Conrad Travers (left) and Selin Ertac. Photo Joel Roosa.

Ignoring regulatory distractions and focusing on business procedures is key for advice practices to maintain a growth mindset, according to AFSL consultancy Tangelo Advice Consulting.

Speaking at the SMSF Association National Conference in Brisbane, Tangelo director and principal consultant Conrad Travers said having a growth mindset for advice and accounting practices requires not getting “lost in the weeds”.

“We know there’s a lot of regulatory change in the industry, but the practices that perform the best say I accept that, and I’m going to focus on my business and how I can get better around what I need to do for my clients,” Travers said.

“They don’t get lost in a blame game around what’s going [on] outside, external to that.”

Travers said the top-performing practices are documenting their processes to enhance and reduce the time it takes to conduct those procedures.

“They’re trying to enhance and improve the time it takes to do those processes through smarter use of technology, but also roles and responsibilities within their firm [are] being really clear on who’s doing what and why and having that really line up to their CVP [client value proposition],” Travers said.

Along with processes, Travers noted the importance of making sure the right people are placed in the right roles, particularly at the senior level.

“One of the key things there is that we find sometimes with practicing accountants who are also CEOs or financial planners who are operating as CEOs, they’re often doing both jobs not well,” Travers said.

“It can reach to the point where you get to a larger size practice where it makes sense to have a CEO or a CFO who’s dedicated to running the business, as opposed to trying to do everything and not doing it well.”

Trust the process