This blog post is probably more for the ABC’s (Accountants | Bookkeepers | Consultants) out there who provide services to those of us in SMB (Small to Medium Business) land. Although business owners and/or operators are certainly welcome to read on for a sneak peek into the future services that ABC’s will be offering you and your business, and perhaps not before time too!
But first some philosophy – Lucius Seneca (first century philosopher and tutor to the young Nero) has a famous quote: “Luck is what happens when Preparation meets Opportunity”.
We have been brought up to believe business success is achieved through hard work, customer service and going the extra mile, not really on Luck. So what about this notion of preparedness meeting opportunity? How applicable is it right now to us – the Trusted Advisors who champion the small business community?
As ABC’s we are all facing an Inflection Point (Opportunity) which has the potential to finally deliver on the long standing promise of providing true Value Added Business Advisory services and solutions to our clients. However as Seneca put it, Success (Luck) is reserved for those of us who are truly Prepared.
So what are Business Advisory Services? And how can we best prepare for this unique opportunity? In order to answer this it is perhaps best to have a look at what Business Advisory Services are Not !
Business Advisory Services are not compliance work e.g. Tax Returns, BAS Preparation, Payroll End of Year, Software Conversions, Compulsory Audits or providing Reactive Business Advice requested by the client. So perhaps it is worth considering that all services/ solutions offered by ABC’s to SMB’s that is not compliance are in fact Business Advisory Services.
We have all heard the doomsday predictions that ‘Compliance is Dead’ and whilst I don’t fully subscribe to this fear driven notion, I do believe that Compliance work is fast becoming a commodity, the value of which is being eroded. I don’t meet too many young budding ABC’s that want to spend all of their time in the compliance world. They’re keen to move through this level as quickly as possible to get to the real fun and meaningful roles which are found in the Business Advisory space.
Business Advisory has not just arrived with “The Cloud” (Take it from me this really does feel like Groundhog Day from 1990’s with the Windows, Desktop PC explosion). Now more than ever the tools are becoming available to realise the opportunity. It is important to remember that whilst technology is certainly the Enabler, it is not the solution……YOU are the Solution! (always have been). It is your willingness to take the available technology and deliver it in a way that achieves the overall Goal of delivering true Value Added Business Advisory services that clients actually want.
So, what if you are currently not prepared for this opportunity – what do you do? Well my advice to you is to do whatever it takes to get prepared and quickly! It really is an amazing time in history to be an ABC working with SMB’s.