The hidden threat to every accounting firm
Richard Brewin • March 16, 2020
Ask an accountant what the biggest threat is to their firm and the answers come pouring out:
- Digital disruption
- Tech companies
- Changing client needs
- Online competition
- Pressure on profits/cash flow
- Skills shortage
- Red tape/legislation
- Not enough resources
- No succession plan
I could go on. All are relevant and all are challenges across our profession. We deal with them all on a daily basis when working with professional firms.
However, the greatest threat is rarely mentioned until I take the conversation to a deeper level, even though it may be obvious to someone on the outside.
Motivation, or rather the lack of it, for the principal.
We all understand that a business without direction, drive, focus and energy is going to struggle. Knowing it is one thing but maintaining your motivation in the face of all of the challenges above, and the many more that directors and partners face on a daily basis, can be a seemingly insurmountable challenge. The motivation just seeps away over time.
If you are to be happy, and your firm to be successful, then you have to find ways to recover and maintain your motivation. Here’s my quick guide:
- Remind yourself of why you are doing this. What are the deep seated drivers at the heart of your ‘need’ for success. Family? Legacy? Community? Making a difference?
- Have your business reflect your ‘why’. Tangibly, with photos, wall-mounted statements, desk models etc and intangibly by embedding it into your culture.
- Engage your team and your clients into your drivers, your ‘why’. The more your team and clients reflect what’s really important to you then the better you will understand each other and work closer together.
- Set goals that motivate you, not that just financial targets. “I’m going to make a positive difference to 1 person every day”
- Take time out to refresh (no.1). Book your main break early in your diary so that you can plan for it and make it happen. Don’t wait for a quiet period to take your time off, it rarely happens.
- Take time out to refresh (no.2). Don’t underestimate the value of a weekend away. You may still think about work but the context and perception is entirely different in a fresh setting.
- Take time out to refresh (no.3). If you hit a wall during the day then stop banging your head against it. Take a break. Go for a walk. Listen to some music. Have a chat. Press the reset button in your mind.
- Focus on your successes. We focus on issues and problems all the time so step back and recognise your wins: what’s gone well, where the progress has been, what’s made everyone smile.
- Freshen things up. Do things that people don’t expect to break up the pattern and get a different response. Something positive, something that will motivate those around you and reflect positively back on you. From a home-made cake to a team day, your options are unlimited.
- Last, but definitely not least, get yourself someone who understands your world to talk to. A mentor will help to sense-check your thinking, keep you positive, keep you grounded. I’m always happy to talk.
I hope that some things here resonate with you.
Good luck and keep smiling!
In the Accountant/client relationship, “yes” often feels like the default. Yes to urgent requests. Yes to timeline shifts. Yes to “just one more thing” added to the scope. We want to say yes to our clients. We want to support them, be helpful and build more work, but every unqualified additional yes becomes an invisible cost; on your time, your margins, and your wellbeing. Bold accountants think differently. They know that “no” isn’t rejection. It’s honest and professional. It’s a strategic decision that protects quality, strengthens relationships, and reinforces your value.
Let’s be honest, most business owners have a perception of an accountant that probably falls far short of our ambitions. They want someone who helps them make sense of the chaos, plan for growth, and sleep better at night knowing someone’s got their back, but their accountant doesn’t usually spring to mind as this person. What they dream of is a coach, not an accountant, but, weirdly, they often don’t trust coaches but do trust their accountant. Their accountant can be both, so the client gets the trust and the coaching
Artificial Intelligence isn’t the future of accounting — it’s here now. From automating repetitive tasks to delivering deeper insights, AI is transforming the way we work, serve clients, and lead teams. But for firm leaders, success isn’t just about implementing technology; it’s about doing it strategically, responsibly, and humanely . Before diving into the ‘how’ and making piecemeal decisions, accounting firm leaders need to consider the ‘why’…and its not as simple as “because everyone else is”.