In an age where the complexity of our industry makes knowing everything impossible (and one where machines answer our questions in a fraction of a second), the key to thriving may indeed be focused, refined expertise.
With value-add advisory services the pin-up child for the future of accounting, many firms are leaving workshops and seminars from so-called accounting gurus with good intentions and not a single idea of how to really go about this.
One solid solution, it seems, is to define a narrow niche specialisation for your firm’s services – such as estate planning, retirement planning or SMSF set-up and advice.
We know of many high-performing accounting firms who have taken this approach, with some partners choosing to go the extra mile and become certified financial planners, for example, just to be able to participate better in conversations with clients. Firms are adding joint departments to achieve this and even finding specific technology to help them with their particular value-add services.
What has emerged from this era’s abundance of information is a need for true, expert advice. Experts are defined by the depth of their knowledge, not the width – no one can know everything at an expert level. What are you going to know?