Rick Hays
Editor's Note: During this editorial series, we'll take an inside look at how some of today's accounting professionals are facing their Yetis. The series is a complement to Insightful Accountant's ongoing coverage of this year's "Scaling New Heights" conference, June 4-7, in Orlando, Fla.
After an exceptional finance and accounting career in the restaurant, healthcare and international sectors, Rick Hays decided to retire.
So what's a retired financial guru do for retirement?
The answer is simple: Start another business. Hays wanted to take the 25 years of experience he had – which spans four continents, by the way – and help the little guy. With Renaissance Bookkeeping, Hays is giving today's small business owners the guidance they need to succeed.
Here are his thoughts on today's accounting landscape and what Yetis may lie ahead:
What are some of the biggest issues facing today's accounting professionals?
The inability to adapt to ever changing technology. Gone are the days of yellow ledger sheets and green journal books. Tomorrow's accounting professionals will need to become more astute to how technology will leverage their ability to improve productivity and better serve their customers.
What was your "Face the Yeti" moment?
I started Renaissance Bookkeeping with a simple business model and a desire to improve the lives of business owners through a comprehensive financial process. What I did not anticipate was the difficulty in attracting quality customers. I had the technical knowledge and skills, and the passion and desire. But the phone wasn't ringing with quality customers. Doubt began to set in. Was my expectation too high? Was my business model wrong?
How did it change you?
Initially, as the doubt was settling in, I took a timeout and played golf by myself to ponder the next step. There is a saying in the military, "Mission first, people always." I did some deep soul searching and emerged with new energy to accomplish the mission I started. I reevaluated the business model, took a different marketing tact and charged on. This experience reinforced my desire to succeed, but with the acknowledgement that my best laid plans needed to be modified.
What advice can you offer those who need to face their Yetis head on?
First start with a vision. Where do you see yourself in one year, three or even five. What does that vision look like? How does it feel at that point in the future? Solidify that vision in your mind and map out a plan to get there. Stare that Yeti in the eye and drive over, through or around the obstacles to reach that vision.
Why is continuing to enhance your skills and acumen critical to staying one step ahead of those Yeti moments?
One of the reasons I named my company Renaissance Bookkeeping was because the finance and accounting industry is going through a renaissance period similar to what occurred in 16th Century Europe. Technology is changing rapidly – customers demand instant results and gratification. To satisfy the customer of tomorrow, you need to be ahead of the curve or you'll wake one day with less than desirable customers, or no customers at all.
What goals have set for 2017?
My original model was to provide bookkeeping and advisory services. This summer, with the help of a lot of smart people, I will add tax preparation, tax planning and tax resolution services. I've already completed the Enrolled Agent Exam. This year will be like walking to the first tee at Augusta National. Swing away!