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Building the High Performance CPA Firm
        How to get a bigger BOUNCE!


         Tom Hood, CPA, CITP, CGMA
                    CEO
                   MACPA
          Business Learning Institute
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  today’s	
  slides	
  at	
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         CCH2012
Respond to a Poll	

    Ask a Question	

Vote up a Question
High Performance CPA Firms - CCHUC12
High Performance CPA Firms - CCHUC12
High Performance CPA Firms - CCHUC12
High Performance CPA Firms - CCHUC12
High Performance CPA Firms - CCHUC12
High Performance CPA Firms - CCHUC12
What’s your biggest challenge?	

Operating as a shared vision firm versus as a shared services firm.	

         	

	

Operating as a one-firm mentality. Most just do not get get it!       	

	

Getting everyone on the same page.	

	

We are in a mature market so the biggest challenge is continuing to grow in this market and expanding into complimentary
markets         	

	

Staffing, net billing per charge hour 	

	

Finding and hiring top talent 	

	

Growing top line revenue. 	

	

Finding and keeping young talent. 	

	

Motivating staff        	

	

Achieving a unified strategy among the partner group.         	

	

Pricing	

	

Maintaining a work/life balance.       	

	

getting all on the same page 	

	

We have several partners. We all agree on a vision for our firm, we just can't agree on how to get there. We can't seem to jump
start the process.      	

	

Effiency teaching staff analytical thinking     	

	

Identification and Development of the next generation of leaders 	

	

Moving from a silo practice to one firm mentality. 	

	

Upcoming partner retirements, some greed by old group on buy out, some lack of commitment by the new group. Too much self
interest, not enough "best interests of the company" thinking.	

Growth          	

	

So if you don't have the commitment from the owner group to spend the time (retirement etc). Do you just blow the whole
thing up before wasting your own valuable time ? 	

	

Growth, expanding niches 	

	

Finding and keeping young talent that are eager to advance within the company 	

	

Finding time to be strategic. Too much time working in the business and not on the business. 	

	

Qualified staff 	

	

Senior/founding partner is retiring in a year. Challenge to keep his client base in firm  	

	

Significant amount of growth and the decision makers were good at running a small to medium firm. However we are moving to
become a large firm, and they don't know how to operate as such.              	

	

Making a plan.	

	

Not having our work product look like a commodity.           	

	

All of the above        	

	

Changing partner behavior to align with strategy 
The new normal is anything but…
MANAGING	
  THE	
  SEA	
  CHANGE	
  



•  Change	
  
•  Complexity	
  
•  Compliance	
  
•  Convergence	
  
•  Compe33on	
  
Changes in the Profession




55 Firms in T100
 Mega-mergers
Counter trends?
www.bizlearning.net	
  
What is
   your
 biggest
challenge?
AICPA Major Firms Group




www.bizlearning.net	
  
Top Ten Issues for MFG
1.  Regulatory/Legislative (56)
2.  Private Company Leadership (47)
3.  Capital Markets Awareness / Recognition (34)
4.  Rethinking Business Model (25)
5.  Protect Audit/CPA Franchise (20)
6.  Risk Management (Audit efficiencies) (20)
7.  Leadership Development / Succession Planning
    (19)
8.  Global / International (Clients / IFRS / Branding)
    (17)
9.  Leveraging Technology & Social Media (17)


                                                         17
2011 AICPS PCPS MAP Issues




www.bizlearning.net	
        18
The Three Barriers to Growth
1.  Need for Executive Team to grow in
    their abilities to delegate & predict
    (connect & collaborate)
2.  Need for systems and structures to
    handle complexity that comes with
    growth
3.  Need to navigate the increasingly
    tricky market dynamics of a larger,
    rapidly changing marketplace



      Source: Verne Harnish - Author of Mastering the Rockefeller Habits
What does a high
performance firm
    look like?
A tale of two firms
                          •  One founded in
                             1921
                          •  One founded in
                             1977
                          •  One has 967 staff &
                             $202 million in
                             Revenue
                          •  One is Top 20 and
                             the other is no
                             longer in existence
www.bizlearning.net	
  
A tale of two more firms…




www.bizlearning.net	
  
And two more…




www.bizlearning.net	
  
CCH	
  Future	
  Ready	
  Research	
  -­‐	
  2011	
  

Being Future Ready Relies On:
                                                       The image cannot be displayed. Your computer may not have enough memory to open the image, or the image may have been corrupted.
                                                       Restart your computer, and then open the file again. If the red x still appears, you may have to delete the image and then insert it again.




  Foundation of best practices

                    And

Processes, business management,
  people and solutions that are
       adaptive to change
CCH	
  Future	
  Ready	
  Research	
  -­‐	
  2011	
  

Future Ready Firm
•  Staffing & Firm Culture
•  Workflows & Processes
•  Tools & Technology
•  Practice Management &
   Analytics
What sets you
apart? How are
 you different?
The Guru on Firms

“Those people talk about having a strategy
with a longer-term view, but the operational
reality is vastly different. They want the
money right now. In practice, cash is
everything…

What's missing are whole firms that are
built on discipline and strategy.”

       David Maister - FastCompany
	
  
ROI = ROP

ROP = ROA x ROC x ROL
Return on Investment
Cri;cal	
  Areas	
                   Investment	
                          Return	
  

People	
                             2%	
                                  20%	
  

Processes	
                          2%	
                                  15%	
  
                                                                           	
  
Organiza3on	
  Structure	
           2%	
                                  10%	
  

Culture	
                            1%	
                                  20%	
  

Leadership	
                         1%	
                                  10%	
  

Informa3on	
                         10%	
                                 15%	
  

Technology	
                         82%	
                                 10%	
  

  Source:	
  Informa3on	
  Masters	
  –	
  Secrets	
  of	
  the	
  Customer	
  Race	
  by	
  John	
  McKean	
  
www.bizlearning.net	
  
The 5 questions you must answer

• Who are we & why do we
  exist?
• Where are we going?
• How are we going to get there?
• How is our progress?
• What happens when things
  change?
  www.bizlearning.net	
  
Lessons from the Built to Last:
1.  Clock Building, Not Time Telling
2.  Embrace the Genius of “AND”
3.  Preserve the Core & Stimulate
    Progress
4.  Seek consistent alignment
Source: Built to Last – Jerry Porras & Jim Collins
High	
  Performance	
  Organiza3ons	
  –	
  Strategic	
  &	
  Systema3c	
  


                       Why
                                                                                                 Reassess
                 Why we do                                                                                                  & Renew
                 what we do.
                  Purpose &
                                                                            Critical                                    What did we learn? How
                                                                                                                        is the world changing? 
                   Values
                                                  Turning
                                                                             Point
                                                                              The
                                                Where are                   Bounce
                    Link &
                                                 we going
                                            Leverage
                                             Our envisioned future.                                   How are our day to
                                            What do we want to be,                                       day activities
                                            do, create, experience, 
                                  connected to our
                                                  and have?
                                          purpose & strategy


                                                                           How are
                                                                         we going to
                                                                          get there
                                                                              Our strategic 
                                                                        Initiatives and priorities




Copyright 2012 – Business Learning Institute
Start with why?


People don’t
buy what
you do, they
buy why you
do it!
 www.bizlearning.net	
  
Lessons from Steve Jobs




Steve	
  Jobs	
  returns	
  to	
  Apple	
  aSer	
  being	
  away	
  for	
  13	
  years	
  on	
  Jan	
  8,	
  1999,	
  $1	
  billion	
  in	
  red.	
  

       www.bizlearning.net	
  
Sinek’s Golden Circle




       Conven3onal	
      Remarkable	
  




www.bizlearning.net	
  
Strategy as Process:
Our i2a Framework




www.bizlearning.net	
  
Turn the Flywheel with Alignment
                                “Alignment is a mode of belonging
                                that is not confined to mutual
                                engagement. The process of
                                alignment bridges time & space to
                                form broader enterprises so that
                                participants become connected
                                through the coordination of their
Alignment focuses on the        energies, actions, and practices.
  future and builds trust.
Alignment is about getting      Through alignment, we become part
 their discretionary effort.    of something big because we do
                                what it takes to play our part."
                                                  - Etienne Wenger
                                              Communities of Practice
      www.bizlearning.net	
  
Why executives should care about
    Employee Engagement
Gallup studies proved that corporations with higher
engagement levels generated:
•  27% higher profits
•  50% higher sales
•  50% higher customer loyalty
•  38% above average productivity

“Employee Engagement is an outcome-based concept.
It is the term which is used to describe the degree to which
employees can be ascribed as aligned and committed to their
organization such that they are at the most productive.”
                               -The International School of Human Capital Management
     www.bizlearning.net	
  
Example of Strategic Plan on a Page
Produced	
  for	
  AICPA	
  




 www.bizlearning.net	
  
Example of Strategic Plan on a Page




www.bizlearning.net	
  
Strategic Thinking – not episodic strategic planning


What happens when
things are changing
        fast?


 www.bizlearning.net	
  
The Cameron Paradox


                                                                   The	
  faster	
  things	
  
                                                                   change,	
  the	
  
                                                                   more	
  important	
  
                                                                   it	
  is	
  to	
  look	
  
Kim	
  Cameron	
  -­‐	
  Associate	
  Dean,	
  Execu9ve	
  
Educa9on,	
  the	
  Ross	
  School	
  at	
  University	
  of	
  
Michigan	
  
                                                                   ahead.	
  

            www.bizlearning.net	
  
What CPAs think about the future	

                                                      30 Future Forums	

                                                      1,000 CPAs	

                                                      Identified these top trends	





      http://www.bizlearning.net/live/i2afutureforums
Use your scouts
i2a Process Map for Accelerated Strategic Growth

 What do                                                                Develop
                                So what?           Imagine the                                                    Share with
 I know?                                                               Firm-wide
                                                   possibilities
                                    Seek the
                                insight past the                                                                   others and
 Find the edges of
                                                                       Strategies
what you know and
   expand them.
                                    obvious.        and create your
                                                     desired future.
                                                                                                                  Inspire to
                                                                                                                     action




                                                                                                     FIRM LEVEL




                                                                                                                                OFFICE & INDUSTRY/SERVICE GROUP LEVEL
                     INSURE YOUR STRATEGIC
                     CHOICES AND DIRECTION BY                               EC = Executive Committee
                     COLLECTIVELY CONSIDERING                          OMP = Office Managing Partners

                     YOUR PAST, PRESENT
                                                                                   GL – Group Leaders
                                                                                      PTR = All Partners

                     AND FUTURE CONTEXTS
                                                                                     MGR = Managers
                                                                                S&A = Staff and Admin
                     ANNUALLY.




                                  IMPLEMENTATION OF STRATEGIC PLAN

      www.bizlearning.net	
  
Feedback From a Session
250 partners of a top 15 firm




www.bizlearning.net	
  
Can you pivot?
                               Pivot =
                               A Change
                               in
                               STRATEGY
                               without a
                               change in
                               VISION


                          Eric	
  Ries	
  –	
  author	
  of	
  the	
  Lean	
  Startup	
  
www.bizlearning.net	
  
Training as a Competitive Edge

In a world of unrelenting change, about the only
sustainable advantage is learning. Competitors can copy
your products, duplicate your technology, and replicate
your processes, but as long as your organization is
learning faster than theirs, you will always remain ahead.”




                   David Garvin – Harvard Professor
Find your Edge
    In a period of rapid
  change and increasing
 complexity, the winners
are going to be the people
who can learn faster than
  the rate of change and
      faster than your
        competition. 

-  Tom Hood, CPA,
   CITP,CGMA
CEO of the MACPA & the
  Business Learning
        Institute
                
                             49
Superior Talent Generates
           Results"
 & Superior Learning Strategy
  Generates Superior Talent
ü  26% higher revenue per employee
ü  40% lower turnover among high
   performers and 17% overall
ü  29% higher level of engagement 
ü  36% higher readiness in leadership
   and management
                                         50



              ROP = Return on People
What today’s workers want
•  Engage	
  your	
  top	
  performers	
  
•  Coach	
  tomorrow’s	
  leaders	
  
•  Manage	
  your	
  Millennials	
  


   Think    AMP
   •  Autonomy
   •  Mastery
   •  Purpose
Benefits to
   organizations


Training and
 development is the
 most highly valued
 employee benefit. The
 number choosing
 training and               PWC Report - Managing tomorrow's
 development as their       people: Millennials at work: Perspectives
                            from a new generation
 first choice of benefit is
 three times higher than
 those who chose cash
 bonuses.
                                                                        52
h[p://cpa.tc/bounce	
  




www.bizlearning.net	
  
Customized to meet your
firm Competencies and
aligned with your strategy	





                                www.macpa.org
Training aligned to strategy creates employee
    engagement
Gallup studies proved that corporations with higher
engagement levels generated:
•  27% higher profits
•  50% higher sales
•  50% higher customer loyalty
•  38% above average productivity

“Employee Engagement is an outcome-based concept.
It is the term which is used to describe the degree to which
employees can be ascribed as aligned and committed to their
organization such that they are at the most productive.”
                               -The International School of Human Capital Management
     www.bizlearning.net	
  
How do you tip the odds in your favor?
Strategy as Process
using a simple framework that
can be repeated




And cascaded
throughout your
organization                                  •    Engagement
                                              •    Alignment
                                              •    Commitment
                               Rocket fuel    •    Accountability
                               for strategy
     www.bizlearning.net	
  
Cascading Alignment throughout the
organization creates Commitment
Cascading by understanding
the top level goals
and linking the
next level down
through the
organization
                                                  Firm-­‐wide	
  

                                                                                             Sample alignment
                                     Regional	
  &	
  Prac3ce	
  Levels	
                      worksheet from
                                                                                                      MACPA

                                                 Office	
  Level	
  

                           Individuals	
  Align	
  Their	
  Goals	
  to	
  the	
  Firm	
  



 www.bizlearning.net	
  
The Opportunity – Be the House


•  15 X – ROI on Strategy as Process &
   Alignment (Jim Collins – Built to Last)
•  8 X – Engagement & Trust (Gallup)
•  10X – Return on Leadership (Information Masters)
•  20 X – Return on Culture (Information Masters)
•  3 X - Return on Positivity (Dr. Barbara Frederickson)
 “In order to buy-in, I have to weigh in.” – Pat Lencioni
      www.bizlearning.net	
  
What can you do to boost your odds?



                                             Tipping	
  point	
  
                                              	
  which	
  way	
  
                                             will	
  they	
  go?	
  



                                        This is your
                                         risk point!


Inner Circle           Informed       Pragmatists                      Skeptics       No-Nos
Bought-in              Leaders        I’ll wait & see                  Prove it to me I don’t like this
                       I support it



       www.bizlearning.net	
  
Where do you start?
•  Identifying & Correcting Misalignments
  •  If this is our purpose and values and these are
     our strategies, what are the obstacles that get in
     our way?
•  Creating new Alignments
  •  What mechanisms do you have that reinforce
     your most important initiatives?
       •  Granite Rock – short pay
       •  Onboarding?
       •  Innovating?


   www.bizlearning.net	
  
Where do you start?

• Build on Strengths
• Seek High Leverage
  Opportunities
• Involve your whole firm
• Leverage Technology

  www.bizlearning.net	
  
It is more important to have your team:
•  Thinking strategically than having a strategic plan.
•  Understanding the direction and foundation (vision, values
   & strategic intent) of the firm than having a detailed
   five-year plan.
•  Engaging in the firm’s future as a whole organization, not
   just the partners.
•  Aligning and on the same page than working
   independently in their own silos.
•  Engaging and participating than being idle observers.
•  Focusing on the future than questioning the past.
You need a framework that allows you to engage and align your firm and
engage your people in the meaningful work of your organization. This
increases buy-in and discretionary effort that
defines high performing organizations.
     www.bizlearning.net	
  
•  When it comes to retention, employees
   are telling us that leadership matters:
•  A workforce is far more engaged and
   committed when it trusts its leadership,
   receives clear communications about
   corporate strategy, and believes its leaders
   have the ability to execute on that strategy. In
   other words, employee retention is not simply
   an HR function; it should be driven by
   business leaders.

    www.bizlearning.net	
  
Setting context & defining reality
                                

                  The	
  four	
  most	
  
                important	
  words	
  
                for	
  organiza3ons	
  
                are,	
  “what	
  do	
  you	
  
                           think?”	
  
                   -­‐	
  Tom	
  Peters	
  
We often attribute success, or lack thereof, to inanimate
objects like systems, processes, infrastructure, and strategic
plans. The reality, however, is that nothing NEW happens
unless we set in motion.

We must put our shoulder to the flywheel of positive change
and use our network to exponentially increase our impact.

This is leadership in the new normal!
Tom	
  Hood,	
  CPA.CITP	
  
                      CEO	
  
  Maryland	
  Associa;on	
  of	
  CPAs	
  
   Business	
  Learning	
  Ins;tute	
  
             (443)	
  632-­‐2301	
  
        E-­‐mail	
  tom@macpa.org	
  
  Web	
  hUp://www.macpa.org	
  
Blog	
  hUp://www.cpasuccess.com	
  
hUp://www,bizlearningblog.com	
  
                       	
  
                       	
  
 
                                                         	
  
                                                         	
  
                                         www.cpasuccess.com	
  
                                     www.bizlearningblog.com	
  
Follow	
  me	
  on:	
  
ü 	
  Twi[er:	
  h[p://www.Twi[er.com/tomhood	
  
ü 	
  LinkedIn:	
  h[p://www.linkedin.com/in/tomhood	
  
ü 	
  Facebook:	
  h[p://www.facebook.com/thoodcpa	
  
ü Slideshare:	
  h[p://www.slideshare.net/thoodcpa	
  
ü Youtube:	
  h[p://www.youtube.com/thoodcpa	
  
ü Second	
  Life	
  avatar	
  name:	
  Rocky	
  Maddaloni	
  
Check	
  our	
  Customized	
  Training	
  Catalog	
  out:	
  	
  
                                      h[p://www.bizlearning.net	
  
	
  


	
  

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High Performance CPA Firms - CCHUC12

  • 1. Building the High Performance CPA Firm How to get a bigger BOUNCE! Tom Hood, CPA, CITP, CGMA CEO MACPA Business Learning Institute
  • 2. Download  today’s  slides  at  …   www.SlideShare.net/thoodcpa  
  • 4. Respond to a Poll Ask a Question Vote up a Question
  • 11. What’s your biggest challenge? Operating as a shared vision firm versus as a shared services firm. Operating as a one-firm mentality. Most just do not get get it! Getting everyone on the same page. We are in a mature market so the biggest challenge is continuing to grow in this market and expanding into complimentary markets Staffing, net billing per charge hour Finding and hiring top talent Growing top line revenue. Finding and keeping young talent. Motivating staff Achieving a unified strategy among the partner group. Pricing Maintaining a work/life balance. getting all on the same page We have several partners. We all agree on a vision for our firm, we just can't agree on how to get there. We can't seem to jump start the process. Effiency teaching staff analytical thinking Identification and Development of the next generation of leaders Moving from a silo practice to one firm mentality. Upcoming partner retirements, some greed by old group on buy out, some lack of commitment by the new group. Too much self interest, not enough "best interests of the company" thinking. Growth So if you don't have the commitment from the owner group to spend the time (retirement etc). Do you just blow the whole thing up before wasting your own valuable time ? Growth, expanding niches Finding and keeping young talent that are eager to advance within the company Finding time to be strategic. Too much time working in the business and not on the business. Qualified staff Senior/founding partner is retiring in a year. Challenge to keep his client base in firm Significant amount of growth and the decision makers were good at running a small to medium firm. However we are moving to become a large firm, and they don't know how to operate as such. Making a plan. Not having our work product look like a commodity. All of the above Changing partner behavior to align with strategy 
  • 12. The new normal is anything but…
  • 13. MANAGING  THE  SEA  CHANGE   •  Change   •  Complexity   •  Compliance   •  Convergence   •  Compe33on  
  • 14. Changes in the Profession 55 Firms in T100 Mega-mergers Counter trends? www.bizlearning.net  
  • 15. What is your biggest challenge?
  • 16. AICPA Major Firms Group www.bizlearning.net  
  • 17. Top Ten Issues for MFG 1.  Regulatory/Legislative (56) 2.  Private Company Leadership (47) 3.  Capital Markets Awareness / Recognition (34) 4.  Rethinking Business Model (25) 5.  Protect Audit/CPA Franchise (20) 6.  Risk Management (Audit efficiencies) (20) 7.  Leadership Development / Succession Planning (19) 8.  Global / International (Clients / IFRS / Branding) (17) 9.  Leveraging Technology & Social Media (17) 17
  • 18. 2011 AICPS PCPS MAP Issues www.bizlearning.net   18
  • 19. The Three Barriers to Growth 1.  Need for Executive Team to grow in their abilities to delegate & predict (connect & collaborate) 2.  Need for systems and structures to handle complexity that comes with growth 3.  Need to navigate the increasingly tricky market dynamics of a larger, rapidly changing marketplace Source: Verne Harnish - Author of Mastering the Rockefeller Habits
  • 20. What does a high performance firm look like?
  • 21. A tale of two firms •  One founded in 1921 •  One founded in 1977 •  One has 967 staff & $202 million in Revenue •  One is Top 20 and the other is no longer in existence www.bizlearning.net  
  • 22. A tale of two more firms… www.bizlearning.net  
  • 24. CCH  Future  Ready  Research  -­‐  2011   Being Future Ready Relies On: The image cannot be displayed. Your computer may not have enough memory to open the image, or the image may have been corrupted. Restart your computer, and then open the file again. If the red x still appears, you may have to delete the image and then insert it again. Foundation of best practices And Processes, business management, people and solutions that are adaptive to change
  • 25. CCH  Future  Ready  Research  -­‐  2011   Future Ready Firm •  Staffing & Firm Culture •  Workflows & Processes •  Tools & Technology •  Practice Management & Analytics
  • 26. What sets you apart? How are you different?
  • 27. The Guru on Firms “Those people talk about having a strategy with a longer-term view, but the operational reality is vastly different. They want the money right now. In practice, cash is everything… What's missing are whole firms that are built on discipline and strategy.” David Maister - FastCompany  
  • 28. ROI = ROP ROP = ROA x ROC x ROL
  • 29. Return on Investment Cri;cal  Areas   Investment   Return   People   2%   20%   Processes   2%   15%     Organiza3on  Structure   2%   10%   Culture   1%   20%   Leadership   1%   10%   Informa3on   10%   15%   Technology   82%   10%   Source:  Informa3on  Masters  –  Secrets  of  the  Customer  Race  by  John  McKean   www.bizlearning.net  
  • 30. The 5 questions you must answer • Who are we & why do we exist? • Where are we going? • How are we going to get there? • How is our progress? • What happens when things change? www.bizlearning.net  
  • 31. Lessons from the Built to Last: 1.  Clock Building, Not Time Telling 2.  Embrace the Genius of “AND” 3.  Preserve the Core & Stimulate Progress 4.  Seek consistent alignment Source: Built to Last – Jerry Porras & Jim Collins
  • 32. High  Performance  Organiza3ons  –  Strategic  &  Systema3c   Why Reassess Why we do & Renew what we do. Purpose & Critical What did we learn? How is the world changing? Values Turning Point The Where are Bounce Link & we going Leverage Our envisioned future. How are our day to What do we want to be, day activities do, create, experience, connected to our and have? purpose & strategy How are we going to get there Our strategic Initiatives and priorities Copyright 2012 – Business Learning Institute
  • 33. Start with why? People don’t buy what you do, they buy why you do it! www.bizlearning.net  
  • 34. Lessons from Steve Jobs Steve  Jobs  returns  to  Apple  aSer  being  away  for  13  years  on  Jan  8,  1999,  $1  billion  in  red.   www.bizlearning.net  
  • 35. Sinek’s Golden Circle Conven3onal   Remarkable   www.bizlearning.net  
  • 36. Strategy as Process: Our i2a Framework www.bizlearning.net  
  • 37. Turn the Flywheel with Alignment “Alignment is a mode of belonging that is not confined to mutual engagement. The process of alignment bridges time & space to form broader enterprises so that participants become connected through the coordination of their Alignment focuses on the energies, actions, and practices. future and builds trust. Alignment is about getting Through alignment, we become part their discretionary effort. of something big because we do what it takes to play our part." - Etienne Wenger Communities of Practice www.bizlearning.net  
  • 38. Why executives should care about Employee Engagement Gallup studies proved that corporations with higher engagement levels generated: •  27% higher profits •  50% higher sales •  50% higher customer loyalty •  38% above average productivity “Employee Engagement is an outcome-based concept. It is the term which is used to describe the degree to which employees can be ascribed as aligned and committed to their organization such that they are at the most productive.” -The International School of Human Capital Management www.bizlearning.net  
  • 39. Example of Strategic Plan on a Page Produced  for  AICPA   www.bizlearning.net  
  • 40. Example of Strategic Plan on a Page www.bizlearning.net  
  • 41. Strategic Thinking – not episodic strategic planning What happens when things are changing fast? www.bizlearning.net  
  • 42. The Cameron Paradox The  faster  things   change,  the   more  important   it  is  to  look   Kim  Cameron  -­‐  Associate  Dean,  Execu9ve   Educa9on,  the  Ross  School  at  University  of   Michigan   ahead.   www.bizlearning.net  
  • 43. What CPAs think about the future 30 Future Forums 1,000 CPAs Identified these top trends http://www.bizlearning.net/live/i2afutureforums
  • 45. i2a Process Map for Accelerated Strategic Growth What do Develop So what? Imagine the Share with I know? Firm-wide possibilities Seek the insight past the others and Find the edges of Strategies what you know and expand them. obvious. and create your desired future. Inspire to action FIRM LEVEL OFFICE & INDUSTRY/SERVICE GROUP LEVEL INSURE YOUR STRATEGIC CHOICES AND DIRECTION BY EC = Executive Committee COLLECTIVELY CONSIDERING OMP = Office Managing Partners YOUR PAST, PRESENT GL – Group Leaders PTR = All Partners AND FUTURE CONTEXTS MGR = Managers S&A = Staff and Admin ANNUALLY. IMPLEMENTATION OF STRATEGIC PLAN www.bizlearning.net  
  • 46. Feedback From a Session 250 partners of a top 15 firm www.bizlearning.net  
  • 47. Can you pivot? Pivot = A Change in STRATEGY without a change in VISION Eric  Ries  –  author  of  the  Lean  Startup   www.bizlearning.net  
  • 48. Training as a Competitive Edge In a world of unrelenting change, about the only sustainable advantage is learning. Competitors can copy your products, duplicate your technology, and replicate your processes, but as long as your organization is learning faster than theirs, you will always remain ahead.” David Garvin – Harvard Professor
  • 49. Find your Edge In a period of rapid change and increasing complexity, the winners are going to be the people who can learn faster than the rate of change and faster than your competition. -  Tom Hood, CPA, CITP,CGMA CEO of the MACPA & the Business Learning Institute 49
  • 50. Superior Talent Generates Results" & Superior Learning Strategy Generates Superior Talent ü  26% higher revenue per employee ü  40% lower turnover among high performers and 17% overall ü  29% higher level of engagement ü  36% higher readiness in leadership and management 50 ROP = Return on People
  • 51. What today’s workers want •  Engage  your  top  performers   •  Coach  tomorrow’s  leaders   •  Manage  your  Millennials   Think AMP •  Autonomy •  Mastery •  Purpose
  • 52. Benefits to organizations Training and development is the most highly valued employee benefit. The number choosing training and PWC Report - Managing tomorrow's development as their people: Millennials at work: Perspectives from a new generation first choice of benefit is three times higher than those who chose cash bonuses. 52
  • 54. Customized to meet your firm Competencies and aligned with your strategy www.macpa.org
  • 55. Training aligned to strategy creates employee engagement Gallup studies proved that corporations with higher engagement levels generated: •  27% higher profits •  50% higher sales •  50% higher customer loyalty •  38% above average productivity “Employee Engagement is an outcome-based concept. It is the term which is used to describe the degree to which employees can be ascribed as aligned and committed to their organization such that they are at the most productive.” -The International School of Human Capital Management www.bizlearning.net  
  • 56. How do you tip the odds in your favor? Strategy as Process using a simple framework that can be repeated And cascaded throughout your organization •  Engagement •  Alignment •  Commitment Rocket fuel •  Accountability for strategy www.bizlearning.net  
  • 57. Cascading Alignment throughout the organization creates Commitment Cascading by understanding the top level goals and linking the next level down through the organization Firm-­‐wide   Sample alignment Regional  &  Prac3ce  Levels   worksheet from MACPA Office  Level   Individuals  Align  Their  Goals  to  the  Firm   www.bizlearning.net  
  • 58. The Opportunity – Be the House •  15 X – ROI on Strategy as Process & Alignment (Jim Collins – Built to Last) •  8 X – Engagement & Trust (Gallup) •  10X – Return on Leadership (Information Masters) •  20 X – Return on Culture (Information Masters) •  3 X - Return on Positivity (Dr. Barbara Frederickson) “In order to buy-in, I have to weigh in.” – Pat Lencioni www.bizlearning.net  
  • 59. What can you do to boost your odds? Tipping  point    which  way   will  they  go?   This is your risk point! Inner Circle Informed Pragmatists Skeptics No-Nos Bought-in Leaders I’ll wait & see Prove it to me I don’t like this I support it www.bizlearning.net  
  • 60. Where do you start? •  Identifying & Correcting Misalignments •  If this is our purpose and values and these are our strategies, what are the obstacles that get in our way? •  Creating new Alignments •  What mechanisms do you have that reinforce your most important initiatives? •  Granite Rock – short pay •  Onboarding? •  Innovating? www.bizlearning.net  
  • 61. Where do you start? • Build on Strengths • Seek High Leverage Opportunities • Involve your whole firm • Leverage Technology www.bizlearning.net  
  • 62. It is more important to have your team: •  Thinking strategically than having a strategic plan. •  Understanding the direction and foundation (vision, values & strategic intent) of the firm than having a detailed five-year plan. •  Engaging in the firm’s future as a whole organization, not just the partners. •  Aligning and on the same page than working independently in their own silos. •  Engaging and participating than being idle observers. •  Focusing on the future than questioning the past. You need a framework that allows you to engage and align your firm and engage your people in the meaningful work of your organization. This increases buy-in and discretionary effort that defines high performing organizations. www.bizlearning.net  
  • 63. •  When it comes to retention, employees are telling us that leadership matters: •  A workforce is far more engaged and committed when it trusts its leadership, receives clear communications about corporate strategy, and believes its leaders have the ability to execute on that strategy. In other words, employee retention is not simply an HR function; it should be driven by business leaders. www.bizlearning.net  
  • 64. Setting context & defining reality The  four  most   important  words   for  organiza3ons   are,  “what  do  you   think?”   -­‐  Tom  Peters  
  • 65. We often attribute success, or lack thereof, to inanimate objects like systems, processes, infrastructure, and strategic plans. The reality, however, is that nothing NEW happens unless we set in motion. We must put our shoulder to the flywheel of positive change and use our network to exponentially increase our impact. This is leadership in the new normal!
  • 66. Tom  Hood,  CPA.CITP   CEO   Maryland  Associa;on  of  CPAs   Business  Learning  Ins;tute   (443)  632-­‐2301   E-­‐mail  tom@macpa.org   Web  hUp://www.macpa.org   Blog  hUp://www.cpasuccess.com   hUp://www,bizlearningblog.com      
  • 67.       www.cpasuccess.com   www.bizlearningblog.com   Follow  me  on:   ü   Twi[er:  h[p://www.Twi[er.com/tomhood   ü   LinkedIn:  h[p://www.linkedin.com/in/tomhood   ü   Facebook:  h[p://www.facebook.com/thoodcpa   ü Slideshare:  h[p://www.slideshare.net/thoodcpa   ü Youtube:  h[p://www.youtube.com/thoodcpa   ü Second  Life  avatar  name:  Rocky  Maddaloni   Check  our  Customized  Training  Catalog  out:     h[p://www.bizlearning.net