It has been said that the only constant is change. How true. Now, more so than ever!
What we have taken for granted in the past has serious implications going forward into the future. If you have read my articles previously in this paper you will know that we are big proponents of planning and preparing for what the future may bring.
With the lazy days of summer coming to an end and fall and winter soon upon us, we have had time to reflect on the state of the world as it exists today. What we have realized in our office is that there are big changes coming to all of us and we need to be aware of these changes and how they will affect us. We believe that every job and every business today is in jeopardy to some extent. Between the global economies, outsourcing to Asia, automation, technology and the number of new apps that are filling our lives today, we all will be affected. We may think we are invincible but we are not. If we do not pay heed to the threat we may not be able to live in the lifestyle that we are becoming accustomed to. We know there are doubters out there, we know many will call us “Chicken Little”, but hopefully there are those of you who will reflect on this article and say, yes, this could be me.
Our business is a professional accounting firm. You look at us and think, they prepare tax returns, they prepare corporate financial statements, and they look to the past. While many accounting firms do operate this way, we don’t. We look at how technology has changed our business. We also look at what the future holds for our business. It is changing. If we don’t change and if we don’t adapt, we will be out of business. Technology will soon have the taxpayer filing their own tax returns from their phones. The Canada Revenue Agency will have your information for the majority of your tax returns and you will either agree to the return presented to you, or you will upload additional information to support your return. We see changes coming and we are prepared.
What can we do to help you prepare. If you are an employee, you will need help in the “what ifs”. What if my job is replaced by an App? What if my job is outsourced to Asia? What if I can’t keep up with the technology?
With business, the “what ifs” are there too. Who will be my next competitor? How do I automate? How do I use technology to keep me current and competitive? Where is the industry going? What are the threats? And how do we strategize to overcome these?
We need to look at planning for the future. The strategy is similar for individuals as well as business. For individuals planning and strategy should be a constant. What if my job disappears? What if interest rates rise?
What if? Our job is to act as a financial life coach for our clients. To advise and assist in the strategy that allows us to take comfort that we have a plan. As we have said many times before, if we have a plan, and things change, we can change the plan. If we do not have a plan and things change, what do we change?
Our advisory services are available for existing clients and new clients. We are a business, we charge for the services we provide, and we believe that our client’s receive value for the fees. Can you or your business afford not to work with us and help you plan your future, your strategy, and your protection from events that could be catastrophic?
Harold Johnson, CPA, CA