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Fuel innovation in your firm

by
5th Oct 2016
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Innovation is an essential ingredient for any successful accounting firm. A business that continually looks for new ways of doing things will improve their processes, grow their output, and stand apart from competitors.  

Being a part of an innovative workplace is also massive deal for employees. In fact, according to research from Karbon, it’s the single most important factor driving their employment decisions. If you want your accounting firm to be an attractive place to work at, and to also have long-term success, you must be bold and willing to evolve.

These strategies will help your accounting firm can foster innovation.

Switch up roles

Your staff are eager to increase their knowledge and develop within your firm beyond number-crunching. Education is key, but it needn't always be in a formal context.

Encourage your staff to dabble in tasks that may not be part of their job descriptions. If you have a tax accountant who is interested in social media - let them run the practice Twitter account. Or perhaps you have an intern who is a bit of a people person - bring them along to a client meeting. 

This tactic can also be used to strengthen weaknesses. If a quieter staff member isn't comfortable chatting to clients, you could encourage them to work the phones in reception occasionally to help build their confidence.

As long as their regular work doesn't suffer, this strategy keeps staff interested and widens their skill set. It also has the added benefit of opening your firm up to new possibilities. Fresh eyes may see new ways of doing something, rather than "the way it's always been done." 

Take risks

Taking risks requires careful balance. The right kind of risks can create new differentiating opportunities other firms have failed to discover, while the wrong kind can send your firm off the rails. But if you want to run a successful firm you can't afford not to take risks.

Learn to take the right risks and you'll learn how to foster innovation in your firm. Taking risks is the foundation to innovation.

Provide time for new ways of thinking

The most successful firms understand the importance of innovation, and they enable this by giving their staff the time to develop new ideas. Try giving your staff an hour a week - or more - to think of new ways to perform a process, research new technologies, or develop a new service your clients will love. You could even go as far as setting innovation KPIs for your team.

Try asking a staff member or a department to pitch an original idea each month. As a manager, you still have the final say, but by empowering your staff in this way you are encouraging them to always be on the lookout for new ways you can provide value. 

Reward the most innovative

Innovation is about trying new things; and nothing encourages innovation more than rewarding the initiative and creativity shown by your staff. This can be as simple as acknowledging someone at your next staff meeting, giving an afternoon off, taking them out for lunch, or writing a hand-written thank you note.

The goal here is to really let your staff know that their efforts are appreciated. The more comfortable they feel, the more brazen they will become with their attempts and the sooner you will find your firm at the forefront of change.

There is no quick way to foster innovation, but implementing these strategies will sow the seeds. In time, you will develop into a firm where staff instinctively think outside the box and be leaders of change, rather than waiting for it to come from management alone.

Replies (6)

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By Gimlet2008
07th Oct 2016 11:46

Not sure I understand this so hope I don't have to...

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7om
By Tom 7000
07th Oct 2016 12:32

Innovating making tax digital is probably enough in these Brexit times

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By keithas
07th Oct 2016 12:39

There is something deeply ironic about people using the hackneyed phrase, "thinking outside the box".

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By Graham Greenwood
11th Oct 2016 11:31

These strategies will help your accounting firm can foster innovation.

Could you explain this sentence please?

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By AndrewV12
17th Nov 2016 15:39

If you have a tax accountant who is interested in social media - let them run the practice Twitter account.

I would be little bit careful of that one, Social media for some is addictive.

But I agree innovation can be everything, if you are a new accountancy firm, to get noticed you are going to have to break all of the rules (marketing and promotion rules).

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avatar
By AndrewV12
17th Nov 2016 15:40

If you have a tax accountant who is interested in social media - let them run the practice Twitter account.

I would be little bit careful of that one, Social media for some is addictive.

But I agree innovation can be everything, if you are a new accountancy firm, to get noticed you are going to have to break all of the rules (marketing and promotion rules).

Thanks (0)