Just finished Warren Buffett's biography and one thing is clear. His strategy for investing is not rocket science - quite the reverse.
It is about reading the balance sheet,looking for where the value lies and taking a long term view.
How many accountants actually sit with clients and dissect the meaning of the balance sheet , letting the client understand that this is the dashboard ? Or do we assume the client's gut feeling is more up to date and accurate ?
How many of us help the client understand that when seeking to buy another business they must look for value and whether it will be the best use for their money ? Or do we assume they know their industry , and business in general better than we do ?
When was the last time you discussed strategy with a client and questioned their long term outlook ? Or do you assume they are not interested in these nebulous concepts and will react to market shifts in their own way?
I suspect that the majority of accountants are guilty of at least one of the above.
Talking about strategy I wonder what the House of Windsor plc have planned for the next 60 years.....