tax reform boosted those ready for consulting.
by carl george
the two most significant changes that i have seen so far are:
- “covid has forced us to run our businesses better!” with so much being unknown when covid first started, many firms developed plans and forecasts under numerous disaster scenarios. accountability (and in some cases, behavior changes) of each owner was essential and i have seen many firms “pay more attention” to running the business. i believe these changes will become permanent.
- “we became more comfortable with our technology capabilities and it saved us!”
more: covid-19 shakes up m&a activity | we’re in the fast lane… can your partners keep up? | survey: 2020’s disruptions are only the beginning | covid brought us more and better client communication
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the most significant change we will see long-term will be a significant portion of a firm’s practice will be accomplished by a permanent remote work force – at least 25 percent. we have seen that it works, we will continue to refine the model, and firms will be more efficient and profitable once the final model is in place.
from a recruiting standpoint, employees from around the world will be hired under the remote model. that is a significant step toward solving our staff shortage issues.
overall, the year was very good for firms. despite significant tax law changes, sometimes at the 11th hour, firms adapted, had a “hardest ever” tax/opportunity season and came out better for it. the consulting opportunities resulting from tax reform were significant to those firms ready for them. tax revenues far outgrew assurance revenues.
succession for those boomers exiting the profession continues to be a struggle for many firms, as the future leadership pipeline is not deep enough. for those young rising stars, this is an incredible time to make their mark and advance in the profession. there is no limit to advancement. my message to our future leaders is 1) listen a lot and soak up as much “intel” as possible from the owners before they retire; 2) be active and make your objectives known. meet with the appropriate leaders and develop your plan together:
- reinvent or enhance current practices to bring more efficiencies and harmony to the firm; and
- be mindful of the importance of the firm’s history, culture and legacy, and work with younger employees in embracing such. culture so often is taken for granted, but it is often the sole difference maker in long-term career decisions.