A Professional’s X Factor

In fields like Chartered Accountancy, Company Secretary, Cost Accounting, and Law, the line between a profession and a business is often blurred. Over time, I have observed several instances where professionals adopt a business mindset, sometimes at the cost of professional ethics. This article explores key areas where this distinction becomes critical and how professionals can stay true to their core values.

The Want vs. Need Principle

Professionals often gain new knowledge through seminars or industry developments. This equips them to offer value-added services, like business restructuring or niche solutions. However, this can lead to a conflict of interest.

Sometimes, professionals may recommend solutions primarily because it benefits them financially. For example, they might orchestrate a scheme that generates additional fees rather than addressing the client’s actual needs.

This approach is only justifiable if the solution offers a clear, tangible benefit to the client. If it does not, then it crosses the ethical boundary. The client’s needs must always come first.

Traditional vs. Multidisciplinary Professionals

I have observed two distinct categories of professionals in these fields:

Traditional Practice Professionals:

These professionals focus on broad, traditional work. Their growth strategy is client acquisition, often treating their practice as a “milking machine.”

However, this approach has limitations. Traditional professionals may lack the depth of expertise needed to truly excel. Knowledge and technical prowess are the real differentiators in a profession—not the number of clients or the scale of operations.

Multidisciplinary or Niche Specialists:

These professionals work in larger teams with diverse expertise. They strike a balance between depth and width by specialising in multiple areas.

Others choose to focus on a specific niche, building expertise in one core area. However, this requires significant investment in time, resources, and commitment.

Both approaches are valid, but success depends on aligning growth with client needs rather than personal ambitions. Depth of knowledge should always be prioritised.

The Influence of Trends

Professionals are often influenced by the success of others in emerging fields. They are tempted to follow trends without fully committing to the depth required.

For example, someone may see valuation as an attractive area and decide to register as a valuer. They take up a few assignments each year, but the work remains sporadic. This adds little depth to their practice and only marginally enhances income.

To succeed in a niche, professionals must choose one of two paths:

• Commit fully to the niche by letting go of traditional practice.
• Build a team and bring in specialists who are passionate about the field.

Without this commitment, the niche remains superficial, failing to deliver real value to clients (and to self).

Misaligned Ambitions

The Side-Gig Mentality

A common issue is the belief that professionals are smarter than their clients. Some assume their insights are the key reason for their clients’ success.

This belief often leads professionals to start side gigs. These ventures can range from real estate investments to manufacturing businesses like incense sticks or mouth fresheners. While seemingly harmless, these ventures are often pursued alongside traditional practice, without necessary approvals or alignment with professional ethics.

This divided focus rarely results in success. Professionals end up neither excelling in their practice nor in their business ventures. The opportunity cost is high, and the lack of commitment undermines both efforts.

The X Factor: The Entrepreneurial Risk

Many professionals fail to recognise the critical X factor in a client’s success: the entrepreneur’s risk-taking ability.

As professionals, we are trained to identify risks and offer insights. However, it is the entrepreneur who decides to act, balancing risks with potential rewards.

This ability to take risks is not something professionals are trained for. Assuming otherwise often leads to misplaced ambitions. Professionals who try to juggle business and practice end up losing focus and compromising their core expertise.

The X-Factor for Professionals - The Core for Professional Growth

At the heart of any successful practice lies the depth of expertise. Depth is the foundation of professional growth. Without it, no amount of strategy, team management, or operational efficiency can lead to sustainable success.

For knowledge professionals, the path to excellence begins with building and maintaining depth in their services. The rest—strategy, team culture, and efficiency—follows naturally.

What are your thoughts?

Do you echo with the above thoughts or have something else to share? I would love to hear your views.