Thought, Innovation, and Profit

Don’t build your team with people who think just like you, unless you want your accounting firm to stagnate. Fresh perspectives and new ideas expand your business in unexpected ways. Race and ethnicity are the first things that come to mind when you consider diversity. However, thought diversity is starting to emerge in the workplace.

How you think is more important than what you think. Does your team prefer consensus or innovation? Emerging leaders prefer genuine input rather than group buy in.

Complacency destroys businesses. You stop growing and, eventually, lose your passion. How does your comfort zone influence your business?

The way of doing business continues to rapidly evolve. Therefore, what was accepted ten years ago is now outdated. Change can feel difficult. As soon as you become comfortable with one system, the technology needs an upgrade.

Consider how a fresh approach would enrich your accounting firm. A new set of eyes may quickly solve long standing problems. Plus, you may also attract clients that your old firm couldn’t serve.

Accounting Today stressed the importance of thought diversity. A wide range of perspectives can boost new ideas and problem solving.

Be open to new thought processes and opinions. The ability of a firm to change with the times and cultivate innovation could depend on it.

Your Status Quo Holds You Back

Surround yourself with people from various cultures and backgrounds. Plus, mix up the type of thinkers you bring onto your team. Figure out where you need researchers, systems and processors, creatives and organizers.

Mix up the type of thinkers you bring onto your team. Figure out where you need researchers, systems and processors, creatives and organizers. #growyourbusiness Click To Tweet

Thought diversity will solve your most challenging concerns. When my clients are ready to grow their firm, I suggest they use a tool like Kolbe A to determine a candidate’s innate strengths.

Businesses, large or small, sometimes ignore the signals to change. Consider what happened to Kodak and Borders Books. Although the signs were present, they waited too long. By the time those companies realized the severity of their oversight, their market share had dwindled. Too little was done too late in the game. This can happen to your accounting firm, too, if you ignore the signs of change.

Challenge the Status Quo

Diverse thinking is called cognitive diversity. Here’s what Sarah, a bookkeeper, noticed with a client’s business strategy. One employee developed a logical, systemized solution. He gathered facts, researched different options and then reviewed the information before deciding what to do.

Her other employee had a hunch, brainstormed her idea and then tested it out.

Both approaches, the logical, progressive one and the intuitive one, have merit. The client launched an aggressive growth strategy because of the diverse perspectives.

Here’s how to implement thought diversity in your accounting firm.

1. Shake up your ideas for hiring. Expand your scope. Seek people who offer different perspectives from yours. Build a team with collaborators who enthusiastically share their ideas. Interested in growth? Well, a diverse range of thinkers can help you create a new stream of revenue for your firm.
2. Stop seeking consensus. Develop a results-focused climate. At Business Success Solution, we realize the importance of culture. The accounting professionals we coach learn to lead instead of manage. This encourages creativity and productivity.
3. Reward outside the box. Reward team members who offer new perspectives. Be open to novel ideas instead of shutting them down.

Collaboration leads to an ownership mentality within your firm. Give your team permission to take initiative within a specific scope. Be open to fresh ideas rather than constantly requiring your permission to follow through.  As a result, your role shifts from manager to leader.

Why Thought Diversity Matters

Diverse thinking offers many rewards.

1. Cognitive diversity is profitable. Your accounting firm gains a reputation as a resource for your clients. Clients seek you out for solutions to their challenges.
2. Fresh perspectives contribute to innovation. The old ways are more comfortable. However, they are not necessarily effective. Fresh ideas lead to innovation, stimulates creativity and improves efficiency.
3. Teams solve problems faster. Diverse teams resolve challenges at a quicker rate than homogenous teams. Plus, younger employees can teach your team new technology tools.
4. Create a culture that seeks new answers. Take your firm to the next level by challenging the status quo. The benefits of change are greater than you could ever imagine.
5. Anticipate client needs. Cognitive diversity puts you on the cutting edge. Your clients will appreciate how your team anticipates their needs. Imagine a team that constantly seeks a better way to improve your service and the client experience.

Thought diversity contributes to forward thinking. Your clients value how you partner with them to become more profitable. #growyourbusiness Click To Tweet

Lead your clients by example. Thought diversity contributes to forward thinking. This adds value to your client relationship.

Embrace Change

Cognitive diversity positions your accounting firm as a resource. You’ll attract new ideal clients who highly value your problem solving approach. This highly rewarding business model increases your profits and establishes you as an industry leader.

Yes, changing the way you’ve always done things can seem intimidating. Progressive thinking, however, strategically separates your business from others in your industry. At Business Success Solution, we know profitable growth will occur. But you’ve got to be willing to let go of the old way.

Are you ready to accelerate your accounting firm’s growth? The first step is to strategize your thought diversity plan. Discover how to stand out as the go-to expert and attract high value clients. Right NOW claim your FREE RESOURCE to double your income working half the time.