How Small Business Accountants Are Using Hackathons To Help Clients

INTRODUCTION:

Finding new ways to assist their clients should always be a priority for any accountant. These days strategic planning sessions can take many forms. However, hosting a session called a 'Hackathon' can be a very effective way to get real results of change. Here is an outline on how it works and whether it might help your small business better than the traditional planning methods.

Figure 1: A 'Hackathon' is not a game of golf!

1. The concept of 'hackathon'

A Hackathon originally stemmed from the information technology industry where it was a term used to perform exploratory programming (not in the computer crime sense). It is and was a group of developers who come together and spend a number of days to solve problems by creating new software.

These days small businesses are using the same concept regardless of industry and this is where the forward thinking small business accountants are stepping in to assist with business planning in this format.

2. structure

Business owners will use anyone within their organisation so any team members will be invited and are a key component of the process. Having your accountant will also be common to host the event.

Usually there will be a presentation at the start of the event about what problem is trying to be solved and the benefits that would flow as a result.

The participants will be broken down into groups who will give a series of presentations at the end of the day(s) and Hackathons can also have a contest element so that judges award those groups who come up with the best ideas.

3. use your small business accountant to moderate

Small business accountants Sydney will often be great moderators as when it comes to advisory and finance. They can explain the financial effect of any solution and also provide challenges to any solutions offered as an 'outsider'. Hackathons can be used for a number of problems but they can also be used for:

• Increasing revenues and margins through new products and services;
• Reducing overheads;
• Improving efficiencies by reviewing processes;

The small business accountant Sydney should sit down with the owner and plan the day and focus on what areas the Hackathon will address.

At the end they should also work out budgets to help see what implementing the new ideas will cost in terms of profit and cash flow. These can be entered into applications such as Xero.

Figure 2: Traditionally Hackathons use pizzas and eating is informal particularly when they last more than 24 hours.

4. list down actions and give them a timeframe

Once the Hackathon has been completed, a list of actions and who, what, when and why documented. This document will then be used as a target tool that can be referred to ( i.e. the 'jigsaw puzzle picture').

Figure 3: Hackathons can find efficiencies, improve the bottom line and increase the business valuation.

5. monitor actions versus results

Every quarter (preferably monthly) the accountant should sit down with their clients and check how the progress of implementing the ideas is going and the financial effect. This is in many ways like offering business coaching services. The main thing is that the business owner is kept on track.

CONCLUSION:

Business planning  doesn't need to be held the traditional way all the time. Small business accountants have real success using Hackathons which are different, innovative, inspiring and most of all, involve the small business's team.

This is great for morale and even better for developing a great business everyone can be proud of!