as talent wars drive tech strategies.
by sarah dobek
heading into the new year, firms are diversifying their services to strengthen their position in the market and gain the ability to go deeper with clients.
more: 2020 outlook: where do you want to be? | 2020 outlook: dicey disruptions | 2020 outlook: upstream mergers | 2020 outlook: staffing gets creative
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the most popular new offerings are wealth management, client accounting services and some version of consulting.
however, the majority of firms are struggling to define and build out their consulting practice. there is still a lot of confusion between consulting and advisory services.
while many firms have the resources to build and launch expertise, we do not see a similar trend around adoption. services like cybersecurity and artificial intelligence are in high demand, and the potential for higher-profit work is within reach. firms only need to listen to market demand and think outside the box.
tip 1: start by innovating or recommitting to an existing service line. if your wheelhouse is compliance, look at adding a service that:
1) fits your clients’ needs and
2) builds off the strength and trust you have already established.
as you consider adding a service, you may find that you need to hire someone to help you bring it to market.
compensation and staffing pressure continue to be a perpetual issue with no simple resolution in sight. there is a relationship between this 2019 pressure and the employment trends of 2018. i believe the competition for talent will continue to drive the adoption of technology, probably at a faster rate than initially presumed. as firms embrace more remote workers, the new challenge is learning how to manage without a physical presence.
tip 2: release some of the pressure by finding ways to leverage your current technology to do more work. tasks that take only 5-10 minutes, when multiplied across your entire organization, represent an individual’s capacity or more.
unfortunately, there is a reluctance to invest in innovation and development. we have introduced the concept of creating capacity through client pruning. this effort will help you serve clients better. but what about your people? many firms do not give their staff the capacity to become business developers.
service areas need champions. if you want to diversify or streamline your services, try beefing up your administrative bench. in doing so, you will be able to delegate more and find hours in the week to devote to your goals. this practice is a habit that cascades from the partner to the staff accountant.
tip 3: find time to innovate and bring new lines to market by delegating 10 hours a week. ensure your managers can also delegate to increase their capacity.