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61. Is automation a tool for success or a terminator of the future?

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20 Mins

Discover the secrets to success from our talk at the 'Taking Your Firm Virtual Conference.' We've been touring 2023, speaking at major events, and it all started with a slow burn, focusing on refining our business.

Learn to wield automation like a pro – it's a tool in your toolkit. Stay focused with a clear objective, develop a blueprint, and keep it personal. Don't end up like the misguided construction workers with a power drill!

Automation is a game-changer when used wisely. Stay tuned for more insights from our 2023 tour as we explore the path to business success with technology.

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Episode Show Notes :

Is automation a tool for success or a terminator of the future?

Show Notes Summary:

In today's episode, we dive into the critical concept of business development for increased profitability, drawing insights from a speech delivered at the Taking Your Firm Virtual Conference. This marks the beginning of our 2023 event recap series.

As we recount our journey throughout 2023, we highlight our participation in various speaking engagements. We initiated the year with a slower pace, focusing on fine-tuning business strategies. June saw our first speaking engagement, followed by another in January, while by August, we hit the ground running.

In July, a well-deserved vacation set the stage for the year ahead. This is just a glimpse of our speaking engagements, with many more to cover.

Today, we're honing in on our August speech at the Taking Your Firm Virtual Conference, hosted by the remarkable Nio Carter Gray. Nio has been instrumental in elevating the accounting industry, helping both clients and fellow accounting firms improve their profitability and operational effectiveness. The key takeaway from this speech was the critical role of managing client expectations in business growth.

Failure to effectively manage client expectations can lead to business setbacks. The initial growth spurred by unfulfilled expectations often results in declining revenue and customer dissatisfaction. Sustained success hinges on the ability to meet and exceed these expectations over time.

Automation plays a significant role in managing client expectations. It's essential to understand that automation is not a one-size-fits-all solution but a tool with specific purposes. Using automation improperly can lead to issues, much like wielding a hammer without understanding its intended use.

To make the most of automation and tools in general, you must first define your objectives clearly. Understand what you're trying to achieve. One common pitfall is getting carried away by the novelty of tools and losing sight of your objectives. Context is crucial; every tool in your toolkit serves a unique function.

When implementing automation, be cautious not to become overly impersonal. People can quickly detect generic, spammy messages, which may turn them away. Personalize your interactions and tailor messages to different subgroups when necessary.

Safety rules are essential when adopting new technology. The lack of safety measures can lead to disastrous consequences, much like the image of a worker using another's back as a table for a saw. You need to prioritize safety and be aware of the potential risks.

Finally, consider developing a blueprint for using technology and automation. This blueprint acts as a guide, helping you sketch out your approach, anticipate challenges, and align your tools with your objectives. For example, you can create automated CFO dashboards by aligning bookkeeping and accounting processes with your client's data.

Remember, automation is a powerful tool, but it's just one piece of the puzzle in your business toolkit. Use it wisely and thoughtfully to achieve your goals without compromising the personal touch your clients value. 

Join us in future episodes as we continue to recap our 2023 events and share valuable insights. Thanks for tuning in.

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