There are plenty of recipes for success, and running your accounting firm competently is one of them. However, when your practice is considerably hectic, it can be tempting to go through regular routines for the sake of efficiency. While this looks like a perfectly normal way to go about a business, the truth is that this approach can stagnate your practice and cause you to miss out on potent opportunities for growth and expansion.
By exploring new ways of working and embracing innovative methods of running a practice, your firm can thrive in unprecedented ways. In fact, tech startups are a good model to embody: they tend to lean on groundbreaking attitudes and unconventional practices to gain ground for their business. Here are four ways your accounting firm can run similarly to a tech startup:
Create A Fulfilling Work Environment
Similar to the accounting industry, tech is especially fast-paced that is saturated with intense and ambitious competition. Startups have no choice but to hit the ground running, and to do that, they have bold key performance indicators (KPIs) and a robust collaborative attitude. They have numerous investors to update, which pressures them to continuously maintain substantial client relationships and optimal service delivery. Sustaining this means sourcing the right talent while creating a fulfilling work environment.
To keep employees engaged and motivated, startups usually encourage a feeling of excitement for the company’s endeavors in its employees. A go-getter culture is hugely emphasized, and staff must be a good match for the business. Startups also motivate employees through creative team-building activities while providing a flat hierarchy for growth. Such an environment will encourage employees to be more enthusiastic about their jobs, which is sure to reflect in your firm’s success.
Provide Unique And Attractive Benefits
A good salary and performance bonus aren’t enough to keep employees satisfied, and tech startups are well aware of this. They’re in the crucial stage of growth, which means they have to attract and retain as many talented employees as possible. This is done through providing unique but attractive benefits to employees, such as flexible working hours, gym and hygiene facilities in the office, and a fully-stocked pantry.
Having attractive extras for your employees will not only promote job satisfaction, but it’ll leave them feeling satisfied and more fulfilled with their job. They’ll be encouraged to work harder because they’re rewarded with these benefits, which will nurture employee loyalty and productivity. These benefits are also an efficient way of drawing applicants to your firm while creating positive buzz about the work environment, which is always a huge plus.
Eschew Outdated Work Practices
Technology is always evolving, which is why the industry is constantly on the move to keep up. There are always tight deadlines to meet that can spell the difference between more funding and having an investor completely pull out. As funding can be unpredictable, startups must carefully oversee their resources to ensure a steady flow of money and enough reserves to fund projects. This means using only innovative and efficient solutions in their work ethic.
This is somewhat similar to the accounting industry, as there are plenty of tough deadlines with equally difficult client demands to match. There’s often not enough time for tasks like payroll and onboarding. By eschewing outdated work practices, your accounting firm will have more time to deliver top-notch services. Automating manual jobs will speed up your processes while removing the possibility of human error.
Focus On Standing Out
Everyone wants to stand out, but not everyone knows how. Tech startups are well aware of this, which is why they put special care and attention into creating a compelling brand. They’re well-versed at differentiating themselves from their competitors through tactical marketing, succinct messaging, and vibrant imagery.
If your accounting firm is struggling to attract new customers, focusing on your branding and image will provide insight into what truly resonates with your target audience. Infusing your website and social media campaigns with your business’s personality will definitely bring curious customers to your door.
Tech startups have made headlines for the disruptive ways they’ve changed the industry, from innovative work practices down to game-changing products and services. If you think your accounting firm’s operations could use some fine-tuning, then these four lessons from tech startups are sure to help you build a dedicated team while optimizing your processes.
Need the advice of a business consultant to revamp your practice? Let us know at Quasar Cowboy Consulting! We consult with and advise software companies and bookkeeping firms in California and New York. We have what it takes to make sure your practice stands out, gets noticed, and reaches your goals. Get in touch with us today to see how we can help your business thrive.