Bedtime Stories for Accountants

Once upon a time the Tortoise was teasing the Hare again.  He just couldn't let the Hare forget about the race and how he had come out on top.

"I'll bet I'd win in a rematch," the Hare said.  He was confident this time because he'd been taking personal coaching lessons to deal with his issues and had set himself demanding new targets for finishing the race.

"You're on!" said the Tortoise.

A date was set and both met at the starting line.  Then they looked down and saw an ant.

"Can I race as well?" he said. 

Once upon a time there was a boy and his friends who loved to play king of the castle. They would spend hours knocking each other off the hill and trying to get back on top. However, one day, there was a new child who took over the game. He was covered in mud from head to toe and no one knew where he had come from.

The new person was a terrible sport. He got everyone's clothes full of mud, pulled on the girls pony tails and didn't play by the rules of the game. Everyone complained but he kept on as before, and eventually no one played on the hill anymore.

Why can accounting be just as exhilarating as mountain climbing or sky diving? If the factors are right any activity, including accounting, business, and even preparing tax computations can give you a feeling of completeness and accomplishment which is similar to thrill producing sports. It may not be of the same intensity but it will still create the same feeling of being in the moment and complete satisfaction.

The Science of Flow sets out a number of factors you need to be able to generate this feeling of flow and being in the moment:

The fifth secret of hidden innovation is the undiscovered business model.

How would you run an accounting firm if you weren't allowed to do it like anyone else? Assume for the moment that there is a new regulator who says you can't bill by the hour, advice can't be made by letter or e-mail and partnerships are forbidden. It is a thought exercise, so put legal requirements etc. aside just for the moment. What would you do?

The fourth secret is:

The hidden customer touches

There are a number of ways in which you touch customers. Some of these are obvious, such as when you send a memo with advice, or prepare a set of accounts. Others have become so commonplace you hardly notice them, such as sending out fees or the way you answer the telephone. This hidden secret means understanding each of these 'touches' and thinking about how you can make them special.

Secret number 3 is "The Hidden Market".

There are two different aspects to this secret:

1. The forgotten market.
2. A change in the current market.

Once upon a time there was a dragon caught in the Ocean. This caused a real problem for the villagers as his cries were pitiful and rang out through the night and day. Also, the dragon was responsible for attacking their village but, equally, his magic was responsible for many of the miracles that sometimes occurred. What were they to do? They needed the dragon, but also feared him greatly.

The second secret is - The Changing Demographic

This secret is best explained by a real life example:

When Henry Ford started his motor car business, he made the least expensive automobile so he could sell it to the mass market. Up until that time cars were made by hand and were expensive, but Henry Ford made it possible for those who weren't rich to own a car too.

Once upon a time Mr. Snail was asked by his friend, Mr. Bee why he carried his home on his back. "To cut down commuting time," was his reply. Mr. Snail was not joking. He was very busy and everyone could see he was always rushing (in the way that snails do) from point a to point b.

The other animals always laughed at the snail because he never had time to stop and talk, he was always doing something important.

The ant asked him if he could come out and play. "No, I'm too busy!" he said.

Everyone knows about the big ideas that were unexpected and which made a huge impact on sales (and the world more generally) - you can imagine the other electronics makers saying 'Let's invent the next iPod!' But there are other ways to innovate which are open to everyone, but are often hidden. The ideas you generate in these ways may not bring out ground breaking new services or products, but they will add to your profitability and number of clients.