{"id":25349,"date":"2022-04-11T08:00:49","date_gmt":"2022-04-11T13:00:49","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=25349"},"modified":"2023-08-22T11:08:05","modified_gmt":"2023-08-22T16:08:05","slug":"opportunities-to-adapt-your-business-to-a-new-world","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/opportunities-to-adapt-your-business-to-a-new-world\/","title":{"rendered":"3 opportunities to adapt your business to a new world"},"content":{"rendered":"<p>From healthcare, <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/practice-management\/developing-an-advisory-workflow-to-support-retail-clients\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">retail<\/a>, and <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/client-relationships\/how-has-covid-19-affected-the-restaurant-and-hospitality-industry\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">restaurants<\/a>, to our own tax and accounting firms, we expect today\u2019s small businesses to have the same skill set as larger companies, especially when it comes to <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/practice-management\/automated-accounting-connecting-the-dots-through-technology\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">technology<\/a>. Is your firm ready?<\/p>\n<p>After the turmoil from the past couple of years, I can\u2019t blame anyone for being hesitant to take on more change. But the fact is that we simply can\u2019t continue to do business the way we used to.<\/p>\n<p>Look at this from another angle. What do you need to be thinking about, at the absolute minimum, to make your own firm competitive and thrive in today\u2019s business climate?<\/p>\n<p>Here are three opportunities to adapt your business to today\u2019s world that will give you the chance to take a deep breath and be ready to take on other work.<\/p>\n<p><span class=\"youtube-player embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player youtube-player\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube-nocookie.com\/embed\/jMRC-otYyC0?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span><\/p>\n<h2>Opportunity 1: Give your clients a chance to adopt your tools<\/h2>\n<p>Within the tax and accounting space, there is a wide array of top-flight apps, including <a href=\"https:\/\/quickbooks.intuit.com\/accountants\/products-solutions\/accounting\/quickbooks-online\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">QuickBooks\u00ae Online<\/a>, <a href=\"https:\/\/quickbooks.intuit.com\/app\/apps\/appdetails\/billcom\/en-us?queryID=912a15aa48aca3a8e0a19d7394d07fa4\"title=\"\"  target=\"_blank\" rel=\"false noopener\">Bill.com<\/a>, and <a href=\"https:\/\/quickbooks.intuit.com\/app\/apps\/appdetails\/expensify\/en-us?queryID=6af7f0d31e16734496a8d50984ada22f\"title=\"\"  target=\"_blank\" rel=\"false noopener\">Expensify<\/a>, just to name a few. However, while <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/practice-management\/hosted-cloud-solutions-or-onprem-whats-the-best-option-for-your-tax-firm\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">cloud-based solutions<\/a> continue to get better, accountants still aren\u2019t great at getting clients to understand and adopt them. In fact, I would estimate only about 10% of clients have implemented them, meaning that even after all this time, we\u2019re still in the early adoption phase.<\/p>\n<p>Why is that rate so low? In my experience, accountants are people pleasers. The fear of losing clients by having them use solutions outside their comfort zone makes us hesitant to say, \u201cThis is what we do, and we require our clients to follow these processes.\u201d<\/p>\n<p>That needs to change. In this new world, things must be simple and clear, with minimal friction. Think about it: If you give your clients a choice of nine different ways to contact you, they have to decide which one to choose. This is an instant point of friction. However, if you simply say, \u201cWe\u2019ll talk by Zoom,\u201d they\u2019ll take their cue from you. No friction.<\/p>\n<p>Another reason for low adoption rates is the notion that firms simply don\u2019t have the time to learn new systems and also teach their clients. It\u2019s easier to just adapt to whatever the client is using, even if it\u2019s different from what other clients are using.<\/p>\n<p>This mindset has to change. Firms must make the time now, which starts with building a <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/practice-management\/ask-the-experts-darren-root-and-john-mitchell-discuss-a-firms-tech-stack\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">tech stack<\/a> for the modern era. From there, you\u2019ll be better equipped to guide clients on the tools they need to adopt. It\u2019s time to reassess your technology needs.<\/p>\n<ul>\n<li>Figure out which technologies your clients use.<\/li>\n<li>Figure out what your own business needs to use.<\/li>\n<li>Talk to your team and see what\u2019s working for them.<\/li>\n<li>Pare down if you have to.<\/li>\n<li>Choose the technologies that are best for your business.<\/li>\n<\/ul>\n<p>Focus on full adoption this year. If you go from a 10% adoption rate to 50% in the next 12 months, that\u2019s great, but 10% to 100% would be even better\u2014and it\u2019s doable. If you lose clients who don\u2019t like what you\u2019re doing, don\u2019t panic. There\u2019s much more demand than supply right now. You\u2019ll find that the ideal clients to fill your business model are out there. I promise.<\/p>\n<h2>Opportunity 2: Stop worrying about controlling your team\u2019s time<\/h2>\n<p>During the <a href=\"https:\/\/proconnect.intuit.com\/coronavirus\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">pandemic<\/a> when we could no longer see our employees at their desks from 9 a.m. to 5 p.m.\u2014or longer during tax season\u2014we had to find a different way to <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/practice-management\/is-your-firm-prepared-to-meet-the-needs-of-hybrid-teams\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">measure the work<\/a> our staff was producing. How much work were we <i>really<\/i> getting done? How did we know our clients were getting what they expected? Without the traditional measurement of butts in seats (BiS), how do we measure what matters?<\/p>\n<p>It&#8217;s easy: Don\u2019t worry about things like BiS. We have practice management systems to follow projects through. We can record how many billings go out and who measures them. We have Zoom for face-to-face meetings, and Slack or Microsoft Teams for instant messaging.<\/p>\n<p>The forced age of <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tag\/working-remotely\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">remote workstations<\/a> made us realize that people want flexibility. People like to work differently. Some like to work from the crack of dawn to mid-afternoon so they can be present for family or other personal obligations, while others like to work late in the evening, after soccer games and school events are over.<\/p>\n<p>Trust me: If you won\u2019t give your employees flexibility, <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/practice-management\/preparing-your-accounting-firm-for-the-great-resignation\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">they\u2019ll find a place that does<\/a>. There are plenty of firms and other businesses that have embraced this new way of working. Stop worrying about BiS. Trust your team to get things done, especially if they\u2019ve been getting it done with no issues for the past two years.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Because your team&#8217;s input is valuable, take a step back and ask your team and yourself, \u201cWhat are we actually trying to provide to our clients, and how can we make sure those goals are being met?\u201d You\u2019ll need to put in the time to figure out how to measure this, of course. And if your team knows you\u2019ve got their best interests in mind, they\u2019ll be patient while you work through it.<span class=\"Apple-converted-space\">\u00a0<\/span><b>\u00a0<\/b><\/p>\n<h2>Opportunity 3: Revisit your pricing model<\/h2>\n<p><a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/practice-management\/the-path-to-advisory-positioning-and-pricing-your-advisory-services\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">Pricing<\/a> is key to growth and sustainability, and that means raising prices now and again. The trouble is that because we\u2019re people pleasers, we\u2019re afraid that if we raise prices, we\u2019ll lose clients and, as a result, lose staff. To actively manage your pricing, you need a pricing model.<\/p>\n<p>You have to support a pricing model that is based on supply and demand. Restaurants are doing it. Hotels are doing it. Grocery stores are doing it. Prices are constantly changing on us, and we pay them. That\u2019s just basic business\u2014and it\u2019s why we need to be actively engaged in how we\u2019re pricing services.<\/p>\n<p>The fact is that there\u2019s more demand than there is supply in tax and accounting, and we have to be able to raise our prices to meet that demand. Of course, if your head is down and you\u2019re busy, you might not even realize that demand is as high as it is. But you\u2019ll start realizing it if you lose employees. As we all know, there\u2019s a limited staffing supply\u2014and other firms are poaching staff with higher rates, which drives costs up.<\/p>\n<p>All this said, take the time to reassess your pricing model and develop one that works for the long haul.<\/p>\n<h2>Summing it all up<\/h2>\n<p>Here\u2019s the bottom line: If you don\u2019t step back and take a good look at your firm, you\u2019ll never get your clients to adopt new technologies. You\u2019ll miss out on the opportunity to measure what matters, while giving your staff freedom and flexibility. And you\u2019ll miss out on pulling in the revenue you deserve.<\/p>\n<p>Even with our current staffing challenges, I think it\u2019s exciting to think of how our business infrastructure is changing. It\u2019s all about adjusting and reassessing. It&#8217;s about taking a step back and asking ourselves, \u201cAs a business owner, is this the business I meant to build?\u201d If you\u2019ve drifted into something you didn\u2019t intend to build, now is the time to change it.<\/p>\n<p>Whether you\u2019re an owner or team member, it\u2019s time to reassess. It\u2019s a new world with new opportunities, so don\u2019t miss the chance to build the firm of your dreams.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Step back to take a look at your firm and its services; is this the firm you meant to build? Darren Root, CPA.CITP, CGMA, helps you sort it out.<\/p>\n","protected":false},"author":107201973,"featured_media":25352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_reviewed_by_select":[],"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","customModifiedDate":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[646041873,116807],"tags":[],"intuit_collection":[],"intuit_series":[],"coauthors":[509474206],"class_list":["post-25349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisory-services","category-practice-management"],"header_image":"","yoast_head":"<!-- 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