What may Border's Books have tried before its chapter 11 fiasco that will help you market your accounting practice? Border's downfall happened because it didn't accept the significance of new technologies. Borders' downfall came as no surprise to anybody who understands technology. The cause was their hesitation to take up digital delivery. Accountants and CPAs can easily make the identical grave misjudgment. In a changing business environment, simply pursuing business as usual is usually unwise. So pay attention to Borders' missteps! Understanding emerging technologies will protect your firm from facing this kind of crisis.

Historically, communications didn't change much until the last few decades. Then, electronic communications quickly overtook print communications, making products and services much easier to find, access, and deliver. Increased access to information online means less paper production, which is more environmentally friendly. Today's world is online. Almost every reading material you can think of is available electronically. Forward-thinking marketing approaches like compelling websites for accountants are simply imperative.

Once Borders Books was at the top of its industry. It had a proven product, a strong brand name and enviable market position. But by sticking their head in the proverbial sand, Borders blew it. They let technology pass them by. They did not get on board with e-books or e-communication; Their technological literacy was minimal. This was a crucial strategy error. No clever marketing could make up for the fact that their business model was becoming obsolete.

Competitors of Borders, in contrast, were quick to adopt new technologies. They invested in product development because they saw the rewards to come. It wasn't long until their e-book and online sales added significantly to their bottom line. Both Amazon and Barnes and Noble pulled ahead of Borders based on their electronic savvy. Borders lagged behind, forcing their customers interested in e-books and online purchases to utilize their competitors. As in any industry, once a customer has made a switch to another company and finds it satisfactory, that customer is almost impossible to retrieve.

Even after Borders figured out that they were losing market share, they kept doing the same old thing. Meanwhile new technological horizons kept opening up. It didn't take long for customers and bystanders to desert Borders for their cutting edge competition. Customers want to deal with a company that shares their interests and vision. Borders' procrastination became their downfall.

They turned their attention to marketing ploys. That further eroded their business model. Because they were losing money, Borders jacked up prices. Not surprisingly, customers got upset. Customers revolted, moving their business to Borders' competitors. This was the final straw for Borders Books, which was forced to file for bankruptcy.

As this case shows, reluctance to recognize and respect a changing business environment can quickly lead to death spiral of wrong decisions. Accountants are similar to any other profession. They must understand new technologies and communications tools like marketing websites for accountants. That is the essence of Borders Books' lesson for CPA firms. Avoiding its biggest mistakes will help keep your business primed to succeed.