How to get ready for the fast future - #CCHUC15

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How to Get Ready for the Fast Future

By: Tom Hood, CPA, CITP, CGMA@tomhood

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Download today’s slides at …www.SlideShare.net/thoodcpa

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.

Gradual then Sudden

Gradual then Sudden

More Uber cars than yellow taxis on the road in NYC

AirBnB Rooms available surpasses Hilton & Marriott

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.

Will your job be done by a machine?

Source: NPR Planet Money, May, 2015

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!

Five Cs to be Future Ready1. Context 2. Certainty3. Capacity4. Competence 5. Core Beliefs

Context

'If the rate of change on the outside exceeds the rate of change on the inside, the end is near.’ – Jack Welch

Certainty

Start With Certainty & Find Opportunities

www.blionline.org/ao

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."

Capacity

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

Competency

301,00075,000

www.blionline.org

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

Core Beliefs"Protect the Core and Stimulate Progress

15X

6 – 8 – 4 Hard is Soft. Soft is Hard.

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…

A Clarion Call to Get Out of Our Box(es)Leave me alone!

I spent thirty years building this

box.

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

http://www.blionline.org/ao

And one more thing…

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

Calendar - The No. 1 AppSpend just one hour per week in the future…

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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Par$cipant*Polls*

CCHUC15*

Tom*Hood,*CPA,*CITP,*CGMA*CEO*MACPA*&*Business*Learning*Ins$tute*@tomhood*

Genera$on*

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