networks of firms will be the future.
by rob nixon
i am very excited about the accounting profession. it’s a noble industry that has a general perception of being a bit boring, staid and dull.
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i disagree. i think if the business is run correctly it can be a fabulous business that provides an awesome lifestyle for everyone in it.
as the industry goes forward, the role of technology will play an important part. the imagination of technology providers and broadband speeds are holding the industry back. i think social media will connect the clients of firms together like a concierge service – with the ability to find services quickly and deal with leading businesses. technology will come into its own as real-time (and extremely high-quality) video training, support and business advice are delivered over the internet through fixed and mobile devices.
the next partners coming through are a bit different from the current partners. often called “generation y,” the current accountants working in firms are aged (at the time of writing) 20-35 years old. they are looking for faster career progression and a different lifestyle from you. is your firm adapting fast enough to support this group?
i think networks of firms will play a crucial part in the success of an individual firm. having like-minded (yet independent) firms working together on client projects and having the ability to bounce ideas off each other will be the way of the future.
as a multidisciplinary firm progresses it will be able to say “yes” to any client situation because of the people hired within the firm or the access to knowledge from its network of firms. because modern accounting businesses do not see themselves as competitors to other firms – they believe in growing the size of the pie rather than the size of the slice – they will share intellectual property (through knowledge factories) among themselves. the accounting firm of the future will operate more like a bureau service and marketing business and as such, building enduring client relationships will be even more important.
why accountants?
i get asked all the time why i chose accountants to work with. i think as i look back as to how i got started i have come to the realization that accountants actually chose me. you know that i am not an accountant (nor will i ever be one) and you now know that i have forged a unique niche in the worldwide profession as a thought leader and entrepreneur.
after years of working with accountants i have come to understand my true purpose as to why i work with accountants. here it is…
if i, and the people around me, can help accounting practices to become accounting businesses and during the process we help them to sort out their operations, client service, people, workflow management, marketing, sales, profit and cash flow then we can make a significant difference.
if we can also show those same accounting businesses how to offer value added services to their clients that help their clients with growth, profit, cash flow improvement, asset protection and wealth creation then we can make a significant difference.
if we can do that enough times with enough accounting firms then we can change the world – one business at a time. that’s why.
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