The time-worn phrase that says that “hindsight is 20/20” becomes more accurate for me personally every day. The balancing act of trying to become proficient with what knowledge I already have with new trends and techniques can be difficult to maintain.
Becoming somewhat smug that my knowledge level will pay the bills today can quickly go away with the introduction of a new competitor, change in the economy, new tax laws, or any other factors outside my control. Now, I wish I had developed business habits that trained me to adapt quicker and faster to new conditions instead of concentrating on what is tried and true.
In today’s high-tech environment, changes are happening around us faster than ever and that holds true for the valuation and appraisal professions. So, what changes can I prepare for happening soon to ensure that I remain proficient and a relevant force in the valuation profession should be a daily pursuit? The hay farmer had his world changed when Henry Ford rolled out his new automobile in the early 1900s. Within a short decade, the demand for hay to fuel horses pulling wagons was dramatically changed. Now, I am trying to understand what “bale of hay” have I been relying on which may soon go away.
Recommended Reading
- What Does the Business Appraisal Process Look Like?
- Selection of Capitalization Rates—Revisited
- What Do the Financials Actually Tell Us?
- What Does a Business Appraisal Cost?
- When is the Use of a Weighted Average Cost of Capital Appropriate?
- In Support of Unsupportable Rates
- Unlocking Hidden Income and Assets
- Updated Levels of Value Chart
- Describing the Specific Risk Premium
Recommended Resources
- Valuation Practice Advice: Turn the Practice You Have Into the Practice You Want!
- Business Valuation for Marital Dissolution
- Market Data for Pricing a Business
- Review a Reviewed Demo Report
Recommended Courses
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