6 Strategies for Building a Competitive Team for 2024

In a fast-paced industry, it is important to ask ourselves: is my team ready to tackle the year? Are they competitive enough to become the next leader? If you're thinking about several answers instead of saying yes, then this blog might be a great help for you. 

In this blog, I'll discuss several strategies that have worked for us here in D&V Philippines, as well as the important skills and competencies for accountants in a rapidly changing industry. Additionally, I will discuss our preparations for the future and offer advice to executives seeking to build their own competitive accounting teams. 

Strategies for Building a Competitive Accounting Team

Here are 6 strategies that I have found to be the most effective in building a competitive accounting team that we also did here in D&V Philippines, these include: 

1. Shifting Perspectives: Transforming Employees into Leaders 

Building a competitive accounting team requires competent and confident leaders who understand the vision for the team. One of the challenges I faced was shifting the team's perspective from being mere employees to becoming leaders in the US market service line. To address this, we created a culture of empowerment, where leaders were encouraged to make bold decisions and take pride in their achievements, which directly contributed to the team's success. 

2. Training Leaders for Success

Effective leaders are the backbone of any competitive accounting team. By investing in the development of our leaders, we set them up for success, enabling them to train and mentor new team members effectively. This creates a culture of continuous learning and improvement, empowering the team to perform at their best. 

Read: Cultivating A Support System in Your Organization 

3. Cultivating a Culture of Collaboration and Innovation

Encouraging team members to express their ideas and providing a platform for open discussions cultivates a collaborative and innovative environment. While it is vital to let team members share their thoughts and suggestions, it is equally important to communicate any limitations or constraints. Open consultations and respectful communication help foster a sense of belonging and engagement within the team. 

4. Stay informed

Be naturally curious about industry trends and changes. Continuously educate yourself about new developments and think about ways to adapt your team's approach to remain competitive. 

5. Upskill your team

Encourage your team to seek out opportunities for professional growth and development. This could include attending workshops and earning certifications. By investing in their skills, you are investing in the success of your team to be a competent leader in the industry. 

6. Develop a Succession plan

Develop a succession plan to ensure a smooth transition of leadership within your accounting team. Identifying and preparing your future leaders from within the team promotes continuity and stability in the face of change. 

Read Next: The Art of Delegation: How to Delegate Tasks Effectively  

Essential Skills and Competencies for Accountants in a Fast-Paced Industry 

In our generation today, accountants need to possess specific skills and competencies to thrive. Here are some essential skills they should have: 

a. Communication

Strong communication skills are essential for accountants. This includes active listening and understanding clients' needs

b. Adaptability

Accountants must need to adapt quickly especially in a fast paced industry. Such as actively seeking opportunities to improve and enhances the team competitiveness.

c. Tech-savviness

Accountants should be comfortable with technology. Being tech-savvy enables accountants to streamline processes and improve efficiency.

THE BOTTOM LINE  

If you are an executive looking to build a competent and competitive accounting team, my advice to you would be to strengthen your foundation. Be sure to invest time and effort in developing your accountants to be a competent leader.

Creating and fostering talent in this industry requires a strategic approach. By focusing on leadership development, collaboration, essential skills, and future readiness, you can create a high-performing accounting team that excels in today's dynamic business landscape. 

Looking for a reliable accounting firm to build a competitive accounting team?  

Consider D&V Philippines, a trusted choice and recognized as one of the high-growth companies by the Financial Times (FT).

Our team of experienced certified public accountants (CPA) and auditors, with prior experience from the Big 4 Firms, is equipped with broad accounting expertise. We constantly undergo regular training to stay updated with the latest industry standards. 

Having been in the industry for more than a decade, we have served numerous clients and partners across Australia, Asia-Pacific, Canada, Europe, the United States, and the United Kingdom. Outsourcing your finance and accounting functions to us comes with the confidence of knowing that you are in capable hands. Schedule a free consultation with us today. 

You can also download our whitepaper Outsourcing: How to Make it Work to see how we can be your ideal outsourcing partner here in the Philippines. 

 — 'In collaboration of Angelica Freal Garcia, a content specialist at D&V Philippines'