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12th December, 2023

Episode 10: Embrace change for practice success

Change is an inevitable part of life, and it is especially true in the world of business.

In order to succeed in today’s fast-paced and ever-evolving market, it is crucial for businesses to embrace change.

In this episode of Fiscal Therapy, John Pititto, Managing Partner at Mead Partners, shares his experience of leading a successful accounting practice that recently won the Australian Accounting Practice of the Year award.

He emphasises the importance of embracing change and adapting to new technologies and processes in order to stay ahead of the competition.

One of the key factors that set Mead Partners apart from other entries and led to their award-winning success was their ability to implement new technologies and embrace change.

Despite being a smaller practice, Mead Partners was able to punch above their weight division by quickly adapting to the speed of change in the industry.

Within a span of just 12 months, they implemented AI technology, changed processes, and trained their team to effectively use other new technologies.

Shifting mindsets

The journey towards embracing change was not without its challenges.

Initially, the team at Mead Partners was hesitant about the changes that were being introduced.

However, once they saw the benefits and the positive impact it had on their work, they fully embraced the change and ran with it.

Embracing change is not just about implementing new technologies or processes; it also involves a shift in mindset and a willingness to adapt to new ways of doing things.

John’s involvement in different areas of the practice has given him a unique perspective on the importance of embracing change and staying ahead of the curve.

By being proactive and open to new ideas and technologies, businesses can position themselves as leaders in their industry.

Change can be intimidating and challenging, but it is also an opportunity for growth and innovation. Those who are willing to take risks and adapt will ultimately reap the rewards of their efforts.

Efficiency and automation drive growth

Mead Partners recognised the need to improve processes and streamline operations in order to achieve its goals.

The business implemented a change management plan with clear timeframes and steps to guide the team through the transition.

Efficiency and automation were identified as key factors in achieving desired outcomes.

By automating certain processes and improving efficiencies, Mead Partners was able to achieve its goal of allowing one team member to work four days a week.

This not only improved job satisfaction but also demonstrated the company’s commitment to work-life balance and flexibility.

The implementation of technology and efficiencies also played a role in business growth.

By embracing new technologies and automating processes, the senior members of the team could focus on advisory services.

This then allowed them to develop structured programs for their clients, such as a business improvement program.

Vision drives practice success

Having a clear vision provides clarity for both clients and team members.

It allows clients to understand the services being offered and the pricing points, eliminating any confusion or hidden costs.

This transparency builds trust and confidence in the practice, leading to stronger client relationships.

Additionally, a clear vision helps clients see value in the services provided, making it easier for them to engage in higher-level services.

Internally, a clear vision allows team members to understand their roles and responsibilities in achieving the practice’s goals.

It provides a roadmap for success and enables team members to see how their contributions fit into the bigger picture.

This sense of purpose motivates team members to work towards the practice’s vision, fostering a collaborative and productive work environment.

Embrace change, don’t stand still

Of critical importance is the ability to take calculated risks and adopt new strategies.

John highlights the need to constantly push outside of one’s comfort zone and not become complacent.

He believes that standing still and resisting change will result in being overtaken by competitors.

Instead, he encourages his team to embrace change and make sure everyone is comfortable with it, even if they don’t always like it.

By embracing change, John is able to create an environment where everyone is open to new ideas and willing to adapt.

He also believes in early adoption of new technologies and strategies, but only after careful consideration of the potential payoff. This approach allows his practice to stay ahead of the curve and take advantage of opportunities that arise.

John highlights the need for a willingness to take calculated risks, and the ability to adapt to new technologies.

By being proactive and open-minded, practices can position themselves for success in today’s rapidly changing business landscape.