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
Img 0621

Tax Evasion Versus Tax Avoidance

Karen Durda - Century Accounting and Tax Services, Inc.
Rob20beale2 311791810

The Key to Project Success

Rob Beale - W.M. Jordan Company
Geofflosee300x300 10221511305

Got Flood Insurance? Get That Proof of Loss Form in Quickly!

Geoffrey Losee - Rountree Losee LLP

Trending News

Flooding Looms Along Water Street In Downtown Wilmington

Christina Haley O'Neal - Sep 24, 2018

Open For Business: New Announcements (Sept. 24)

Johanna Cano - Sep 24, 2018

At UNCW, Crews Clean, Repair As Officials Plan For Return Of Employees, Students

Cece Nunn - Sep 24, 2018

In The Current Issue

Info Junkie: Densay Sengsoulavong

Info Junkie Densay Sengsoulavong, Government affairs director for the Cape Fear Realtors Association, on his tech picks...


Scenes From Hurricane Florence

Images from the area ahead of and in the aftermath of Hurricane Florence....


The Future After Flo

Hurricane Florence will go down in history as a disaster that tested the ability of a hurricane-prone region to cope. Even before Hurricane...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes