Yesterday’s news…..it’s only the beginning
Understanding Your Business
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Yesterday’s news should not be the finishing point, it’s only the beginning.
The delivery of ‘the news’ has evolved significantly in the last 100 years. Basic technology meant that stories took days or weeks to become available to the public. Even as a child growing up in the 1980s, the news arrived through the letterbox every morning, still only reporting what had happened yesterday. TV news did it’s best to keep up but only 3-4 times a day. Dedicated news channels and 24-hour rolling news were 10 years away.
Fast forward to today, where news is streamed constantly and available in your hand on-demand. If something critical in the world (or your world) happens, you know about it instantly.
But why do we crave news on-demand? It’s because while it’s important to know what has happened, it’s what is happening now and what insight that gives into the future which is more relevant.
Your relationship to your business, it’s performance and critical news should be no different. Neither should the relationship with your advisors.
What relevance does it hold for your accountant to deliver the news of your business’ annual performance, 8 or 9 months after that time has passed? It’s not even the equivalent of yesterday’s newspaper!
And what if that’s where the news ends? What if that’s the only news you receive each year, leaving you to wait 12 more months for the next news? What does it tell you about today’s news and tomorrow’s news? Where does that fit in a world where news is live and on-tap?
Much has been made of using digital platforms such as Xero to get businesses ready for Making Tax Digital. However, if that’s your advisor’s key driver for making the shift (continuing to leave you with once a year updates) then many advisors will simply be falling short of delivering what businesses really want and desperately need – insight into what is happening now and how that news can shape tomorrow and every day after.
Using a cloud-based solution such as Xero to its full potential (not merely switching a business to it, carrying on as before and restricting their services to compliance only) gives the advisor that opportunity. ‘Proactive’ and ‘adding-value’ will no longer be meaningless buzzwords. They can be tangible, deliverable outcomes.
More importantly, it gives businesses those opportunities too. But only if they’re able to align with an advisor willing to fully embrace a world where the expectations on the delivery of news has significantly changed.
Yesterday’s news or tomorrow’s news – the choice for business owners is finally here.
To find out how we here at Elevate can help your business get tomorrow’s news, get in touch today.
