Growing a tax and accounting business doesn’t happen passively. Successful offices embrace change and welcome opportunities to rethink how they work. They’re exploring and adopting new technologies, evaluating how and where they can gain new productivity and profitability. They’re also developing talent and building the best teams to take on the future.
Where Are You Headed?
In just the next few years, the services you provide your clients could dramatically shift. For instance, consultative services like financial planning seem poised to make the biggest gains. This also may include advisement on how certain financial and insurance products affect a client’s tax liability, especially as the Baby Boom generation heads fully into retirement.
If this sounds like the direction you’re anticipating for your business, consider the types of skills and resources that you’ll need. Identifying the areas ripe for developing talent now will position you to take advantage of industry shifts.
What Differentiates You from the Competition?
For some tax and accounting businesses, developing talent means recruiting new members to the team. But with competition for industry talent fierce overall, it falls to businesses to demonstrate why they make the best fit for future employees.
If you’re limiting how you position your business by only focusing on compensation and the type of work to expect, you could be missing a powerful opportunity to tell a compelling story. Instead, try framing your story in terms of the vision, culture, and values your business embodies. This helps prospective employees fully imagine how they might contribute as new chapters unfold.
Are You Overlooking Someone Important?
Yes, you! As you’re weighing up opportunities for developing talent, absolutely keep yourself in mind. This is especially true if you’re a sole proprietor.
If you make up a team of one, make an inventory of the expertise and experience you’ve gained. Next, make sure you seek feedback on the skills and knowledge you want to develop. Perhaps all you need is an informal catch-up with an industry colleague. Or maybe you prefer more formal mentoring. Regardless how the conversation starts, the feedback you receive will help you build on your success.
A dynamic future is in store for your business. Interested in where technology trends may take the tax and accounting industry in the next few years? Discover more here.