The accounting industry is always changing, but right now, there are two big changes that are hitting the profession particularly hard.
1. Leaders are losing commitment and focus
Let’s face it, everyone loses focus on occasion, and leaders are no exception. The problem comes when leaders don’t recognize this and do something about it. The fact is that leadership is stressful and many times when we get stressed, we want to just step away, but we can’t do that. When things get hard, we need to focus even more intentionally because your team is looking to you for direction.
Leaders also need support. We need coaches and partners. We need a community behind us to help push us and motivate us.
Leaders need to take care of themselves. You are more than just a firm owner. You have value and worth within your family and community, even in busy times.
Leaders need to move away from fear. Fear is paralyzing. When we think of what the future holds, it’s hard to not feel fear, but we need to use these thoughts as an opportunity to fight fear.
2. Finding talent is a challenge.
Firms everywhere are finding it difficult to hire great talent. It’s an uphill climb. So what are some things we can proactively do to better our chances of hiring the right people for our firm?
Be creative and have patience. Hiring processes that used to work for your firm may need to be updated or tweaked. Where and how you find talent may need to be adjusted, but ultimately, remember that patience is a virtue. Sometimes finding “the one” (or “the five) takes time. It’s a process. Assume it will take a while, and remember that it doesn’t need to be rushed.
If you are looking to hire, but not having any luck, it may be necessary to put off new clients until you have the time to properly interview and introduce new team into your firm. Another option that we talk about in Thriveal is to let go of some of those clients who may not be a good fit for your firm. Either of these options can reduce the need for labor in your firm, and could actually set you up for long term success when the labor market turns around.
Want to face your current challenges with a group of like minded firm entrepreneurs like yourself? Check out the Thriveal Community!