What Business Services Professionals Should Prepare For in 2023
With the world getting back to “normal” for most of 2022, what should business services professionals prepare for in 2023? Quickbooks Connect 2022 was hosted in Las Vegas, Nevada, in December of 2022. I attended the event and wanted to share some takeaways from the conference and talk about some of what we observed when it came to topics about business growth for professionals in 2023. For those who are unfamiliar with Quickbooks Connect, it is an annual conference for Quickbooks, the cloud accounting software company, to gather its partners and users together to share insights on its software, the industry as a whole, and future things to come.
4 Key Takeaways from Quickbooks Connect 2022
Power of in-person events
It was quite evident that there was significant pent-up demand for a large in-person event after a two-year hiatus from the global pandemic. I witnessed a lot of people reconnecting and reminiscing about the last Quickbooks Connect event in San Jose back in 2019. Intuit put on a great show and really created a space to encourage conversations, new connections, and learning. The conference ticket included breakfast, lunch, drinks, and snacks, which added to the overall atmosphere that brought positivity and idea sharing together under one giant roof in the Aria Las Vegas convention center.
For 2023, I have observed a significant increase in the number of business conferences announced and believe many companies are going to push to organize larger events despite concerns about an economic recession. What this means for business services professionals is that in-person networking will be even more important in 2023. Barring another global pandemic that forces restrictive measures, 2023 will be the time to amp up business development activities when it comes to relationship building and networking. Use the increase in business conferences to your advantage and get yourself prepared to make the most of your time at these events. Have your website updated, and practice an elevator pitch so you’re not fumbling through introductions when meeting new people. Especially for professionals, getting your LinkedIn profile should be a priority, as many people are ditching business cards and going straight to connecting via LinkedIn on the spot.
Workflow management and automation tools
I met many accountants at the event who have built amazing workflow management systems and are big proponents of automation tools. In fact, I would go so far as to say that some of those accountants have figured out the perfect work-life balance structure for their practice. A survey back in July 2022 from FloQast found that 99% of accountants are suffering from some level of burnout. Xero, another accounting software firm, conducted a survey in May 2022 and found that 92% of small business owners have experienced mental health issues over the last two years. These numbers are absolutely crazy! I’ve coached many professionals over the last decade, and one of my observations is that many find it difficult to shift their mindset from being a professional to being an entrepreneur. The same can be said for entrepreneurs that I have coached. While many do realize they are running a business, most don’t implement the right tools to build a business that works without them. This just becomes a glorified job, and you mind as well go work for a company as it would be less risky and less stressful. Either way, burnout is real and there are only so many hours and so many years you can give to a business or profession before your body shuts down.
The conference was filled with app sponsors who are building automation tools that will make it easier for professionals and entrepreneurs to operate their business. Artificial intelligence, which I covered in a recent TPL podcast episode, was also a big theme among the app partners at the conference. Professionals and businesses need to take these tools seriously in 2023 and will need to dedicate some time to getting up to speed with these new technologies. These app companies want you to use their platform, and will provide you with all the onboarding and hand-holding you’ll need to get up and running. Be sure to take advantage of all of it!
Digital content and online presence
Digital content for business development is going to be even more prevalent in 2023 for professionals. Creatives, non-designated experts, and entrepreneurs like Gary Vaynerchuk have dominated the content world for many years. Professionals have been slow to utilize digital content for brand building and business development. No surprise here as professionals have a full-time job managing client work and dedicated additional hours to marketing and business development is difficult. But a few things have changed. First, people who are not designated or accredited are taking advantage of the opportunity and becoming influencers in the professional space. They can only do this online because they are not qualified to practice officially in the physical world unless they get formal training and education. Second, professionals understand that while there is an abundance of clients for their services, the space is getting highly competitive, and many are finding that traditional ways of doing business development are just not working anymore. Digital content is one of the most important ways for professionals to set themselves apart from the competition. Clients are looking for professionals who can meet their needs better and work in ways that show they fully understand their situations. Digital content like videos, podcasts, and blogs can help professionals do this, as well as raise their profiles and keep them in the minds of their client networks.
Words of wisdom
To top off the conference, Quickbooks put together a great lineup of session speakers and keynote speakers that imparted their wisdom on the attendees. When it came to the keynote speakers, Serena Williams, Simon Sinek, and Malcolm Gladwell were on tap. All three were incredible and delivered inspiring, thought-provoking, and motivational speeches. Serena Williams talked about how she hates to lose but also, when she does lose, how she learns from her mistakes to not only be a better athlete but also a better person. She has taken her learnings and applied them to her new venture investing firm, and it looks like they are investing in some pretty interesting opportunities. In addition, she has also launched a micro-finance project to help underprivileged entrepreneurs in Africa get their projects off the ground.
Simon Sinek discussed the Infinite Game concept he outlined in his latest book of the same name. He talked about how today’s thriving businesses are the ones that focus less on the quarterly numbers and more on the long game, and when they do, long-term trend data and the health and wellness of the organization’s people become the focus. Another thing he talked about was how we need to have more empathy for each other. Having an infinite mindset allows people within an organization to collaborate better, resulting in long-term benefits to the organization as a whole. This, in contrast to the short-term gains achieved by making it hyper-competitive within the organization.
Malcolm Gladwell talked about the concept of time and how today’s technology platforms have distorted our perception of it and, ultimately, patience. He mentioned that for technology to be truly disruptive, it takes time. When you look at the smartphone or even electric vehicles, it took anywhere from 20 to 100 years for them to truly disrupt the market. But yet, when he talks to venture capitalists and investors, they all want to invest in disruptive technologies that provide results and returns in 3 to 5 years. This, in turn, negatively affects how innovators approach the development of disruptive technologies, which leads to missed opportunities and benefits for society as a whole.
Eduardo Garcia, co-founder of Montana Mex bbq sauce, was invited to share his inspirational story about how he overcame a serious injury that cost him his arm to turn his company into a success story. His story brought tears to my eyes and was a good lesson on the power of finding your true purpose and human resilience.
Ron Baker was another session speaker that I found quite impactful, especially in the realm of how professionals need to start rethinking their business models. If you don’t follow Ron Baker, he’s an old school CPA in terms of experience, having started his CPA career in 1984 with KPMG's Private Business Advisory Services in San Francisco. But he doesn't think like an old school professional, and he is a big proponent of subscription-based business models for accountants. His argument is very compelling, but it requires professionals to completely change the way they think of their jobs as trading time for money.
