An investment in knowledge pays the best interest

An investment in knowledge pays the best interest

We are well and truly rolling ahead in 2023 now, another year where we might’ve thought we wouldn’t be quite as busy as last year, which hasn’t proved to be the case yet. For the past few months the level of frustration has been growing as we continue to face challenges in managing our time and growing costs of doing business. For the Forsyths team we have been out of the office a fair bit, participating in various industry conferences and training sessions.

With team members tied up, I’ve had to take on additional work, and let’s not even talk about the cost of the training sessions.

But as always happens when I stop to write these articles, with a clearer head I’ve reminded myself that, as a business, we are committed to professional development.  Opportunities that allow us to talk and network with other accounting firms, learn best practices, and gain knowledge in specialised areas including superannuation, corporate structures, leadership development, and team management skills are invaluable for the team.

So, the topic of today’s article is how important it is to reframe our perspective and recognise training and development as an investment in our future success.

Training your team members offers numerous benefits that can help your business thrive. With the challenges of recruitment in regional NSW, it is vital to retain your top talent.  Investing in their development shows your team they are valuable and builds loyalty. 

Training team members on industry best practices or changes in legislation provides positive impacts to both customers and team members.   In our industry, as financial rules and regulations change frequently, it's critical for our accountants to keep pace with these changes to provide accurate advice and services to clients.

Investing in the ongoing professional development of your team members can function as a key strategy for risk minimisation in your business, as it ensures that the business owner is not the only one with all the knowledge. Your team will be  equipped with the latest knowledge and skills needed to perform their job effectively and efficiently. It's truly a win-win situation for everyone involved.

One of the most misunderstood development opportunities is the opportunity to meet and exchange ideas with other industry leaders.  We often walk away with not only a better understanding of future opportunities for our firm but also ideas for improving our service offering to clients.  It can be daunting to compare yourself with others, but we always find we offer as much as we take in these sessions.

We remain committed to regarding training and development as a worthwhile investment in both our team and our clients. By doing so, we can ensure that we stay ahead of the curve and provide the best possible service to our clients, while  fostering a culture of growth and development among our team members.

And as Henry Ford, founder of Ford Motor Company, once said, "The only thing worse than training your employees and having them leave, is not training them and having them stay."

Andrew Freebairn
Forsyths - Principal Business Services