Mark Lee highlights a key lesson for accountants and the consequence for mid-size firms by reference to the latest high street casualties.
The recent failure of high street dinosaours HMV, Jessops and Blockbuster contains an important lesson for small and mid-size firms of accountants.
Those three retailers had evidently failed to respond to changes in their customers’ shopping habits. The internet had a major impact as did management’s apparent failure to adapt and evolve their business operations.
Many clients and prospective clients of accountancy firms are changing their shopping habits too. but to what extent do you need to adapt and change?
I am not just talking about the rise of the internet per se. What I am really interested in are other changes that follow from this major game-changer.
The rise of cloud computing is one such development, which I will leave for others to argue how much impact this is having and whether this will grow.
The area in which I want to focus on is the change that is driving prospective clients to seek out a specialist, someone who focuses on a niche area of work, clients and expertise.