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What would Rita Say?
Rita McGrath, Columbia Business SchoolAuthor – End of Competitive Advantage
“How$would$you$think$differently$about$your$strategy$if$you$knew$your$advantage$might$not$last?”$
www.blionline.org
Source: CPA.COM Insight into the CPA of the Future Study 2014
Only 8% of CPAs are Future Ready
Future Ready is the capacity to be aware, predictive, and adaptive of
emerging challenges, tech innovations, and trends and
changes in business, population, and social environment.
Two of the world’s biggest oil and gas groups are set to deploy artificial intelligence software to do the work of back-office accountants and call-centre workers, in the latest sign that white- collar jobs could be under threat from the rise of smart machines.
In the next five years we will
TRANSFORM
How we market, sell , communicate, collaborate, innovate, and educate
– Dan Burrus
Clients and Employers want CPAs to offer PROACTIVE advice and insights that are actionable about the future!
'If the rate of change on the outside exceeds the rate of change on the inside, the end is near.’ – Jack Welch
Cloud computing trends
Source: Sage North America
of small businesses are demanding cloud-based computing
61%
Only 10% of CPAs using cloud to work with clients!
EXERCISE your TurnIdentify one hard trend impacting your organization:
RegulatoryTechnology
DemographicThen one BIG opportunity related to it!
EXAMPLEDemographics: 80 percent of the people in our field will be retiring since they are
Baby Boomers
Focus on hiring more young, innovative people who will think out of the box. Create a process for the people who are retiring to help the younger people by sharing their
knowledge and successes as well as their failures."
Cloud computing trends
Source: Sage North America
of small businesses are demanding cloud-based computing
61%
Only 10% of CPAs using cloud to work with clients!
OPPORTUNITY Technology’s impact on firm service lines
• Efficiencies • Innovation
• Efficiencies • Innovation
• Transformative • Revenue Growth
New Opportunities Emerging
Dramatic Change
Audit Tax Accounting
services
Source: AICPA Spring Council 2015
ANTICIPATION(Strategic$Thinking$External$Awareness$Vision$ConOnuous$Learning$InnovaOon$CreaOvity$Problem$Solving$PrioriOzaOon$Business$Acumen$Decisiveness$Influencing/Persuading$EmoOonal$Intelligence$Consensus$Building$CollaboraOon$InspiraOon$Risk$Management$
Anticipation – The Critical Competency• Anticipating and reacting to the
nature and speed of change.• Acting decisively without always
having clear direction and certainty.
• Navigating through complexity, chaos, and confusion.
• Maintaining effectiveness despite constant surprises and a lack of predictability.
Source: Conference Board Global Leadership Forecast 2015
Creating the Magnetic FirmPurpose Driven Great Leadership Culture
Of GrowthInspiring Workplace
Vision, Purpose and Values based
Transparent and Inspirational Leadership
Learning Culture- Self and Formal Development
Flexible and Open Work Environment
Focus on Strengths and Positivity
Build Consensus and Commitment
Career & Growth Orientation – Career Paths
Work/Life Balance
Inclusive and Diverse
Leadership Development at all levels
Customer focused Coaching and Feedback
High Performance – Insight to Action
Anticipatory and Proactive
Collaborative and Team based
Effective Technology Tools - mobile
BLI(8,S(Model$
Strategy Staff
Skills
Structure
Style
Systems
Shared Vision
Shared Beliefs
www.blionline.org$
TrustIntegrityObjectivityExcellence Lifelong Learning
Protect the Core AND Stimulate Progress
When everything is changing, know what should not change…
CPAs are trusted advisors who help business and organizations shape their future. Combining insight with integrity they deliver value by:
• Communicating the total picture with clarity and objectivity;
• Translating complex information into critical knowledge;
• Anticipating and creating opportunities;• Designing pathways that transform vision
into reality.Source: AICPA: CPA Horizons 2025 Report
Why you won’t do any of this1. Not enough time.2. Being reactive versus
proactive.3. Doing more with less.4. Information overload
(standards and regulations).
5. Managing change.
Disruption and RONI "The gap is widening, faster!
Source: Clayton Christensen, “Innovation Killers”
We think this is trade-off
Tom Hood, CPA, CITP, CGMA
CPA Practice Adviser Accounting Hall of Fame Named the Second Most Influential in Accounting by Accounting Today Magazine 2015 Top 150 Influencer by Linked-In Top 25 Influencers in Learning & HR by HR Examiner Top 25 Public Accounting Thought Leaders by CPA Practice Adviser Working on Learning Management with AICPA/CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Generations
CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/
Hood's&greatest&a,ribute&isn't&that&he&consistently&glimpses&the&future&more&quickly&than&the&rest&of&us&(though&he&does).&It's&that&he's&able&to&bring&it&back&to&the&present&and&serve&as&its&?reless,&inspiring&and&effec?ve&champion.&&&&&&&&&&&&&&&&&&&&– Accounting Today
Par$cipant*Polls*
CCHUC15*
Tom*Hood,*CPA,*CITP,*CGMA*CEO*MACPA*&*Business*Learning*Ins$tute*@tomhood*
Biggest*Challenges*1. Succession*&*
Talent*Development*
2. Being*reac$ve*vs*proac$ve*
3. Recruitment*&*reten$on*
4. Managing*change*5. Not*enough*$me*
109*responses*
Top*Skills*1. Communica$on*2. Inspiring*and*
mo$va$ng*others*3. Strategic*&*Cri$cal*
Thinking*4. An$cipa$ng*and*
serving*evolving*needs*5. Influencing*and*
persuading*others*
Biggest*Challenges*1. Succession*&*Talent*
Development*2. Recruitment*&*
reten$on*3. Being*reac$ve*vs*
proac$ve*4. Not*enough*$me*5. Managing*change*
85*responses*
Top*Skills*
85*responses*
1. Strategic*&*Cri$cal*Thinking*
2. Communica$on*3. Inspiring*and*
mo$va$ng*others*4. An$cipa$ng*and*
serving*evolving*needs*5. Change*leadership*
Top*Challenges*Facing*Your*Firm*
85*responses*
1. Recrui$ng*top*talent*2. Engagement*of*our*
people*3. Workload*
compression*4. Reten$on*of*top*
talent*5. Business*
development*and*growth*
Tom Hood, CPA, CITP, CGMA
CPA Practice Adviser Accounting Hall of Fame Named the Second Most Influential in Accounting by Accounting Today Magazine 2015 Top 150 Influencer by Linked-In Top 25 Influencers in Learning & HR by HR Examiner Top 25 Public Accounting Thought Leaders by CPA Practice Adviser Working on Learning Management with AICPA/CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Generations
CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/
Hood's&greatest&a,ribute&isn't&that&he&consistently&glimpses&the&future&more&quickly&than&the&rest&of&us&(though&he&does).&It's&that&he's&able&to&bring&it&back&to&the&present&and&serve&as&its&?reless,&inspiring&and&effec?ve&champion.&&&&&&&&&&&&&&&&&&&&– Accounting Today
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