Pathfinder Sign Post Part 1 – A Review

Pathfinder
Seth Fineberg
Managing Editor
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AccountingWeb’s Practice Pathfinder program opened yesterday with Global Publisher Andy North welcoming a diverse audience from the US, UK, Canada and South Africa to the session.

Andy outlined the stated intent for the pathfinder program was to have a solution for firms who felt non-included by the ‘rapid change’ messages that swamp the profession.

This content, Andy outlined, was for the practice who was looking for steady incremental change and growth in their firms and was looking for clear strategic direction in their futures.

Martin Bissett was introduced as the ‘Pathfinder’ to deliver this and over the next 55 minutes, Martin challenged the audience to discern what their mindset was dictating to them in business.

Martin asked:

  • Why they were in business as an accountant or bookkeeper.
  • Whether they really believed that they could offer significant value to their client.
  • What their main challenges towards practice growth and capacity growth were
  • Whether their fee levels were going up or down and what the market factors were behind these trends.

From there Martin developed the session with strong interaction from the group towards a new question:

“If hiring and retaining people is an ongoing issue, will we ever have the capacity to grow our firms?” The answer was a simple 'Yes!' 

Martin pointed out that beyond human resource issues, the three governing factors behind the capacity issue were:

1.       Technology

2.       Outsourcing

3.       DLI

DLI stood for ‘decreasing labor intensity’ as Martin suggested that firms considered a shift from selling services and the time it takes to deliver them in return for money, through to selling what you know what outcomes and results that provides a client, in return for money.  

Martin also outlined 4 ‘Determinant’ factors to assess in order to increase capacity including short term boosts and long term strategic change.

This, Martin stated, set the mindset and the practical reality for the attendees to start to map out their path to prosperity in the future.

Session 2 will be held on Tuesday September 19th and will examine the ongoing technology question, as Martin investigates how to get clients to adopt and integrate the technology that each firm prefers. You can still register for this webinar series, attend the remaining five webinars and claim CPE credits for them. An on-demand version of the first webinar session will be emailed to you upon registration, and though you cannot claim CPE credit for that one, you can still get all the valuable learnings from it.

Learn more about the Practice Pathfinder program and book your place today!

 

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