Sounds like the beginning of a lame joke, doesn’t it? But dare to peer past the tweed jacket brigade in your mind and you may just discover something powerful – especially if you run your own business.
What we’re getting at here is when compliance (playing by the rules set upon you by the government of the day), technology (software and hardware that helps scale your business and generate data), and insight (utilising data to inform decisions and drive results) come together. Traditionally these people would never talk to each other, yet alone walk into a bar. But they really should be sharing more beers.
Put simply, when they work together the result is far greater than the individual sum of their efforts.
Think about it! Compliance, technology and insight, working together as an integrated model capable of building the businesses of the future. Enterprises that are compliant and up to date, with a robust foundation of financial data and history. They will be generating data from across their organisation, customer base, staff and product range through technology-based platforms that allow them to do what they do seamlessly.
And, they have proactive control over their business by making data-driven decisions as to their strategic direction and performance.
The irony is that this result cannot come about through the efforts of only one player. Technology without compliance is cruising for a bruising from the taxman (or worse). And no insight is meaningful unless the data is accurate and timely.
So how can one pull off this dance?
Intention is critical. You must want to build a data driven, compliant and efficient enterprise. You must be willing to invest, which is something very different to an expense.
Ethics are paramount. These players must be able to communicate, get on with each other, and get things done through trust – not contracts. To these people a handshake has more weight than any signed piece of paper.
Technical knowhow. You need best-of-breed people with experience and curious minds that keep them at the top of their field. But now you may be thinking, “Hang on… Such a thing doesn’t exist, right? I haven’t seen or heard of it!” It turns out it does. Waypoint, together with Right Brain Insights, are partnering with several mid-tier, independent, loud-based accounting firms to build just such a model.
And the results are already showing.
One North Melbourne based construction company is ahead of target to double revenue and triple profit in 12 months. A South Yarra marketing agency doubled their gross margin and increased their net from 3-25%, even though income decreased 10% in 24 months. Both of these companies had more than $2M in turnover and effectively began from scratch. Radical transformations occur when data is turned into the oil that drives the economic engine of an enterprise.
Why rely on gut feel, when you can act with clarity, conviction and confidence.