Poll: The greatest challenges

I recently ran a poll on LinkedIn for accountants in practice. My question was this:

What's the No 1. challenge that you find most stressful or worrying as an accountant in practice?

Let’s skip to the results:

Competition/differentiation 12%

Digitalisation/technology 16%

Recruitment/Retention 35%

Client education/mindset 37%

I’ll be returning to these in blogs and articles over the next month or so but let’s reflect briefly on these findings.

1. Competition/differentiation 12%

The lowest scorer in relative terms despite competition being a growing threat for all small accounting firms. Are we not concerned about the global, online and multi-sector nature of the opposition or are we happy that we’re on top of it with improved client services, more value added offerings and the ‘human face’ factor? Maybe we’ve fully differentiated ourselves to great effect. 

2. Digitalisation/technology 16%

Again, a relatively low scorer despite tech topics dominating the webinars, online discussions and conversations with firms. There is no denying that progress has been made and there are plenty of options and off the shelf solutions out there. Are we feeling on top of this now? Maybe we’re finally get to grips with our tech.

3. Recruitment/Retention 35%

This topic is clearly an area of stress and concern. Why is this, with off-shoring finally coming of age, digitalisation reducing the size of teams and the economic situation releasing personnel and highlighting the risk of changing jobs? We know that the profession has failed to attract in necessary numbers over the last decade and training budgets have been cut but who are we actually short of and what skill sets are we missing? Maybe the chickens are coming home to roost or, possibly, we’re not being adventurous enough with our skills thinking?

4. Client education/mindset 37%

The number one challenge causing sleepless nights. It’s interesting because, as a number of the replies in the poll pointed out, this is the one area that, as accountants, we can most directly impact upon. Are we unable to influence the mindset of our clients, unable to get them to listen? Do we lack the skills and/or content to educate them in the ways of running a business effectively? Are we the wrong people to try? Client education and mindset starts with team education and mindset and that becomes a factor of leadership. Is this the problem?

I’d love to learn your thoughts.