What Will Be The Canary In Your Accountancy Coal Mine?
Mark Lee has made a name for himself as a commentator and mentor to accountants, helping them to navigate the changing landscape.
He is pretty passionate on the subject, and offers plenty of advice for how you can future-proof your practice, and avoid some common pitfalls as technology transforms the profession.
With that in mind, we read his blog on the “canary in the coal mine” for accountancy with great interest. Mark has identified four possible canaries, or warning signs of impending danger, which accountants should pay attention to if they want to survive and thrive in the future.
These are:
The automation canary – There is a fear that the robots will take over, resulting in accountants having to reappraise their staffing and support needs.
The referrals canary – As new business start-ups are attracted to the new wave of cloud-based accounting firms, referrals get less and less, leading to a reduction in client numbers and profits.
The simplicity canary – Clients will no longer need the simple compliance-based tasks from their old accountant, which will be another likely cause of a reduction in client numbers and profits.
The competition canary – Business coaches, consultants and a new influx of tech-savvy accountants will make it more of a struggle to win the work and clients you want to be focusing on.
He asks which of these - or any number of alternative canaries - is most likely to prompt you to start doing things differently?
If reading that makes you nervous, there are simple solutions you can apply right now. The Runagood® answers are:
Business advice is now online too, presenting a huge and easy diversification opportunity for those who act now.
Smart technology finds referrals for you, meaning you no longer need to rely on expensive marketing or word-of-mouth referrals.
Automation reduces business consultancy time by 90%, meaning you do not have to invest heavily in time or money to provide this service immediately.
The AI in Runagood® works profitably with the 94% of businesses out there that - until now - were too small to benefit from business advice.
Have a look HERE at the Runagood® solution.