Follow Adam Linkedin Twitter Facebook
Email Adam Email
Financial
Feb 15, 2016

Why We Always Need To Be Innovating

Sponsored Content provided by Adam Shay - Managing Partner, Adam Shay CPA, PLLC

The old adage is, "If you're not growing, you're dying." That may be a little extreme but it does have some ounces of truth to it. As a leader of a growing business, I know there are a lot of challenges that come with the territory. It can be easy to become worn down and stressed out with ongoing challenges and opportunities. While the status quo can be easier and less challenging, I firmly believe that all businesses should be constantly innovating. Our world is changing and evolving much too quickly for the status quo to work for long. Market forces, technology and competition will pass you by.
 
You may be thinking to yourself that there isn't anything much more status quo or boring than an accounting firm, but ours is not that way at all. We aren't going to be innovative in the area of reporting clients' data and information, as neither the IRS nor our clients would like the long-term results of such an approach. However, we can be innovative in the ways in which we work  with clients. We are always exploring new approaches with the pricing, technology and services that we offer our clients. We aren't going to be the CPA firm where you're dealing with everything on paper and an hourly rate.
 
One of the challenges I've found is that past innovations become the status quo or baseline for a business moving forward. With more size and success and more at risk, it can be tougher for entrepreneurs to push themselves on the innovation front. At that point, there needs to be a culture of innovation and input from team members who aren't necessarily equity partners in the business. They don't have as much at risk, and as long as they feel comfortable sharing their ideas they can continue to push the company on the innovation front.
 
The thing I love most about what we do is that we get to work with a variety of business owners across a variety of industries. Each industry is going to have different minute keys to success, but one of the underlying commonalities of success is that the most successful clients we work with are always evolving. That, along with having a good team (virtual or otherwise), is going to dictate success.
 
Occasionally innovation will result in stumbles, but in my mind innovation is well worth the risk. A lack of growth and status quo would be way too boring for me. What about you?
 
Adam Shay, CPA (N.C. License Number 35961), MBA, is managing partner of Adam Shay CPA, PLLC. He focuses on minimizing taxes and improving the financial results of entrepreneurs, and is actively involved in supporting the Wilmington entrepreneurial and startup community. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. He can also be reached by phone at (910) 256-3456.
 

Other Posts from Adam Shay

Adam shay blk 52015121549
Ico insights

INSIGHTS

SPONSORS' CONTENT
Russell 102218124439

How Can I Sue Someone After the Statute of Limitations has Run in NC?

Russell Nugent - The Humphries Law Firm
Johndevaneycapefearclinic300x300

Cape Fear Clinic Pharmacy

John Devaney - Cape Fear Clinic
Alyce 4 april242017

Coaching for Life

Alyce Phillips - Old North State Trust LLC

Trending News

VentureSouth Starting Wilmington Angel Investment Group

Johanna Cano - Apr 23, 2019

Coastal Carolina Curling Club To Slide Into Own Facility

Johanna Cano - Apr 22, 2019

First New-Panamax Ship A Harbinger Of More Business For Port Of Wilmington

Jenny Callison - Apr 23, 2019

Tourism Development Authority Announces Appointments, Officers For 2019

Jenny Callison - Apr 22, 2019

Parr Earns Fellowship From Professional Organlzation

Jenny Callison - Apr 22, 2019

In The Current Issue

Tackling A Lag In Housing Starts

Housing starts dropped last year in New Hanover County, due in part to Hurricane Florence, and challenges remain even as permits have recent...


MADE: GE's 50 Years In Wilmington

A look at GE Hitachi Nuclear Energy, a provider of advanced reactor technology and services, which has been a major part of Wilmington's bus...


Info Junkie: Dan Brawley

Info Junkie Dan Brawley, executive director of Cucalorus, on his tech and app recommendations....

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Transporting the Future - Power Breakfast 3.12.2019
Health Care Heroes 2018