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Will Our Present Business Model Survive Exponential Change by New Competitors?

By Joey Havens

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For the last few weeks, we have been discussing the technology-fueled disruption headed our way as part of the blog series, 5 Questions that Might Make Us #beEvenBetter. The rapid and radical transformation from this gathering storm inspired me to seek advice from some of the top leaders in our profession and, in the process, develop a routine of considering key questions regarding the future I’m charged with leading.

  1. Are we really moving fast enough?
  2. What would have to be true for us to change our direction, mind, or assumptions?
  3. What legacy KPIs are we measuring that slow us down?
  4. Does our pricing reflect the impact or worth of our services and advice?

Today we’ll wrap up this series with the fifth and final question.

Will our present business model survive exponential change by new competitors?

We are all familiar with companies that have used technology to power new business models that disrupted entire industries. Think of how Netflix impacted video rental companies, Uber upset cab operators, and Airbnb rattled the lodging industry. Our profession is not immune to this type of disruption. We are already beginning to see new competitors from outside accounting that are bringing creative and innovative ways to deliver services that we currently provide. We do not want to be the Blockbuster of accounting. Routinely asking these five questions will help us continually monitor and change our direction and strategies to avoid that fate. 

I hope that you find some value in them as you reflect on your business today. I also encourage you to comment or provide our followers with other guiding and probing questions that we can use to provide a better future for our firms and team members. Together, we can meet the challenges of exponential change and seize the abundant opportunities on our horizon. Relevance is hard work and it takes hard questions. What are yours?

Driving Towards the Storm

Practice Overcomes Fear