The ability to adapt to constant change in the industry frames the architect of CPAs. Technological innovations and amplifying economic growth feed their hunger to thrive in the business environment. Over the past few years, fundamental business challenges have emerged as an outcome of these technological innovations.
Dramatic changes in the business are leading to fierce competition that poses a challenge in the accounting and financial services firms. Here are few tips and techniques to share an insight of the rising challenges and how they can be transformed into opportunities:
Challenge: Handling Client Expectations
Technological advancements have elevated the client expectation level. They have the means to respond quickly to any service. Clients expect stellar services – and to be very precise, they look forward to solutions for their problems instantly. Instant resolution to their problems improves the client retention rate.
Opportunity: Sorting out which type of client can help you succeed best can aid in dealing with the challenge appropriately. Accordingly, a program can be developed to secure the sorted clients. Constantly communicating with the clients working in the same domain can help to strengthen the client base as needed.
Challenge: Generational Gap
At present, around 4 generations exist in the workforce today. This causes generational friction. It often arises because upper management does not share their experience and knowledge with the younger generation. This leads to ineffective communication among the workforce which in turn gives birth to reduced productivity.
Opportunity: Understanding the set of beliefs, cross-generation meetings and taking feedback from the concerned resources narrows down the generational gap. Addressing this issue effectively can bridge the gap between the workforce and can lead to enhancement in the overall performance of the business.
Challenge: Expanding Network
An old saying “In the business world, whom you know matters more than what you know” stands true, especially when the demand to expand the client base or frame your career plan arises. Due to geography constraints, developing client engagements, contacting service firm owners and valuation experts become a big concern for the young CPAs.
Opportunity: Understanding the complexities associated with networking can be resolved by capitalizing on social networking platforms such as Twitter, LinkedIn, and Facebook. Such networking platforms can aid in spreading what you know and seek career guidance.
Challenge: Influx of Overloaded Information
Staying up-to-date with loads of information coming up in the headlines, social media, and radio can be a tedious task. The success factor of the CPAs strongly depends on the ability to stay in touch with the industry experts. Determining the substantial information out of the huge mass of information can be a daunting task.
Opportunity: A plethora of opportunities holds within new regulations, laws and other relevant information coming up in the market. Effective engagement on social media platforms, forum discussions can help in filtering the data and analyzing information efficiently.
Challenge: Growing Social Media Networks
A way to steal user account details and information – ‘Social Networking Phishing’ in which hackers and online scammers send messages offering updates on security applications/feature is a challenge growing simultaneously with the pace of advancement in social networking. This leads to loss of confidentiality and identity theft.
Opportunity: Carefully examining fraudulent messages comprising links asking to submit confidential information such as credit card details must be checked out. Understanding social media usage policies can help to stay away from such identity theft tactics and implement social media tools as a privileged instrument to enhance the efficiency of communications and brand reputation.
The Gist of it
To get established successfully in the business world, Young CPAs need to embrace new challenges, exchange ideas and communicate effectively. And the pace at which business complexities are growing, CPAs need to be proactive, global-minded, tech-savvy and need to balance in order to maintain their competitive edge. So, the people who can grasp things faster than the rate of change will win at last.