In accountancy, as with any business, the skill level of your team is not always reflected in their productivity. You may have the brightest accountants and bookkeepers, but they’ll still be rushing at year end, pulling their hair out with frustration over your clients – why do some of your clients routinely ignore all of your requests for information? Or perhaps they make silly mistakes because of the time pressure which can be costly for your clients and catastrophic for your reputation.
So how can you help this? How can you harness the power of your team and become a well oiled accounting machine?
Does your team know what’s expected of them?
Your people systems and the way you manage your team is just as important as your ability to complete a set of accounts. We’ve worked with excellent accountants, helping them to improve their productivity and systemise their business. The problems are rarely around the skill set of their team, but around the culture of the business, the way the team are managed both by the Business Owner and the Managers within the firm, and the consistency with which they operate.
Do you have targets set within your business and are these enforced? As an example, do you have targets in place for the completion of X amount of tax returns each month, so that December and January aren’t the absolute worst months? How do you measure this?
How motivated are your team? Do you have regular performance reviews with them and listen to their thoughts and ideas for improvement?
Do your clients know what you expect when working with them? (Yes, it is ok to tell them!)
When you take on new clients, and meet with your current clients do you make it crystal clear when you need their information by? Do you explain to them in plain words how important to is and how much more organised and less stressful it will be to operate in advance? Do you have reminder emails, automations to run this?
Perhaps you could build into your teams’ targets – follow up on X amount of clients a week. You can create email templates that are ready to go which serve as reminders, and you can impose rewards for the clients who submit their information to you ahead of the deadline.
Imagine if you received all the information you needed 9, 10, 11 months ahead of the submission date, and that each of your team had a target of X amount of returns each month, with a view to finishing a month, or two months before the crazy hits?
Do you have plans in place for achieving your deadlines and goals?
Say you wanted to increase your client base by 50% in 5 years. Ask yourself what would need to be in position in three years for this to be on track. Then in 12 months. And finally in 90 days. We call this 3-1-90 planning and it really works to drive and motivate towards achieving your goals.
So let’s get planning, here’s why:
1. Helps you to spot opportunities
A consistent planning system, and planning calendar, forces you to step off the hamster wheel once in a while and get your head up. It gets you to review your progress to date – what’s worked well, what hasn’t, what lessons can be learned. It provides space and time to think – about what you want to happen, what might get in the way, how you can get round any obstacles. It opens you up to opportunities, that you might otherwise miss.
2. Brings individuals and
teams together and breaks down silos
All too often, specialist teams, or individuals within a business can get lost in their own little world, and not be able to see the value that others bring to the business, or the challenges others face to get things done. Regular planning creates the opportunity to bring people together from different areas of the business to review the way work is done from the customer’s perspective and make plans based on what is best for the whole business.
3. Creates a safe environment
for new and creative ideas
Meet ‘that’s not the way we do things round here’ – first cousin to, ‘we tried that before, and it didn’t work’ It’s this type of statement that will prevent the flow of ideas in your business, and even your best people will not put their creative heads above the parapet if they know they’ll be shot down in flames. Your planning system offers a structured way to talk openly about the challenges facing your business, and ask for new and creative solutions to overcome them.
4. Gives everyone the chance to
How motivating and exciting to be part of something that is growing and achieving success, thanks in part, to your contribution. Involve your team in your planning, and you involve them in your Vision for the future – you give them the opportunity to create it. How much more engaged do you think they will be? How much more ownership do you think they will take?
5. Exposes your blind spots
We all have them. We can all be blind to our own strengths and weaknesses, to our innate prejudices, to other people’s talents and the value they add; and often we need others to shine a light on our blind spots. It’s the same in business – we all see things from our own view point, and benefit enormously from understanding how others see things. Planning gives us a framework for this.
6. Puts the customer first
Life planning puts you first. Business planning puts the customer first, and ensures that the focus is on what’s best for the customer, building trust and ensuring that everyone is focused on what really matters.
7. Keeps your products &
It’s your customers who decide whether your products are relevant to them or not, and it’s your planning system that will ensure that you check in with them – that you look for more innovative and effective ways to meet their needs and satisfy their wants.
8. Builds a stronger
Regular planning, focused on the business as a whole, brings the management team closer, and helps them to see the value – skills, experience and expertise – that they each bring. It’s also a great way of developing them, teaching them to focus on the end goal, and the strategies and tactics that will get you there.
9. Determines priorities
Your planning system is a key element in your continuous improvement cycle: plan – implement – review – plan. You start the exercise looking at what’s possible, and by the end it’s all about results. You understand your long term goal and you’ve plotted your course to get there. Together you’ve agreed your priorities, you’ve decided on your 90 day goals, you have your action plan, you know your first step. It’s simple and it’s logical, and it’s all about getting the right things done.
10. Builds ownership and
Any effective plan assigns the who as well as the what, where, how and when. It gives everyone ownership for their own little piece of the business – their role, their goal, their action plan. Ownership and accountability are the key differentiators between a regular team, and a high performing team. Your plan will drive this.
Take time out to look in in your business and you’ll be amazed at what you’ll discover.
Marianne Page, For more information, please visit https://www.mariannepage.co.uk/
WHY 2020 IS THE RIGHT TIME FOR FS MODERNISATION
Chris McLaughlin is chief product and marketing officer at Nuxeo
Few would argue against the notion that the UK financial services (FS) industry is facing many challenges as both a new year and new decade begin. Uncertainty over Brexit, the potential threat from new competitors and Big Tech brands, and rising customer expectations are just some of the challenges facing the sector.
But for every challenge, there is also opportunity. Digital banking paves the way for greater service continuity, making it easier for banks to capture and analyse data (with consumers’ permission), reduced repetition of information collection, and delivering more of what customers want in terms of products and services.
By innovating with richer and more convenient online and mobile banking experiences, and by using technology to deliver smarter and more streamlined backend operations, traditional FS providers can roll out and execute services more cost-efficiently too.
But many FS firms have been restricted in their ability to innovate and realise such opportunities, due to the outdated and inefficient systems and applications to be found in many organisations. However, with many FS workers believing that the challenges the industry face could see their company lose customers in 2020, the time is ripe for FS firms to embrace modernisation.
The 2020 agenda according to UK FS workers
Nuxeo recently surveyed 501 UK FS workers that focused on the challenges, concerns, and opportunities facing the industry. The main 2020 FS industry challenges were Brexit uncertainty; cybersecurity threats and information or data breaches; physical branches closing down; the burden of increasing regulation; competition from Big Tech firms potentially moving into FS; and competition from new challenger banks.
Perhaps of most concern to the industry is the fact that 59% of FS workers in the study felt that these challenges left their organisation vulnerable to losing customers over the next 12 months. But there are signs that FS firms are adapting to the new market reality and embracing technologies such as artificial intelligence (AI) that can help them modernise and address such challenges.
Almost two-thirds of respondents claimed their organisations are committed to innovation, and more than half (58 per cent) believe that firms which use AI in creative ways make for more attractive employers. 68% of respondents say their organisation is already using AI for content search or is in discussion to do so, and 67% say the same for automating backend processes, suggesting that FS firms are alive to the value that can be achieved.
Transforming customer service delivery is also a key focus for AI ambitions, with more than one-third (34 per cent) of respondents saying their organisation is already trying out AI in this context. Chatbots, often used to improve the customer experience, are being used by one-quarter. Meanwhile, 41 per cent are already using AI-based capabilities for some form of data analysis, suggesting that FS providers are attuned to the need to target their activities more strategically.
Smarter management of data, content and information
One of the major threats to productivity is the inability for FS firms to connect and organise all the data they have at their disposal and there is a real need for smarter management of data, content and information. Compared to newer industry market entrants, established banks and FS providers have far richer data going back decades or longer. If institutions could tap into this considerable resource, it could be used to distil invaluable intelligence and insights into consumer trends, product performance, and relative account profitability.
Although organisations have all the underlying information stored within their legacy systems, it is typically very difficult for teams to access, combine and cross-analyse this data. This is because, too often, systems are unconnected, use incompatible data formats and feature considerable data duplication between applications.
In the Nuxeo research, FS providers confirm that, on average, they store information and content across nine different systems. And these systems tend to operate in silos: almost three-quarters of respondents say their organisation’s systems are not fully connected with each other.
System users who need to access information as a regular part of their jobs can be spending up to an hour a day (52 minutes) searching for what they need because it is not readily discoverable. Given that this equates to four hours 20 minutes each week per employee spent looking for information, the total time wasted across an organisation over a year is quite significant.
Embarking on a managed journey of modernisation
13 per cent of respondents in Nuxeo’s study believe their organisation’s inability to adopt AI quickly enough is one of the main challenges facing UK FS in 2020, so it’s something that will need to be addressed sooner rather than later.
But a managed modernisation journey, incorporating wider use of AI, which can help address many of the issues that are so concerning to those that work in FS, is already underway for many. Such modernisation can deliver quick wins, without incurring new risk or detracting from other critical work that needs to be done in 2020 and should be embraced wholeheartedly as the FS industry embarks on the new decade.
WHY MAKING MONEY ON YOUR MOBILE IS EASIER THAN YOU MIGHT THINK
Aaron Brooks, Co-Founder of Vamp
For Millennials and Generation Z, becoming a social media influencer is an increasingly desired career. According to a recent study, 86% of millennials want to use their social platforms to post sponsored content. It comes as no surprise. Getting paid to produce content about the products you love, why wouldn’t you?
It’s more than just a pipe dream too. While marketing used to revolve around big brands, employing big agencies to create ads, technological advancements have created a user generated content boom. Thanks to smartphones, most of us now have a 12 megapixel camera in our pockets. Brands have capitalised on this, launching campaigns that harvest user generated content, asking their customers to share their brand experiences through pictures, videos and reviews.
Social networks have normalised the sharing of content, which has helped propel this movement further. ASOS’ UGC hashtag #AsSeenOnMe has over a million entries on Instagram. Then of course there’s Apple’s incredible ‘Shot on an iPhone’ billboards, which use their user’s images to promote their phones.
Influencer marketing takes this a step further. These social creators produce high-end content and have engaged followings – both a valuable commodities for brands. 93% of marketers now using influencer marketing. So if you’re looking to make your mark as a content creator, there are plenty of opportunities. Don’t be put off if your Instagram following isn’t in the high thousands either. Micro influencers, with their small but highly engaged audiences, have become popular among marketers and this trend will continue to grow in 2020.
Of course, brands want high-quality content to represent their brand, but if you’re keen to kick start your creator career and start making money, a smart phone and a creative eye is a good place to start. If you want to take it further, then follow these three tips for success.
Hone your personal brand
Rather than trying to be fashion, art, foodie and travel all in one neat package, find a niche and create a consistent message. The same goes for photography styles. If you want to be the flatlay expert, I’d recommend sticking to that at least 80% of the time.
Finding your niche and making it your hallmark will let people know what they can expect from you. It’ll make you more likely to maintain follower loyalty and help you to stand out from the crowd. Make sure it’s of genuine interest to you. You’ll need enough enthusiasm to post consistently in order to build your authority in that area.
Cultivate an engaged following
While a high follower count was once the most prized possession of the influencer community, times have changed. These days if you want the attention of big name brands, not only do you need a beautiful feed, but a highly engaged following. That means people who follow you, spend time with your content and engage with it.
Actively engaging with your existing audience and contributing to the larger Instagram community will help you build relationships on Instagram. This means replying with genuine
comments and pro-actively engaging by offering your own comments on other accounts.
While it might be tempting to take shortcuts by buying fake engagement or followers, it will only sabotage your efforts. Software has become increasingly effective at spotting fakes so chances are, you’ll be found out and blacklisted.
Maximise influencer marketing platforms
Once you’ve honed your personal brand and cultivated an engaged following, you can begin making money on your mobile. Rather than waiting for these opportunities to find you, you can take a proactive approach and join an influencer marketing platform.
These technology services connect brands with content creators. Depending on the platform, it may have a database of thousands of pre-vetted influencers who have opted-in to receive content collaboration briefs from brands. You’ll get opportunities delivered direct to your mobile and will be able to choose whether you opt in or not. This gives you the freedom and flexibility to work with brands that truly resonate with you and balance the work around other commitments.
With brands constantly searching for people who boast content creation skills, there are plenty of career opportunities in the influencer space. For those looking to make money in this space, all you will need is a smart phone, passion and creativity to begin carving a career as an influencer.
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