I am guessing a few of my clients rolled their eyes when another out-of-office notification replied to an email they sent to me. Two weeks, two conferences, two destinations. Even I was thinking this was a bit much and wondering why all the conferences seem to happen at the same time. Yet as I sit here at the airport reflecting on the last two weeks, I can only see value in the disruption. My mind is swimming with ideas, and my enthusiasm for the business and the future is high.
Last year, the theme at most conferences was artificial intelligence. We knew it was coming, we knew it would be disruptive, and we were a little concerned. Accounting and bookkeeping are industries likely to be hard hit by the changes that AI bring, and it is interesting to reflect on last year, this year and the rapid change to our industry. Certainly, we are seeing accelerated development of tools to enhance our productivity and ideas that seemed crazy last year seem realistic possibilities now.
This year, AI was also on the agenda, but with a sense of hope rather than doom. Most of us have now had the opportunity to play in the space and see how the tools are helping to make our lives easier. We are optimistic that the more boring elements of our jobs can be done with AI tools, which leaves time for the human element. More time to meet with clients, more time for conversations, possibly even more time to not be working.
It is a significant investment to take time out to attend conferences. Apart from the cost for the tickets and travel, there is the opportunity cost of not doing work. My business is based on time, and if there are no staff to do the time, no invoices are issued. However, there is another opportunity cost we must consider. The opportunity cost of not staying relevant, of not being up to date, of not being curious about the changes that are coming and embracing them. When comparing that to a few days of missed “busy” work, I think I have chosen a valuable use of my time.
At my business, we invest heavily in training. Not all training requires flying to a conference destination… Training can include attending webinars, reading, listening to podcasts or other formal or informal learning, such as doing a course. We have never had so many choices and resources at hand to help improve ourselves and our businesses. I encourage my team to be curious. I challenge myself constantly to understand what is happening in our world, and I believe that I am a lifelong learner. I want to try new things. I want to be up to date. I do not see my age as a barrier to being at the forefront of my industry.
I get it, change is hard, and we all like to remember the good old days. The days when investing in technology meant buying a 4-way BIC pen or a new scientific calculator. I am here to tell you that those days are long gone. Those who choose not to invest in their business by embracing technology and a culture of learning and curiosity will not survive. The human element is incredibly important, but if you are wasting your human energy on repetitive tasks that can be automated, you are fighting a losing battle. Your competitors will be using their human energy to win your clients.
Technology comes at a cost, and I frequently hear complaints about the cost of products like Xero. Most software providers charge a subscription fee, in many cases less than $100 per month, which helps you run your business. They are constantly investing in ways to make the process smoother for their clients. When looking at software solutions, you need to look at the benefits, not just the costs. Consider how much time the product can save you, along with the other problems that the technology is solving.
I will speak of Xero because I think this is an essential tool for any small business. The automations are there to help you seamlessly get the invoice issued, paid and reconciled. There are different ways to enter expenses, including attaching receipts for future reference. You can see real-time reports on how your business is tracking, which gives you the power to make informed decisions. Contrast this to the shoebox (which some clients still choose to use), or spreadsheets, which are cumbersome and rely on your input (your time) and could be prone to errors. Invoices that are issued late, possibly not issued at all, are not followed up, and no easy payment method for your customers to use. The list goes on. How valuable is your time? How valuable is the ease of doing business with you to your client?
It does cost money to have the tools to make things easy, but it costs money not to have them as well. It also costs money when you are paying for the tools, but you are not using them correctly or making use of the constant advances in technology that these products are rolling out to you.
I challenge you to think about what new skill you learned this week. What webinar did you attend? What podcast did you listen to? What product update did you investigate and think about how to use it in your business? Be interested and be curious. The opportunity cost of not taking a bit of time away from the daily grind to explore and open your mind may be higher than you can imagine.
