Email Adam Email
Financial
Feb 15, 2016

Why We Always Need To Be Innovating

Sponsored Content provided by Adam Shay - Director of VCFO Services, Red Bike Advisors

The old adage is, "If you're not growing, you're dying." That may be a little extreme but it does have some ounces of truth to it. As a leader of a growing business, I know there are a lot of challenges that come with the territory. It can be easy to become worn down and stressed out with ongoing challenges and opportunities. While the status quo can be easier and less challenging, I firmly believe that all businesses should be constantly innovating. Our world is changing and evolving much too quickly for the status quo to work for long. Market forces, technology and competition will pass you by.
 
You may be thinking to yourself that there isn't anything much more status quo or boring than an accounting firm, but ours is not that way at all. We aren't going to be innovative in the area of reporting clients' data and information, as neither the IRS nor our clients would like the long-term results of such an approach. However, we can be innovative in the ways in which we work  with clients. We are always exploring new approaches with the pricing, technology and services that we offer our clients. We aren't going to be the CPA firm where you're dealing with everything on paper and an hourly rate.
 
One of the challenges I've found is that past innovations become the status quo or baseline for a business moving forward. With more size and success and more at risk, it can be tougher for entrepreneurs to push themselves on the innovation front. At that point, there needs to be a culture of innovation and input from team members who aren't necessarily equity partners in the business. They don't have as much at risk, and as long as they feel comfortable sharing their ideas they can continue to push the company on the innovation front.
 
The thing I love most about what we do is that we get to work with a variety of business owners across a variety of industries. Each industry is going to have different minute keys to success, but one of the underlying commonalities of success is that the most successful clients we work with are always evolving. That, along with having a good team (virtual or otherwise), is going to dictate success.
 
Occasionally innovation will result in stumbles, but in my mind innovation is well worth the risk. A lack of growth and status quo would be way too boring for me. What about you?
 
Adam Shay, CPA (N.C. License Number 35961), MBA, is managing partner of Adam Shay CPA, PLLC. He focuses on minimizing taxes and improving the financial results of entrepreneurs, and is actively involved in supporting the Wilmington entrepreneurial and startup community. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. He can also be reached by phone at (910) 256-3456.
 

Other Posts from Adam Shay

Redbikeadvisors block[55]
Ico insights

INSIGHTS

SPONSORS' CONTENT
Jordain 422430214

Turn Culture into Cash: The Secret to Higher Profits

Jordan Cain - APPROVE
Untitleddesign4 212391244

Firing With Compassion

Andy Almeter - Leath HR Group, LLC
Jenniferadams

Don’t Backslide on Backflow: Protect Your Family’s and Neighbors’ Drinking Water

Jennifer Adams - Cape Fear Public Utility Authority

Trending News

New Museum To Focus On Impact Of 1898 Massacre, Coup

Emma Dill - Nov 12, 2024

Tech Wilmington: Upcoming Events Calendar

Staff Reports - Nov 13, 2024

Dermatology Practice Leases First Floor Of New Wilmington Office Building

Staff Reports - Nov 12, 2024

Truist Boosts Career And Leadership Development Academy With $25K Check

Staff Reports - Nov 12, 2024

Company Announces $1.5B Investment At ILM

Staff Reports - Nov 13, 2024

In The Current Issue

Indoor Games On The Rise

Game Over Escape Rooms Wilmington, owned by Logan Zanki, opened recently downtown at 224 N. Front St....


GLE Maintains Laser-focus On Growth

The expanded space helps speed up the work needed to commercialize the company’s enrichment technology, said CEO Stephen Long. GLE also cont...


Novant Opens Simulation Lab For Local Training

The lab was set up in a renovated two-story former bank near Novant Health New Hanover Regional Medical Center’s South 17th Street campus....

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season