Cost cutting is on the minds of many business people during tough economic times. Your tips?
We are four years on from the GFC and most businesses have de-leveraged, addressed costs, improved their collection periods and put in place better client engagement processes.
Rather than cost cutting, I prefer to look at ways to improve efficiencies in delivering our services. We have introduced BankLink into the practice and use information downloads extensively in our SMSF area. We have just gone through a rather painful introduction to a new tax and accounting system, which we believe will eventually bring us some time savings.
What’s the skill you would most encourage public accountants to master?
Accountants are solution providers and, according to many surveys, are still considered the most trusted advisers. Yet other professions are encroaching on business.
I think it’s important to acquire the skills to sell your services and engage your clients. Use these skills to discover what your clients’ current and future needs are and provide a solution – explaining clearly the advantage of the solution you have provided.
Most importantly, you need to express the benefit to the client in clear, non-jargon terms. This strategy gives the client what they are looking for and is a simple and clear approach for you and your team.
What’s the biggest lesson you’ve learned during your career?
Life never stands still. If you decide to sit and smell the roses, don’t stay too long because the next challenge will come around pretty quickly.
I’ve also learned that persistence and the ability to adapt to our ever-changing industry as well as high ethical standards are paramount.
What’s one of your business mottos?
It’s my firm belief that it’s our role as accountants to ensure that our clients are financially able to secure the future they desire.
