How to prepare your accounting firm for the next storm
If a similarly shocking and disruptive event like COVID-19 happened again, would your firm be prepared?
Do you have the systems, processes and people in place that will help weather the next storm?
As a starting point, accepting the fact that storms do happen—and will happen—is a good place to be.
James Ashford from GoProposal explains it well:
“There's not a lot that we can predict in business, but one thing we can guarantee is that storms come."
Here are a few strategies you can use to ensure your practice is rooted firmly in its place, ready to battle any and all challenges that lie ahead.
1. Plan for the storm, even when the weather is clear
Planning for the worst-case scenario might be a daunting task. But not as daunting as not having a plan when the worst-case scenario eventuates.
Kathy Gregory from LivePlan explains that the firms that had already created contingency plans for their clients were better off in 2020:
“You can’t predict anything, but you can plan for just about anything and those firms that had planned best and worst-case scenarios for their clients were the most successful in 2020.”
On the other hand, 2020 was a harsh reminder for some firms that their role is to fight for their clients’ best interests, even when clients fight back.
James explains that some clients were able to convince their accountants they didn’t need certain systems and tools to perform important tasks, like visualize their workload, forecast and manage cash flows. And they were worse-off for it.
“We need to take responsibility as an industry and become more confident in communicating the value of those services.”
And it’s not just your clients that need to be prepared—your own firm needs its tent tethered to the ground—prepared to ride out the next wave, wind gust or hail storm.
Recommended reading: 5 lessons from 2020 that can transform your accounting firm in 2021
2. Open up communication channels
Storms bring anxiety. One proven strategy for minimizing anxiety for your clients and staff is clear communication.
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