Time to wise up

Richard Brewin • April 15, 2019

Sir Francis Bacon expressed the view that ‘knowledge is power’. It certainly can create the power to drive your firm forwards in these challenging times.

It’s very easy to fall into the trap of being too busy to learn, too busy to train, too busy to explore new ideas and   developments. I’m sure there are times when we’ve all done it.

Unfortunately, it comes at a cost, often not immediately obvious. Individuals and firms that starve themselves of learning limit their future growth. It may be that commercial and client needs can still be met in the short term but what feeds the development of new ideas, solutions, approaches and techniques? What fuels future performance?

When an accountant becomes guiltily aware of a lack of CPD then it is invariably the risk that comes to mind first. What about the professional bodies? What if I wrongly advise a client or fail to assist them properly? Whilst these risks are very real, there is an ongoing commercial risk as the firm gradually slips away from the cutting edge expected and required of a great professional service business.

The compliance and advisory world is rapidly changing. The needs of clients are changing as quickly, if not more so. How can you run a successful business if you are not aware of what is happening out there?

Failure to continue learning increases risk and negatively impacts profits. Those alone should be reasons enough to get online, listen to an expert, implement a development plan or research a new development. Beyond that though is the sheer satisfaction of your role and why you come to work. An up to date, outward looking, well researched business person runs a confident, trusted, highly performing business. An expert advisor has settled, trusting and well-paying clients, great client relationships. A team member who is confident and knowledgeable in their role is happy in their work and delivers great performance.

Don’t take the short term option and cut the learning corner. Create a culture of knowledge, development and training. There is no down side.

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