be ready to try new things faster.
by jennifer wilson
the traditional business model is under attack in so many ways including terrifically short staffing, which is leading to record profits for many firms, but also the cause of burnout and a growing sense of hopelessness and turnover, too. leaders are being forced to rethink traditional staffing models and are realizing many of the jobs inside their firms do not require accounting graduates or cpa candidates to do them.
more: 2020 outlook: data import on the rise | 2020 outlook: becoming the most valuable advisor | top three tips for 2020 success | 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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firms are simply overpaying for those roles today. this is leading to the exploration of non-cpa hires, and firms embracing outsourcing and offshoring options, especially for lower-level leveraged positions.
firms are also opening up to remote workers and part-time contractors or those seeking “teachers’ hours” where they work some months and have others off. with more non-cpas coming it to lower-level positions and to higher-level advisory or consulting roles, firm leaders are being forced to rethink their requirements to only promote those with a cpa license to the position of manager.
when firms get over their remote worker bias, they are beginning to move toward a more borderless approach to business development, where they can serve clients in other geographies without investing in a brick-and-mortar presence in that area. when you’re borderless, opportunities abound!
the technology investments are epic! on the tax side,
- scan ahead/ocr technologies (like sureprep or gruntworx),
- simplified tax delivery systems like tax caddy,
- lean process analysis and
- re-engineering
are helping strip out redundancy and inefficiency and make for smarter workflows. firms are dreaming of using data analytics to predict their tax client needs and prescribe services that will be very important to the future of the firm. audit leaders are addressing ai, data analytics and exploring ways to incorporate blockchain into their service offerings. cas practices are thriving. firms are mapping their client experiences and identifying ways to make them more digital (like accepting e-pay instead of checks) or to deepen them and add more value.
nextgen clients are on the rise and they expect more and different things from their providers, most especially personalized, digital experiences and a level of advice and mentorship from their providers that can’t be gained from a tax research database.
at convergence coaching, we are most excited by the emergence of the truly nextgen leader and the potential that these people bring in shifting traditional norms and trying new things faster, which is required to keep pace with the dizzying pace of external change.
there continues to be a growing divide between the firms that understand what’s coming and are investing in change and those that don’t, that are denying and/or resisting change, and that are holding their firms back as a result.
one response to “2020 outlook: business development goes borderless”
alice wright
well, it’s said that old is gold but this saying doesn’t always sound comprehensive when talking business. i am in no way trying to bash traditional ways of business, but as very well stated by jennifer here, traditional business methods are being shut to the corner with all the new technological advancements that are taking place. it is leading to short staffing as more processes are being overtaken by machines and with the popularity of ai, a number of manual labor tasks have lost their place in the business industry. it is also leading to a reduction in the amount of disguised unemployment. all of these advancements have also caused the clients to raise their expectations towards firms and business owners. its to be observed whether these advancements are posing a profit or a not so pleasant effect on businesses today. thank you, jennifer, for portraying such a clear vision of your thought.