2 min read August 2022 — Jeff Brovet, managing partner for TJT, spoke with Invest: and discussed what he sees regarding the future of hybrid work models. He also touched upon his outlook for the firm as well as what is on the horizon for the accounting sector in the Triangle.
What have been highlights for the firm over the last 12 months?
We opened new offices in 2020 and 2021 in North Carolina, and we continue to see growth in this region. Over the last year, we have had a 15% growth rate, which has been a blessing. However, the growth comes with challenges, and we’ve been working through those. We have seen significant growth in our business advisory practice as well. We also hired some non-CPA’s to provide some additional consulting services to our clients.
How has TJT capitalized on the new technological advancements?
We have historically used technology for internal meetings, but now have expanded that to client meetings and presentations as well. In addition, prior to the pandemic, we had a number of personnel who were coming to the office in-person and they had a long commute. Those people now have the opportunity to move to a hybrid arrangement, and they’re taking advantage of it. We have found that it helps from a retention standpoint. If it helps our personnel to improve their efficiency, we will take advantage of it. That said, we do believe that there are benefits of being together in-person that you can’t capture in a remote environment. We are thankful that we have the majority of our people coming into the office, even if it’s in a hybrid arrangement. The culture that’s created when people are in the same physical space is something that’s difficult to replicate.
What’s your overview of the accounting sector in Raleigh-Durham right now?
We need more available talent to accommodate the growth because there are various companies relocating into the Triangle. Our existing clients are also experiencing growth. If they grow, it’s also a great opportunity for us. In the mergers and acquisitions space, we have seen various clients go through an acquisition process or sale process, which has created opportunities for our firm to assist our clients.
What are the common issues clients are currently facing in today’s market?
Our clients think about transitioning their business to the next generation. Sometimes the transition is to an existing management team, and if it’s a family-owned business then sometimes to the next generation. This is something that keeps our clients up at night. We also see our clients facing supply chain issues and not being able to get the necessary materials to run their business. Finally, it seems most industry sectors are struggling to find people to hire. The Great Resignation had an impact on all of our clients. The shrinking workforce combined with growth pressures has been a tremendous challenge.
What are the types of policies in place that have made TJT successful?
Our firm’s success can be credited to our clients and our people. As our clients prosper, we grow with them. We are intentional about retaining our people and creating an environment where they want to be. Part of that secret sauce is being a flexible employer. When you offer flexibility to your employee, they have an appreciation for it. They understand that it goes both ways. It’s not only a one-way street. Our employee retention has been higher than the industry average. When we retain our people, it allows us to provide better services to our clients and we build trust.
What advice would you give to the new generation that is entering accounting?
We try to drive home the value of relationships and communication. People like to do business with people they like. If your client values your relationship, it will carry you a long way. We emphasize the importance of communication, both internally and with our clients. Good communication builds relationships and creates a connection with others.
What’s your assessment concerning employee burnout in the industry?
The remote work environment certainly has contributed to burnout in some cases. When you’re in the office, you go home when your work day is over. When you’re working from home, it can be a lot easier to burnout because you don’t physically leave your working environment which can lead to working more hours. You have to be disciplined in setting boundaries.
What’s your outlook for TJT?
We want to keep on hiring good people. Our clients are going to be facing headwinds with inflation and supply chain issues, and it gives us a little bit of concern. Despite these factors, we’re still going to see growth in our markets. Concerning the outlook for the Raleigh-Durham accounting industry, I think we’re going to see a similar growth rate in 2022 that we had in 2021.
For more information, visit: www.tjtpa.com
