Practice Sin 4 – Failing to Change
As the business environment changes, practice owners must change. The ‘old’ ways of doing things must be changed when technology makes the new ways quicker, cheaper or more convenient. To not do so is to get left behind.
One of the major benefits of owning your own accounting practice is that you have the freedom to do things your way; no boss is telling you how to operate or manage your practice.
But this is a trap when practice principals become fixated on doing everything their way (with no changes), instead of focusing on ‘the best way’ (which constantly changes).