Benay Informer 10/12/2022
Change is not always better.
Sometimes the correct answer is NO—or not right now. In business, like in life, change remains the only constant. Change, however, is not always a welcomed thing. Planned, well-thought-through growth, adoption, and adaptation of new technologies and innovation are welcomed and sought after. But unplanned, hurried, and unprepared change can be a death knell in business.
Thankfully, in the world of bookkeeping, most "new and awesome" things released to the industry are often shiny new buttons in an otherwise stable and secure software program operating within accounting industry standards. In your industry, however, there may be an overwhelming number of new offerings to consider on an almost daily basis! From fresh new vendors to supply variations and tactics for "getting it all done."
It is perfectly acceptable to see something new, appreciate the ingenuity, and still pass on the idea. John F Kennedy said, “The power to change is the power to grow,” however change for change’s sake is the dangerous path that many follow and often takes years to recover from. Think “New Coke,” “Google Glasses,” or “Mobile ESPN.”
With experience and practice, leading stakeholders can attest to the fact that one of the keys to success is staying in the know but wisely implementing only when and where change benefits the organization, product, or service. Innovation that doesn’t lead to growth, increased market share and/or revenues, or bottom-line savings, is a boondoggle. Trying to implement all the new concepts and options all at once can exhaust you and your team, no matter how great the ideas or innovations may be.
Newness, change, and innovation cost time and money. Consider the actual monetary impact and time interruptions incurred by implementing and absorbing new methodology, technology, or processes to create those new-fangled goods and/or services. In addition to the new “thing”, you may also need new equipment, technology, training, management, sales channels, suppliers, and so forth to handle it - this disruption to your staff and your customers may cost more than the “new” is worth.
As you read through your email, scroll through your social media, and flip through business journals touting the successful innovation and changes happening in your industry, keep your core values and goals in mind before moving forward.
Ask yourself the following questions to determine if you should try something new in your business:
What’s wrong with what/how we do things - and what is right? Why aren’t we doing more” right”?
What is the full cost of this change, and can you afford it?
How do I get my team/partners/customers to “buy into” this change?
Does it save us time/money, streamline, and simplify what we do/make? Or does it just complicate?
How long will it take to implement at all levels?
Bring in stakeholders, staff, and even customers to determine if the next big thing is a benefit or not for you. I’m not too ashamed to admit I spent hours online reviewing new secure portals when a staffer said, “Dawn, uh, we have Google Drive, you know.” Hashtag embarrassed, hashtag idiot owner!
At Benay, we have a multigenerational, multicultural, multi-talented team of thoughtful, experienced, and, insightful team members who can help you weigh the bookkeeping and accounting pros and cons, and their financial implications on your “new, whatever it may be. You might be surprised with what happens when you put it all on paper (errrr… on screen!).
May your decisions be wise,
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