A world of change
Over the past few months we’ve worked with leaders in business and finance to address some of the key issues facing corporate New Zealand. I’ve been delighted by the response, the level of engagement and debate.
Chartered accountants lie at the heart of good business. Sure, we know about the numbers, but Chartered Accountants also advise on growth strategies which make businesses sustainable, contributing to flourishing communities which in turn ensure the prosperity of New Zealand.
We are operating in a world of change. There are megatrends at play which will significantly disrupt the way businesses and individuals work or do business.
Globalisation, digital disruption, an ageing population and changing consumer demand are quietly changing the way we will work over the coming decades.
As wealth increases in emerging economies, patterns of demand will continue to change. For New Zealand, this will create opportunities, such as larger export markets for services and primary industries.
Technology has decreased barriers to entry. It is easier for new businesses to join the market and compete for market share, intensifying competition.
An ageing working population challenges the prejudices of the nation on many levels.
Indeed, any conversation about the implications of ageing should consider the benefits of using the experience of older people.
And, changing consumer demand which is shaping the way we transact. Digital disruption over the last decade not only reduced transaction costs but enabled buyers to connect directly with sellers.
Buying and selling in this way, known as the peer-to-peer (P2P) economy, has seen the rise of global players like Uber and Airbnb. Platforms such as Freelancer.com, Kaggle and Airtasker that allow businesses to contract individuals to complete discrete tasks or challenges look set to grow to similar heights. When companies of this type have a global network of contractors with no overheads, such platforms can offer the same service as a traditional provider at a lower price, which in turn threatens the status quo.
With this level of change comes the need for businesses to work with trusted advisers who know the importance of the big picture and the value of every detail.
Chartered accountants, with their financial acumen, business savvy and commitment to ethics are uniquely placed to provide sound advice. Businesses today, no matter what their size, can’t do it all on their own and having a chartered accountant in the team makes good business sense.