Reflections on the word ‘innovation’ in a fast-changing world

I recently had the pleasure of both sponsoring and judging the IAB’s Innovation in Business award. The standard of this year’s entries was extremely high and it got me thinking about what the word ‘innovate’ means in today’s fast-changing world.

The word is actually derived from the Latin verb innovare, which means to introduce something new. At a time when seemingly nothing in business is staying the same and technology is threatening to disrupt many aspects of how we work, it strikes me that innovation is now necessary even to stay still, let alone grow.

To help understand more clearly how innovation could impact today’s finance professionals, perhaps it would be easier to separate it into (1) processes and (2) people.

Turning first to processes, here is where technology can be turned to your advantage. From smart, fully integrated CRM systems to the strategic use of social media platforms, today’s switched on accountant or bookkeeper can not only service existing clients easier than ever before but they can also seek out both new audiences and service offerings.

Plus, artificial intelligence can be harnessed to transform your marketing. From blog writing (ChatGPT and Bard) to Podcasts (Murf) and videos (Synthesia), it is now possible to create high quality content that hasn’t been generated by humans.

Across the board, new software is being produced at a rapid rate to streamline how, where and when we do business. The trick is to factor this into any business plans.

Another element to factor in is the most important one – the human element. As professionals, whether we are employed or run our own businesses, we not only need to keep up with the pace of change but try and embrace innovation. At the same time, we also need to acknowledge that old fashioned working practices may no longer be either sustainable for the planet or good for our health (physical or on mental).

Therefore, we are starting to see some interesting new trends. From setting up Podcasts or webinars (https://www.6figurebookkeeper.com/podcasts), introducing four-day weeks for staff and aiming for Net Zero, many finance professionals are waking up to the fact that the rules of business have changed.

Another interesting trend is bookkeepers and accountants taking a more enhanced role with clients and becoming de facto business advisers. As trusted advocates, they are well placed to see where the challenges and opportunities lie within businesses so it is a natural evolution to take a more holistic overview – as well as a more profitable one.

2023 iab awards

With innovation and personal development very much in mind, the IAB have started introducing a range of new courses, designed to upskill our members. From understanding your digital footprint and building a decent content ‘reservoir’ to creating the ideal personal brand, they are all focused on introducing fresh elements to the world of finance. Click here to find out more of what is on offer.

The world of business is changing so don’t get left behind by assuming that despite all the profound shocks we’ve experienced over the last few years, it will be ‘business as usual’ again. Think about how you could innovate something in your professional life, whether this be large or small. This could be as simple as sorting out your LinkedIn profile or as in-depth as putting together a targeted Google campaign.

At the same time, you should think about building in elements of change or new working practices to your business plan. Look at every aspect of your company and see what could be improved, replaced or streamlined. As before, this may involve your people as well as your processes.

Remember what Steve Jobs said: “Innovation is the ability to see change as an opportunity – not a threat.”