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.
Johanna F. Still - May 16, 2022
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