Why not consider adopting these business practices to refresh your routine and open new doors:

Assess Your Leadership Skills:
At Smithink, we believe and teach accounting professionals that everyone can be considered a leader regardless of their job position. So, take a moment at the beginning of each day to remember that you are a leader, and your actions should reflect your personal values, as well as those of your firm. Empower yourself to find new opportunities to further develop your leadership skills. Maybe volunteer to take on ownership of a new project, mentor a new employee, evaluate your personal career goals, and create new paths to achieve them.

Practice an Environment of Gratitude:
Take a positive attitude, and share it with your team. Providing genuine care for your people is one key to engage employees, and as we have seen, it can directly translate into employees providing a high level of care for your clients. Find new ways to appreciate the work that your employees, peers, and leaders are contributing to the organisation. This new level of care can result in a happier, more engaged workforce.

Be Curious About Your Surroundings:
Curiosity will lead you down new paths, so now is a great time to be more curious about your surroundings. Take the change in scenery as an opportunity to brainstorm and think outside of the box. Think about moving your weekly meetings to other venues. Innovation stems from new stimuli. Be curious about other firms and companies. What are their business challenges and how have they solved them? You just might be surprised to discover a solution that could apply to your firm.

Celebrate Success:
We all work hard and too often do not have the time to celebrate success. Maybe providing team incentives could be an option. I know of a firm that provides lunch at the local hotel if the team meets budget and if they exceed it by nominated percentages the quality of the lunch and restaurant moves upwards. It is a great way to get the team focussed on common goals and be rewarded for their efforts.

To learn more about leadership, innovation and management come to our Young Guns Workshop at the Hilton Hotel Surfers Paradise on 10-11 2022. For more information and to register you and your team click here. Earlybird pricing is available until 10 September.

The post Opening up new doors in your career appeared first on Smithink.

There’s talk of the great resignation. There’s talk that there’ll be a rush on holidays as things start to open up again. That’s not encouraging in a profession where labour is already scarce. Let’s hope the government starts cranking up immigration and the university students rise to meet demand.

We need to do a better job communicating with year 10 kids and their parents about their career choices and options. It’s better to choose career opportunities where there is a demand for labour than those sexy courses with no job at the end of them. Are you getting out to the schools to talk to careers advisers?

Of course, the best management of your labour resources starts at home. Are you looking after your people?

Are you throwing away performance reviews and developing “Career Development Plans” for each of your team members? This involves outlining with the team member where their career is heading and specifically details what needs to happen for outcomes to be achieved. There’ll be some things the employee needs to do (improve performance, study, take on new tasks etc) and there’ll be things the employer needs to do (delegate new tasks, give them experience in new areas, provide opportunities for study, and research etc). These need to be written down and reviewed quarterly to ensure that commitments made have been met.

Are you involving your team in your firm’s strategic planning? A common complaint from many is that they don’t know where the business is heading and/or they don’t have the opportunity to contribute their ideas. I have recently facilitated a few of these involving the whole team for a day. It is a very positive team-building exercise and also gives people a sense of involvement in the strategic planning process, with some good ideas unlocked. With some games thrown in, it’s an energising exercise for the firm at a time when energy is needed.

Other firms have been involving their team in community initiatives to help others less fortunate or help struggling start-up businesses. Most of us know that more often than not the giver gets more out of the experience than the receiver. COVID has made such initiatives difficult over the past couple of years but perhaps 2022 is the time to recharge your community activities?

Are you having enough fun with your team? Some firms have a Chief Happiness Officer whose job is to keep an eye on morale. They address issues that are having a negative impact on morale and build a plan of initiatives aimed at creating a happy and motivated workforce. Creating a new environment for your firm might be just what is needed in 2022 to encourage the team to stay and remain committed to the firm. As they say – work hard, play hard.

Do you have an effective capacity and resource plan? Firms I have worked with have often reflected that a quality capacity and resource plan is the most important initiative they have undertaken. It involves spreading the work out through the year in a planned way. Clients are involved in the process. The benefit is that it reduces stress from too much work in some periods and too little in others. It gives people a sense of their work plan which gives them a feeling of being in control. It creates space to enable continual engagement with clients and develop advisory work.

So in a world that is hopefully opening up (Omicron permitting) many of your team might be wondering about their career. Your job is to show them in practical ways why there is no better place to work than where they are at right now. It needs to be more than words. Some practical action is needed.

Consider sending your stars to our Young Guns Workshop in February as a recognition of their contribution through 2020/21 and to kick start them for 2022 with a range of new skills and relationships with other like-minded professionals. To learn more click here.

The post 2021 – Glad that’s over; 2022 a new beginning? appeared first on Smithink.

I recently had the opportunity to speak to Peter Annis-Brown. Peter is a qualified Mental Health Educator and Master Mental Health First Aid instructor who conducts workshops, training, and courses throughout Australia to leaders, businesses and organisations looking to increase the overall health and wellbeing of themselves and their teams.

As a Mental Health Educator and practitioner, Peter is seeing two distinct camps at the moment. Those people and businesses that are struggling because the ongoing lockdowns are impacting on the delivery and demand for their work. In the other camp (which I see Accountants) they are struggling because they are overwhelmed with the amount of work they are being asked to do to support those businesses that are needing government and other support to try and stay open.

In his work, Peter talks about “two selfs”, self-awareness and self-care. If you can realise when you are stressed, anxious or in a depressed mood, and you also know some of the triggers that put you there, you can implement strategies and ways to stop you getting too low and becoming chronically unwell and developing a mental health illness.

Peter mentioned to me the two most common questions he gets asked when running courses and educating people being, “what are the signs and symptoms that are present to look out for?” And “how long do you need to be feeling down for?”

In answering these questions, Peter advises firstly that only a recognised professional (GP or Psychiatrist) can diagnose a mental illness and that he is not one of these, but you can follow the following checklist that looks at changes in behaviour and what to look out for.

Physical Signs and Symptoms

• Pounding heart, chest pain, rapid heartbeat, blushing.
• Rapid, shallow breathing and shortness of breath
• Dizziness, headache, sweating, tingling and numbness.
• Choking, dry mouth, stomach pains, nausea, vomiting and diarrhoea.
• Muscle aches and pains (especially neck, shoulders and back), restlessness, tremors and shaking.

Psychological Signs & Symptoms

• Mind racing or going blank.
• Decreased concentration and memory.
• Indecisiveness.Confusion.Vivid dreams.
• Worry (about past and future events).

Behaviour

• Avoidance of situations.
• Obsessive or compulsive behaviour.
• Distress in social situations.
• Sleep disturbance.
• Increased use of alcohol or other drugs

For people that think they might be depressed Peter provides the following self-check of the signs and symptoms that might be present. He further advises that while one or a few of these signs and symptoms are completely normal, if a person has a depressive disorder, they will have five or more of these symptoms (including at least one of the first two) nearly every day for at least two weeks.

• A depressed mood.
• Loss of enjoyment and interest in activities that used to be enjoyable.
• Lack of energy and tiredness.
• Feeling worthless or feeling guilty when they are not really at fault.
• Thinking about death a lot or of suicide.
• Difficulty concentrating or being able to make decisions.
• Moving more slowly or sometimes becoming agitated and unable to settle.
• Have sleep disturbances such as not enough or too much sleep.
• Loss of interest in food or sometimes eating too much. Changes in eating habits may lead to either weight loss or weight gain.

Finally, Peter advises that with treatment, just like physical illness or injury, many people can improve and control their anxiety and depression. With self-awareness to seek early intervention, self-care and support, many people learn to manage and even recover from many mental illnesses.

So how is your self-awareness? Are you looking after yourself and doing your own self-care so you can be at the top of your game? Not only for yourself but also your family and the clients you care and look after.

You can contact Peter at [email protected] to explore how he may be able to help your firm.

One of the sessions we are running at our Young Guns Workshop in February 2022 is Mental Health Insights and Strategies for Accountants. You can view the full program and register here.

The post Mental Health Challenges for Accountants appeared first on Smithink.

All of the larger firms are making a significant investment in this technology. There are now sophisticated tools available that don’t require programming expertise to develop these bots that take over simple repetitive tasks. Robots can seamlessly move data from one application to another by mimicking activities such as clicking, typing, and moving between windows.

Perhaps even more interesting or scary, depending upon your perspective, is that these robots can learn to enhance their own capability.

While the sophisticated Robotic Process Automation (RPA) tools are still quite expensive for smaller businesses it is clear that more and more providers will emerge with pricing more attractive for smaller firms.

UI Vision (https://ui.vision/) is an example of a company with some free tools. Microsoft has Power Automate (https://powerautomate.microsoft.com/en-au/) where you can try it for free.

The concept is not that difficult although the tools do allow quite sophisticated implementations.

At a simple level, these tools can record and execute macros. A macro is a set of stored keystrokes that the system can automate. Systems can incorporate macros recorders that will record a user’s keystrokes to provide a starting point for bot development. These stored keystrokes can be edited to create the automated bot. There are quite a number of macro recorders on the market. More sophisticated functionality comes from the more expensive Robotic Process Automation applications. If you’re interested, have a look at:

https://www.blueprism.com/
https://www.automationanywhere.com/
https://www.uipath.com/

There are quite a number of others.

Interestingly, this concept of macros recorders has been around for a long time. In the 1980s there was a product called Smarkey that stored keystrokes for DOS applications. In my firm, we created quite a sophisticated macro that enabled us to convert all of our ledgers from one supplier’s software to another. The new supplier was so impressed they used it as a conversion tool for other customers. We had 2,000 ledgers – each was converted in less than five minutes with no human intervention. Ponder the cost-saving from just that one application.

In a world where labour is increasingly difficult to find with rising costs, firms will need to turn to these technologies to enable work to be completed quickly and cost-effectively. Those that end up having an array of bots for these repetitive tasks will have a sustainable competitive advantage

So what are you going to do? You need a champion to drive it. Someone with a good mind for processes and a technology bent. Again not an easy person to find. I suspect they will exist in the younger ranks. There will be grads emerging with Robotic Process Automation knowledge. Many would find the opportunity to revolutionise the firm’s processes as an exciting opportunity.

If you possess these skills in your firm, I’m sure there is a service opportunity to assist your clients with their own bot development.

So if you wish to lead your firm to a successful future, Robotic Process Automation should be on your radar. Spend some time reading some papers on it and consider how investing in the technology may deliver significant benefits to your firm and your clients.

David Smith will discuss Robotic Process Automation and other technologies at our upcoming Young Guns Workshop in February, 2022. To learn more about our Young Guns event click here.

The post Who will command your bots? appeared first on Smithink.

Around 26 years ago I was invited to come down to Ronald McDonald House Westmead to help them with their MYOB accounting system. They had been using a complex Oracle system managed by the Hospital that produced a 50-page general ledger report that the board could not comprehend. MYOB was set up to try to turn the numbers into knowledge and simplify reporting for management and the board.

That chance engagement led to an offer to sit on the board as Treasurer, to replace the existing Treasurer who had moved into the CEO role at the Australian chapter of the charity. Over the past 25 years, it has been an extremely rewarding experience. I have met many wonderful people and learned so much from like-minded board members representing McDonald’s, The Children’s Hospital, the community, suppliers, donors, team members and the like. I would not change any part of this 25-year journey and look forward to future challenges.

One of the board’s greatest achievements is the construction of the new 60 room, 44-million-dollar Ronald McDonald House Greater Western Sydney behind the existing 18 room house. To provide a state-of-the-art facility to so many families of sick children is truly inspiring. Personally, representing Australia on the Global Finance Committee and being part of an Australian Finance Committee that managed the integration of a standard accounting system across all houses have been memorable. I really do love the charity and what it does. It has been a privilege to be involved with so many generous people truly devoted to the mission of the charity, and in turn, share my knowledge to help everything move forward.

Around 17 years ago I was invited to a BBQ (beer and wine!!) by a good friend who introduced the concept to me of the Central Coast Academy of Sport. Many local athletes at the time had to travel to Sydney for elite level coaching and needed local level development and support to further their athletic development. He asked me if I would chair the Academy and I unreservedly accepted and to this day have undertaken.

The early days of strategy development and submissions to the NSW Minister for Sport and the Department of Sport and Recreation were very challenging and interesting. We needed seed funding to get the Academy off the ground. Thankfully this was obtained and with our corporate partners, the Academy was on its way.

Chairing such a dynamic board has been an absolute privilege. This hand selected board offered a diverse skill set and motivated approach to corporate governance and best practice. The Academy itself has provided coaching and development to over 3000 athletes and has witnessed athletes participating at NSW Academy Games, Commonwealth and Olympic Games and trials.

Support from our partners has been critical and my time on this board has taught me to truly value those relationships, never take them for granted and continue to enhance them as time passes. Another key learning has been working with the CEO. He is a brilliant and strategic manager who can develop relationships and follow them through. His interactive team approach to managing staff is to be admired and best of all his communication style to the board has been exceptional. Again, I look forward to the future and chairing this board.

These are just two of many boards I have sat on and continue to sit on. I would challenge every accountant to get involved in supporting a not-for-profit. What are your interests, who do you feel you could help most with your skills? It is a rewarding experience that you can articulate back to the workplace and the skills you will acquire absolutely help with the management of your firm.

Get involved, good luck, and feel free to reach out to me at [email protected] if you would like to have a chat about my experience and learnings on the boards for charities and other not for profits.

The post The benefits of doing work with not-for-profits appeared first on Smithink.

1. Have you conducted a cyber risk assessment? Reviewing business cyber risk is a must. You can use any number of frameworks from the gold standard, National Institute of Standards and Technology (NIST) to the Australian Cyber Security Centre’s Essential 8. Once you have identified your vulnerabilities and gaps you can make incremental and affordable changes suited to your workload and budget.

Hint: Sometimes it’s hard to know where to start. If you’re stuck, check out BCyber’s complimentary health check, it provides a quick snapshot referencing both NIST and the Essential 8 framework.

2. Do you have an asset register? You need to focus on your cyber assets, not your accounting one’s here – to understand your attack surface (ie where the cybercriminal can potentially get in) cyber asset management focuses on tracking all “devices” interacting with your business and the internet. The better ones include virtual assets e.g. software licenses.

Hint: This is not something that your outsourced IT provider usually has handy, you’ll need to pull this one together. Just start with a list which records all technology assets and their basic details e.g. device type, brand, model, serial number, software licenses, IP address, warranty details, responsible staff member, last patch update, purchase and life expectancy dates etc. If it interacts with the internet, include it. It’s not just laptops and PCs, but also (potentially) printers, photocopiers, servers, business mobile phones, etc.

3. Do you have a cyber aware culture? The aim isn’t to create cybers experts but ensure that everyone, no matter their role, understands what a cyber threat looks like, your policies and procedures for dealing with it. It shouldn’t matter if the attack is Phishing (an email scam), Smishing (an SMS scam) or Vishing (a phone scam), regular training supported by strong policies and practices will help build muscle memory and decrease the likelihood of the staff clicking on a bad link, unwittingly disclosing client PII or paying real invoices into the cybercriminal accounts.

Handy Hint: Staff education and awareness isn’t a “tick the box” or a one off “lunch and learn”. Regular education exercises need to be supported by policies and procedures that have been practiced and discussed. Keep cybersecurity top of mind by encouraging conversations about it at team meetings and/or alert staff (and clients) about major breaches, such as those involving social media platforms so they can update security controls and passwords – the recent LinkedIn breach comes to mind. Done right you can turn it into a positive relationship building exercise with staff and clients.

4. Does your firm have great Password hygiene? Does everyone know and follow your password policy? Tweaking the minimum number of random characters, symbols and letter cases from 12 to 16 exponentially increases the time it takes to break a password. Do staff reuse passwords or use information that can be found on social media? Social media is a great source of information. A quick reminder of password basics at the next team meeting combined with a good mandated password manager will help set you on the right path.

Handy hint: Never share passwords, it’s a dangerous and false economy. If something goes wrong and the entire office is using the same access, there is no way to workout the source. The bigger issue is the “legality” of such actions under the Terms and Conditions of your software license contract, not to mention the potential impact on a cyber insurance claim.

5. Do you know if your website is secure? Website vulnerabilities are generally forgotten but an estimated 50,000 websites are attacked daily – usually by an automated tool (aka a bot) that crawls the web looking for sites with known vulnerabilities. Website access means cybercriminals can alter your content, redirect traffic, plant malware and steal data, to name but a few nefarious objectives. Don’t think it’s a problem? A British Airways website 2018 breach recently resulted in a settled class action.

Handy Hint: A few small investments can result in some big changes:

• Update as soon as one becomes available – don’t have fixable issues on your site
• A Secure Sockets Layer (SSL)/ Transport Layer Security (TSL) certification – can boost your Search Engine Optimisation (SEO) rankings and you ensure any data your visitors send to your site uses an encrypted channel
• Install paid (inexpensive) web security tools eg Plugins and Web Application Firewalls (WAFs)

How did you go?

Final Hint: Anything less than five “yes’s” means you need to “hit the cyber gym”:

Need more cyber risk mitigation assistance from people you understand accountants, then visit the BCyber website or drop us a line at [email protected].

As a special offer to Smithink readers, Karen is happy to offer you a one-off website security report (inc SEO) accompanied by a 30min explanation meeting for the first 20 businesses who request it – it will help you understand your current level of website security, key to keeping your business secure especially as the brute-force attacks on websites have been phenomenal of late. If this is of interest to you email Karen at [email protected].

The post Are you cyberfit? appeared first on Smithink.

And then the government produced the next iteration of its intergenerational report. The report noted the decline in the fertility rate. The report also noted that the current number of four working age people for every person over 65 will drop to 2.77 in four decades time. Of course changes to migration might have a significant impact on these numbers but it does seem clear that there is going to be a looming shortage of working age people.

Perhaps change is already happening. As someone who is already in the so-called retirement age category, I find that very few of my cohort are fully retired. Many may be working less hours but there does seem to be a desire by many to keep mentally active and to gain the satisfaction of being able to contribute to business and society. 

So perhaps for many firms that are struggling to find the labour, considering opportunities to engage older Australian in their business should form part of the business plan. 

Many baby boomers are reasonably tech savvy having been the generation that drove the PC revolution of the 1980s. Sure they may need some training on the latest tech but most are not starting from scratch. It is a state of mind though. In recruitment, you need to find people who are flexible and willing to learn, not stuck in their ways. Boomers are constantly being told to learn new skills as a way to keep the brain alive! 

Baby boomers also bring to the firm a few things. Many are just content to get the job done so can be less disruptive and more productive. But perhaps the most important attribute is the wisdom of age. Nothing can replace experience. Mistakes are great teachers. Baby boomers can make great mediators, mentors and coaches. If you’re looking to build services such as business advisory, succession or estate planning, the perspective and mediation skills of boomers can be invaluable.

Of course, some flexibility is needed on both sides. Most baby boomers don’t want to work full time. Many would probably prefer to work mostly from home. Some may like to take longer holidays and join the ever increasing number of grey nomads. Many may be doing community work and will need to fit those obligations with their work. 

Many are probably not suited to modern day people management. Some might need some re-education around the various policies that have come into existence in the past few years.

Some may be well suited to take on administrative roles in the firm freeing up practitioners and managers to more productive work thereby increasing firm capacity.

So in a world where it is increasingly difficult to find quality labour we need to look under every rock possible. Perhaps you need to place an advert in an investment magazine or the latest edition of Caravaning Australia. With a satellite dish perhaps they can be doing tax returns from the Simpson Desert. 

Firms that manage to crack this nut will unlock opportunities to increase capacity and to capitalise on the wise experienced heads in your business and give older Australians an opportunity to continue to contribute. 

Seek out that Probus Club and start your recruitment drive. 

David Smith conducts strategic planning workshops for firms to help set a path for the future direction of the firm to unlock the opportunities and confront the risks. If you’d like to discuss your firm’s strategic plan contact him at [email protected].

The post Recycled Boomers appeared first on Smithink.

If you think this might be you, don’t give up. Even people whom you believe are exceptional speakers and leaders still sometimes need support to effectively deliver to their audience. This is because, like any other skill, public speaking and effective communication are abilities that need continuous practice and development.

Not quite convinced you can improve on these skills? Smithink Young Guns 2021 Workshop presenter Steve Allan, of Say a Few Words (www.sayafewwords.com.au), shares his experience below with a client, explaining how receiving coaching as well as regular practice can improve these areas that may be obstructing opportunities for progression.

I recently attended a Zoom session with the Acting CEO of a state sporting body, and to be honest it changed my perspective towards online coaching. I’ve always preferred to be face to face with a microphone, however, times are changing and to move ahead we must adapt.

My client had reached out after recently learning that he had the opportunity to interview for the top role. While he would certainly be a front runner, not only because he’s already acting CEO, but he also possesses extensive experience and knowledge within the company and the industry as a whole.

Despite this, he was still up against other candidates and he’s identified that public speaking has been a weakness for him. He’s a financial whizz and just hasn’t been exposed. Although he may have the knowledge to continue fulfilling the role, he will still have to present himself to the board in an engaging and leading manner.

Nevertheless, we spent two hours stepping through his knowledge of the business, including star players, who have made the brand the powerhouse it is today. We also had a conversation about the former CEO and their enormous impact after 15 years in the role.

My client also highlighted he’s beliefs surrounding the sport deserving equal billing alongside other tier-one sports, concluding that this sport may have undersold itself considering its recent accomplishments.

In his time at the organisation, he’d seen an enormous change within the business. He was pivotal in analysing competing bids and pitching to other sporting bodies. His previous position had given him experience in managing financial cap constraints in sport. It was incredible discovering how much knowledge accumulated in the industry.

Brand knowledge and heritage is a great test for all employees. I’ve worked with many clients who struggle in this department, but my client was excellent, and he’ll need to know his stuff once he lands the top job because he’ll be mixing with everyone from the grass roots level of the sport to State and Federal politicians.

We continued with a Q and A where he interviewed me about my radio career as well as NRL role since 1999 and this was a revelation. He handled this task effortlessly. This would be a KPI for staff at any accounting firm.

The other key areas we’ve focused on have been his presentation style – he has a few traits or habits when he’s nervous or has to ad-lib. Also, the simple act of smiling to make him look like he’s enjoying the moment.

Great speakers and communicators follow the 5 Ps – Prior Preparation Prevents Poor Presentation. We also discussed the connection between great leaders and public speaking. They’re all outstanding communicators.

Great leaders start off as great speakers. They rise to the leading position through their ability to capture their audience’s attention, keep them engaged and lead the conversation in any room.

Come along to the Smithink Young Guns Workshop on 11 and 12 October 2021 at the Hilton Hotel Surfers Paradise and hear more during Steve Allan’s public speaking and communication presentation. Click here for further information and to register for special early bird rates until 30 June 2021.

The post Has public speaking been holding you back in your career? appeared first on Smithink.

It’s not an issue that is going to go away anytime soon. It’s been predicted for a long time that a shortage of labour will be a major issue brought about by a number of factors:

• Retirement of the baby boomers
• Increasing numbers of women in the profession many of whom leave to start families and then if they return, do not return in a full time capacity
• Greater career choices and education choices for young people. Unfortunately, the accounting profession seems to be struggling in the war for talent against other career choices that are perceived as more interesting.

So what can be done?

Firstly, you need to retain your star performers. Are you involving them in client meetings? Are you providing them with opportunities to learn new skills and get exposure to a variety of clients and industries? Do you have a quality training program that focuses not just on technical knowledge but also covers IT, your processes, your products and service offering and the personal skills to assist them with client engagement, networking, leadership and the like. Perhaps you should consider our Young Guns Workshop being held at the Gold Cost on October 11-12. 

Are you giving your team regular feedback using “End of job reviews” to assess how well the job went and how we can do it better next year. Are we creating career development plans for our people to map out their career and determine the actions for the firm and them to help achieve their goals?

Are we having enough fun? Are you doing spontaneous things with your team to shake things up and have a laugh? 

Then we need a way to find the labour we want. Some solutions are long term.

Many firms have gone back to the future with implementing cadet programs and actively engaging with schools to encourage young people to consider a career in accounting. There are many firms that have achieved success with such programs. One needs to accept that there will be attrition and then you may need to hire more than you need. Over time some will stick (or return from a stint elsewhere) and become the backbone of the firm. 

Think about the baby boomers, many of whom don’t wish to fully retire. Are there part time roles for them which leverage their experience? 

Some firms have also targeted graduates or experienced professionals from other professions such as engineering, and have cross trained them. Often these people bring a broader perspective and can be greater additions to the business advisory team. 

While recruiters sit somewhere at the level of politicians in the “people I admire most” list, for many star performers they would prefer to utilise their services as it is more time efficient and enables them to target specific firm types or roles. 

There are good recruiters out there. It takes some work and perseverance to find them. In particular, you need to find a recruiter who is willing to spend the time to get to know your firm and will only send you candidates that closely fit your needs. You need to find recruiters who will do more than just place advertisements on job boards. People who will use their networks and all the technology available to find candidates. While their fees are high, quality recruiters do get results. 

You need to have a perpetual radar going looking for the stars. They don’t come along often and you need to snap them up when they do. 

Perhaps you need to set aside some time to think strategically about your team now and in the future. What skills will you need and how will you find and retain the talent. 

Star performers lead to star firms – there is nothing more important.

David Smith conducts strategic planning workshops for firms to help set a path for the future direction of the firm to unlock the opportunities and confront the risks. If you’d like to discuss your firm’s strategic plan contact him at [email protected].

The post Where have all the people gone?  appeared first on Smithink.

One key question I seem to get asked regularly is; what’s wrong with being a compliance practice and why should I add new services when we are already flat out? Both good questions with limited growth potential. Let’s consider a few key points.

While compliance has been the main practice income since…well…forever, software improvements meant that the number of errors in compliance data is diminishing.

Features such as automatic coding rules and bank/ credit card feeds mean human errors are slowing being eroded – which is a good thing. Accountants can also access their clients’ data directly at any time using cloud accounting.

However there’s a flow-on effect in the practice. Accountants are now able to make adjustments to company files during the year – not just when they see their clients – and there are potentially fewer billable hours throughout the year.

Add to this the pressure of competition, and the idea of offering business advice as well as compliance is a more attractive proposition than a compliance-only. It’s clear why practices are under increasing pressure to expand their service offerings. This has been happening overseas for a while now.

There’s certainly pressure mounting overseas from compliance leading to the need to offer extra financial services, especially in places like Canada and the United Kingdom, where practices have grown on the back of their successful advisory services.

Practices need to implement a “whole of practice” business advisory strategy. It’s no good just dipping your toes in the water. Becoming a business advisory practice requires a major commitment, but the payoff can be immense.

Three key considerations to success are;

1. Identifying and solving capacity and workflow issues, to ensure service delivery is smooth and on-time
2. Appointing a business advisory practice champion and ensuring their KPIs are appropriate to the role
3. Committing to an implementation plan (and sticking to it) to make it all happen.

So what happens to practices that refuse to entertain a change to their business model? The answer is a “failure to implement”. Time, effort and cost is absorbed and there is little return of investment to show for it.

One of the biggest problems in accounting practices today is apathy. Practices need to get out there and prepare for the future – prepare for the greater advisory opportunities that technology is providing now and into the future.

So if you’re thinking about introducing new service opportunities into your practice don’t wait, get moving now. At Smithink we can assist you to develop a business advisory implementation plan and then support your firm in the delivery of business advisory services to your clients.

We start this with a complimentary virtual Business Advisory Readiness Review to determine if your firm is ready to move down this pathway. To undertake this process with me just send an expression of interest to: [email protected] and I will contact you to organise a date and time.

The post Why Implement Business Advisory Services? appeared first on Smithink.