Over the second half of the last decade we have seen the progression and growth of the tech sector all but explode and stamp its claim on the world’s business landscape. These developments have revolutionised the way that businesses operate and streamlined many of their day to day processes.
Accountants may appear to be on the endangered species list in this era of rapidly-increasing automation, but we’re finding that as Business Advisors we are adapting to the changing landscape, working diligently to stay ahead of the curve and thinking differently to stay relevant in order to assure demand for our services in the future….
The business landscape has gone through such significant changes over the last decade, particularly regarding the utilisation of technology in even the most basic of businesses that it wouldn’t be surprising to envisage a period of stability or cooling-off as business operators come to grips with the raft of tools now available to them – however this seems very unlikely. It is within the next decade that we are likely to see which businesses can thrive in this new landscape and those which may fall by the wayside through their own inactivity or inability to embrace change.
The really exciting element from our perspective is how Hawke’s Bay has managed to position itself at the forefront of this change. Hawke’s Bay is now seen as a booming business economy that has the required elements to expedite the achievement of business goals. This teamed with the Bay’s reputation for true work/life balance has ensured that the New Zealand business community stands up and takes notice of our little slice of paradise. This as well as our own local success stories such as the Napier Port, Ahuriri Tech Hub and the Airport expansion project has enticed a range of business investors and opportunities to our region.
Dynamism is a fundamental component of many successful businesses and the required strategy can dictate short timeframes for growth, sale & purchase and market penetration
opportunities. This means we really need compliance and reporting to run like clockwork, with the data available at our fingertips. Neither we as advisors nor you as business owners can afford to waste time on historical results.
One change by product is how we work to align the current business environment, technology and new generations entering the workforce together. This is a fundamentally important investment for every organisation, and our clients value good advice around what works and what to do when it doesn’t.
Futurists talk of the threat that Artificial Intelligence poses to so many businesses by manipulating the way in which we conduct our business. We see this advancement and evolution
signalling a somewhat inevitable move towards robotics and automation taking over the logical, predicable and monotonous tasks within society. And while the further development and future influence of AI is uncertain, it is another element of the change cycle that businesses will need to take heed of and build into their strategic planning in order to stay relevant.
To address these changes Businesses must embrace cloud- based accounting software in all its glory. Harnessing the cloud for efficient accounting compliance is not enough. The real benefit is in utilising apps and add-ons to provide privately- owned businesses with a broader, more integrated solution that is the envy of larger corporates. It is likely that within the first half of the next decade we will see who can succeed in taking their Business to the next level and those that have been weighed, measured and found wanting.
Which one is your business??