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The Cupcake ATM

Innovate or Die. I said this recently at one of our mastermind events, and despite the fact that was a number of people in the room, you could hear a pin drop.

There was a sharp intake of breath, and it was a room full of accountants and accountants are so used to hearing well compliance is dead and the accounting profession is under attack from technology.

It’s kind of accountants are fed up hearing it.

But my version of innovate or die is different from what a lot of people are saying.

My version of innovator or die is we’ve got to look around at what’s happening in the world. We’ve got to look around and see what’s happening in society. We’ve got to look around and see what’s happening from a business perspective, and we’ve got to keep up with the change.

The accountancy profession is not known for its agility, or tendencies to embrace change, but accountancy firm owners, as business owners, need to embrace the change.

I got to spend a day with Jay Abraham’s recently. So for those of you who don’t know Jay Abraham’s, he’s an American entrepreneur by some he’s described as the ultimate entrepreneur, and by others, he’s described as the $21.7 billion man. He’s a growth strategist and a marketing consultant to businesses, but he’s legendary.

When I spent the day with Jay Abraham, he talked about looking not only at our own industry, and our own business and what’s happening in that, but to look outside into other business sectors and to introduce concepts from other business sectors, other professions and other niche’s back into our own business and his message was that innovation is key.

Now I just happened to spend that day with Jay Abraham in Phoenix in Arizona. On the morning of the Mastermind with Jay I was walking on the street and I saw this electric scooter parked in a little stand.

Everybody is familiar with Uber. Uber changed the world in relation to how taxis operate. It gave us control. It gave us control in terms of how we travel when we travel the way we travel. So Uber is the game-changer. Uber is the one who led the way and is the one that’s best globally known.

But there was a second company called Lyft and Lyft followed in Uber’s footsteps. So Lyft provides the same type of service in terms of taxis and transport. But what Lyft have done is they’ve taken it a step further. They have innovated that extra little bit and they’ve introduced electric scooters that you can hire off your phone for a couple of dollars.

Now I didn’t need an electric scooter to travel anywhere, but it was just for the fun, I rented the electric scooter.

As I’m scooting along down the street. I go by a bakery. A bog-standard bakery selling cupcakes, selling cakes doing what baker’s do. But on the sidewall of the bakery, I see this cupcake ATM.

A cupcake ATM.

You walk up 24 hours a day, with your bank card, put it in the wall and you order your cupcakes and they’re delivered to you in a box in the ATM. What an innovation.

Now here’s the thing. Neither cupcake ATMs or electric scooters that you can hire are going to change the world.

But they are innovations.

In your business how much time do you spend thinking about and investing in innovating your business?

Your business as it exists today is fundamentally different from how your business existed 10 years ago, 20 years ago.

If we keep doing exactly what we’re doing today, we will be left behind because the world is going to be a different place in five years time and 10 years time.

So innovate or die.