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Evaluating Your Accounting Practice Resources

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In our last session in this series on Strategy Development, you were introduced to the Rainmaker Strategic Resources Worksheet as a way of identifying your current resources and capabilities.

But, if you have identified a unique market, with unique needs, the probability is that you are not going to have all the resources you will need to satisfy the target market’s requirements.

The Needs Assessment Worksheet you developed a couple of sessions ago is an excellent example. I’ll bet you Dollars to Donuts that there are features your target market is looking for that you will require you to create new resources, or new systems and processes, in order to provide the feature.

So, why don’t we open a new worksheet?

Download by clicking HERE and print out the Rainmaker Resource Assessment House Worksheet and take a moment to study it.

We’re going to see if we can figure out what resources you need, and later, how to develop them if possible. We’ll be looking for fresh ideas, that give fresh capabilities.

Note that the house is a set of tables laid out with an isosceles triangle representation of a roof. The table to the left is the “Left Room,” and the table to the right is the “Right Room,” while the table under the isosceles triangle is the “House” itself. The table composed of vertical columns, between the body of the house and the isosceles triangle is the “Attic,” and the hatched lines in the “Attic” are the “Trusses.”

Cute, huh? Not my invention. My adaptation, but not my invention.

Okay, now, think a bit about the features you’ll want to include in this new service or product you are developing for this target market. These features will form the basis for most all discovery and innovation of your resources and assets. You want to think about these factors as you evaluate your features in part two (or Page #2) of the worksheet:

What. Which capabilities should be addressed in solving the target market needs or wants which you are unable to satisfy with your existing resources?

Two aspects of each capability should be looked at to determine whether the capability should be included or not. They are:

  • Comprehensiveness. Have all the relevant capabilities been included in your description of the feature? And,
  • Parsimony. Should some capabilities be omitted because they add little additional value towards creating a solution?

Sensitivity to the competing virtues of Parsimony and comprehensiveness is the hallmark of someone who is able to add innovative services without building in distracting minutiae.

How. After a set of needs capabilities in each feature have been identified, the next question is: how are they related?

Operationally, this involves using the “Trusses” in the “Roof” of the Resource Assessment House to connect the different capabilities you have listed in the “Attic” of the House.

Marking the intersection of the connecting trusses adds order to your conceptualization and shows you patterns and causality. The “what” and “how” elements constitute the domain or subject of the features you are developing and your capabilities.

Why. What are the underlying psychological, economic or social dynamics that justify the selection of your capabilities and their proposed relationships?

This helps you tie the underlying logic of the model of your proposed solution and allows you to understand the service or product you are building. In your mind, the “why” part of the feature should be an explanation and the “what” and “how” elements should be descriptions.

Who, where, when. These conditions place limitations on your features. Factors to consider are whether the “Why’s” vary over time, either because other time-dependent variables are important, or because the solution is unstable for some reason.

Once you have identified the relationships between the target market needs, you can start to brainstorm the additional resources you will need and whether combinations of capabilities provide new solutions to each need, and each package of related needs.

Once you have identified the relationships between the target market needs, you can start to brainstorm the… Click To Tweet

You can use the Value Matrix on the second page of the worksheet as a guide. On it, list all resources that you will need, which you do not have at this time.

When you are making this list, organize the resources according to the need they will be satisfying, and list them according to the perceived importance of the need. Finally, refer to your list of characteristics of strategic resources and identify which resources will be strategic resources and which will not be.

In our next session, I’ll explain how to identify the actual resources from this list that you actually will need, and a method that may allow you to develop resources you do not currently have.

Join us here at Practice Builder Publishing and become a part of the community, whether you become a contributing author, a peer recruiter, or merely a raving devotee of the Practice Builder Publishing resources, I'll work with you personally so you can reach the goals you set.

Best to you and yours,

kirks-sig

 

Kirk

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