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Smart Practice: Thinking differently about business amid the pandemic

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Accounting firms, like just about every other business and industry today, are feeling the negative impact of COVID-19. A few lessons are emerging from the crisis that may help Accounting firms, their team members and their clients change behaviours and create some new perspectives.

Here are observations that may help you think differently about business.

  1. Clients of All Sizes Need and Appreciate Advisory Services: 

Advisory services should be an ongoing part of a firm’s service platform, consider value-based fees, focusing on helping others is a great positive distraction from our own challenges and could lead to greater productivity.

  1. Remote working offers great benefits but can be challenging if basic principles are not followed: 

These principles include:

• Keep your ‘work’ and ‘life’ areas separate.
• Keep in regular contact with others.
• Enjoy an activity unrelated to work at some point during the day.
• Keep researching support available to you and your clients
• Embrace Flexibility
• Stay away from the fridge

  1. Technology Is More Than an Investment: Firms must have a mindset and behaviour that are technology driven. Real-time access, analytical efficiency, graphics and visualization. There must be a technology vision plan in place. Make use of SAIBA’s partner page for some technology options for your practice.

4. Maintaining efficiency is a must: Staff KPIs need to be set, measured, monitored and complied with. Receivables must still turn, WIP must be billed in a timely manner, and jobs need to be managed to a budget.

These are certainly challenging times for all of us. But it’s important to take a little time now to see how an event such as the coronavirus pandemic can point out some inconsistencies in the way we do business now.

Remember, success is a mindset!