACCOUNTING PROFILE
Resistance to change is often founded on deep-seated habits, many of which have worked successfully (or at least somewhat successfully) for many years.
The main challenge facing The Institutional approaches the level of denial regarding the future already being on our doorstep.
One of my previous employers (a world leader in these matters)taught me that we really “Don’t Know What We Don’t Know”and I this is a dangerous approach to business in general.
RISKING YOUR OWN FUTURE:
The Institutional Accountants may be risking your very future because your clients are not impressed by an adviser that does not have a progressive opinion as this is simply the way of the world now. Put simply, if their world is changing then you must have an opinion that is of interest to them to remain a valued contributor to their cause.
Your failure to meet expectations risks what we call “Fee Base Run Off”, a common symptom of clients leaving your firm because of a lack of engagement and connection to your firm.
DEBATING FUTURISTIC TOPICS AT YOUR OWN PERIL
Institutional profiles (Group 2 in this article) in their denial risk huge losses in the immediate future and longer term.
Both customers and employees want to believe your firm is somewhat progressive and open-minded about keeping up with the future and so on and if you lack positive “content” regarding any evolutionary topics it’s not just both groups may vote with their feet!
DOWNGRADING YOUR OWN VALUE & EXTERNAL PERCEPTION:
Taking a 2-5 year outlook, once you start subconsciously downgrading your perceived value life in the profession gets pretty scary.
Your actions and behaviors underpin the perceptions of your clients and staff make about your availability and your abilities. Both clients and employees can be quick to judge you as “too busy” to offer much help other than the tax return!