Magazine article The CPA Journal

The Success Trap

Magazine article The CPA Journal

The Success Trap

Article excerpt

Many accounting firms are adept at keeping up with yesterday's big news. Unfortunately, by the time a firm gets comfortable with new technologies business strategies, the opportunities they present have already peaked.

The art of looking ahead to new opportunities that I advocate isn't about predicting the future. It's about the ability to interpret trends, avoid the "because we've always done it that way" mentality, and accept accountability for raising the bar for performance.

The point is that past success never guarantees future success, but it usually ensures future complacency. Companies should ask themselves the following eight questions to ensure they don't lose out because they have "always done it that way." Add other questions to the list. The key is to make a conscious effort to prepare for the future rather than adapt to current situations based on the past.

* Technology. Are we using technology with a systematic plan for augmenting productivity, or are we acquiring or upgrading technology simply because it's newer?

* Marketing. What marketing techniques would bring significant, measurable returns?

* Brand What does our brand really convey to our customers and suppliers? …

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