By Advisory Board Member Gary Boomer
Knowing what the future may hold for you and your firm is tremendously valuable in these uncertain times. While I can't provide every answer, I can offer some tools that will improve your thinking and the accompanying results.
Perception is real, so how you perceive the current situation determines your reaction and behavior (good or bad), and that reaction will greatly influence the results. Steven Covey calls this the See-Do-Get paradigm.
Over the past several months I have witnessed leaders at numerous firms present varying tones when meeting with employees. These range from, “We must cut every possible cost in order to maintain partner earnings” to “Our firm has decided not to participate in this recession.” In my opinion, the jury will remain out for months and maybe even years, but I believe the accounting profession will change dramatically – and for the good. We will become more responsive to our client's dangers, opportunities and strengths while structuring our firms to deliver valuable services in an efficient and effective manner.
Like many you are probably asking what caused this global recession, or perhaps you think you know the answer. Some blame corporate greed, the mortgage industry or government. I believe the primary cause is technology, specifically the microchip. Before I explain, first consider the history of a few other industries that transformed and discovered how to do more with less over the past 100-200 years to survive.