3. Are you an untouchable? We hope to help you become one… A Washington lawyer friend recently told me about layoffs at his firm. I asked him who was getting axed. He said it was interesting: lawyers who were used to just showing up and having work handed to them were the first to go because with the bursting of the credit bubble, that flow of work just isn’t there. But those who have the ability to imagine new services, new opportunities and new ways to recruit work were being retained. They are the new untouchables.
4. What is the # 1 reason leaders (and their organizations) fail? 4
6. You feel overwhelmed by the rapid and turbulent pace of change and uncertainties in business today
7. You need new skills and new approaches to ride these waves of change Photo: Pratt’s surfing page
8. You will learn to become a navigator of change using BLI's I2A - Insight to Action strategic thinking system
9. It’s not what you look at that matters, it is what you see – Henry David Thoreau “The faster you go, the further ahead you have to see.”
10. Latest trends and issues facing CPAs Economy Globalization Technology Cloud Social web & social media Workforce & demographics Regulations & standards Is this the perfect storm?
11. Welcome to the Re-Set economy! The fact of the matter is, this is not a normal downturn, this is a …fundamental re-SET! - Steve Ballmer – CEO Microsoft
12. How many of you think changes will slow down in the near term? “As it relates to science and technology, the rate of change in the next decade, is likely to be 4 to7 times faster than in the last decade. If it is 4x faster it would be like planning for 2010 in 1890, if it is 7x faster it would be like planning for 2010 in 1670.” -Expert on Education Panel, The Aspen Institute
14. 5 Forces of Globalization Growth of consumers in emerging economies Technologies that empower consumers & communities Increase in labor productivity in developed markets Shift of economic activity between and within regions Increasingly global markets for labor & talent
15. It is not either global or local, it is AND… Glocal
19. Technology & Web 2.0 By 2010, Millenials/Gen Y-erswill outnumber Baby Boomers.
20. Here are five major benefits that The Economist report says that social media has created: Trusted online venues where real people can meet up using their real identities. New ways for firms and organizations to reach their customers and those who influence them. Reduced friction in labor markets by allowing employers and prospective employees to find each other and connect. Faster information flow and communication inside companies and organizations. A "free and immensely powerful set of communication and collaboration tools to everyone on Earth who has access to a broadband internet connection."
21. Social media = social capitalreal world examples 8,181 Views Auckland, NZ 15 mins
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23. MACPA social media efforts featured in J of A and win 3rd place in Mobbies,Top 75 Biz blogs & Top 50 Acctg blogs MACPA won 2 out of top 10 Biz blogs in MD
24. Risk Management Educate & train your staff Set security & usage policies Restrict Access during certain times (if you have to) Monitor – using search & google alerts
28. These guys are retiring These are the new workers These are making the purchasing decisions Facebook Generation Email Generation
29. Generations Generation Gap? Or Generation Lap? “In 1997, young people for the first time were recognized by adults as being authorities on something truly revolutionary – digital technology, interactive media, and collaboration.” – Don Tapscott “Growing Up Digital” NGenophobia—the irrational and morbid fear of youth, especially with regards to their use of the Internet
30. Bottom Line: How to keep your star talent Engage your top performers Coach tomorrow’s leaders Manage your Millennials Think A M P Autonomy Mastery Purpose
32. The urge to merge? First wave – the public co consolidators Second wave – small practices unite 47,000 to 40,000 Third wave – super-regionals, national, global 2009 – 67 – 821,000,000
33. Top 10 Issues Facing CPAs 1. Economic Outlook 2. Tax 3. Business Operations 4. Implementation and Execution of Plans 5. New Business Development 6. Personal/Professional Development 7. Management and Leadership 8. Financial Regulatory Reform 9. Access to Financing and Credit 10 New Accounting Standards, IFRS Source: CPA Trendlines for AICPA Feb, 2010
34. Top Ten Issues for MFG Regulatory/Legislative (56) Private Company Leadership (47) Capital Markets Awareness / Recognition (34) Rethinking Business Model (25) Protect Audit/CPA Franchise (20) Risk Management (Audit efficiencies) (20) Leadership Development / Succession Planning (19) Global / International (Clients / IFRS / Branding) (17) Leveraging Technology & Social Media (17) MFG Issues specific forums / focus groups (8) 34
36. The (infra) Structure of the CPA Profession State Boards of Accountancy issue licenses and regulate CPAs
37. Where do major changes come from?Most changes come from regulators and standard setters Us – Associations MACPA & AICPA Them – Federal & State legislators Infrastructure OR New laws, regulations & regulators
38. Recent example – The Dodd – Frank Wall Street Reform and Consumer Financial Protection Act of 2010 Crisis hits news HR 4173 Bureau of Consumer Financial Protection 848 pages 533 regulations 60 studies 94 reports
49. Maryland enacted it in 2008MI RI CT *PA IA NE OH NV NJ UT IN IL DE CO WV CA VA KS AK MO KY MD NC DC TN AZ OK NM AR SC AL MS *GA TX LA FL CPA Mobility Enacted 46 PR CPA Mobility Enacted Only for Other Mobility States – GA, PA, MA Awaiting Governor Signature - 1 * GU U.S. VIRGIN ISLANDS In Process CPA Mobility Legislation Pending - 2 42
50. An example of “us” - The 120/150 Hour CPA Exam Bill (HB 1137) Changes the requirements to sit for the CPA exam to allow you to sit for the Exam upon completion of 120 hours (and the requirements of section 1 & 3) and get licensed upon completion of the final 30 credit hours (and the requirements in group 2)
77. The Top Three Training Issues for Companies Training around soft skills (communication, critical thinking and problem solving abilities) Complexity of standards (fair value, risk management) Evolving regulatory framework (IFRS, Convergence, Private company standards) “we were surprised to see soft-skills deficiency to be a more pressing issue” Source: Grant Thornton – The evolving talent profile report
78. Five Qualities of Extraordinary Leaders Sight - Ability to see emerging patterns and shift perspective when necessary Insight - Ability to learn faster than the rate of change in your industry Create - Ability to think strategically and critically to gain insights that create new opportunities Communicate - Ability to collaborate inside and outside your organization and to build and sustain social networks of people engaged in the work Inspire – Ability to mobilize support and engage others to join you in ACTION LC
79. Our research shows three major skills: Strategic thinking Strengths-based leadership Network leadership
80. What possibilities do we see? Making sense of a changing & complex world What does it mean to us? What direction should we go? How is the world changing?
81. Leadership defined Leadership is ultimately about creating a way for people to contribute to making something extraordinary happen Leadership is to deliver hope and inspiration to help people accomplish more than they thought possible
82. The only question for leaders Have I made you feel stronger and more capable? Source: Emmanuel Gobillot - LeaderShift
83. Leadership defined The four most important words for organizations are, “what do you think?”- Tom Peters
84. Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute (443) 632-2301 E-mail tom@macpa.org Web http://www.macpa.org Blog http://www.cpasuccess.com Connect – Protect - Achieve
Notas do Editor
http://tarpon.tamug.edu/~chrpratt/
In the latter part of 2008, we went through a strategic planning process for our members in business and industry and we came to embrace what we call the 1/3—2/3 slide. Tom Foard was involved with that process as a member of our Business & Industry Executive Committee.Through that exercise we concluded that our members in business and industry focus two-thirds of their time on responsibilities that are not the core competencies of the AICPA: our core is financial accounting and reporting, audit and tax.In order to meet the needs of our members in industry, we have identified four areas in the 2/3 side of this slide that we have to leverage or stretch our competencies. In areas such as strategic planning, ERM, Sustainability, and so forth.***Tom, would this be a good point to put in a poll and ask what percentage of time people spend on Non-Core Responsibilities, those things other than financial accounting & reporting, tax, and audit…. 75%, 66%, 50%, 25% ****