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Recent research suggests we are entering the end of sustainable competitive advantage. The key to success in turbulent times comes from several key areas like, strategy as process, understanding the dynamics of change, keeping your L>C, and leveraging technology. In this all new session, Tom will cover the latest ways to find your edge. He will also feature a mini-session on Communications led by Dana Rubenstein, esq and the latest personal technologies to keep your L>C. You will learn about the five R's ROA (return on attention), ROL (learning), ROC (culture) and ROI, ROP (Return on People) and how you can apply them to your firm. You will also learn how vision and strategy are used to maintain a competitive edge and engage your people to give you their best.
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Living on the Edge: finding a competitive edge in turbulent times
Tom Hood, CPA, CITP, CGMA CEO
@tomhood MACPA @macpa
Business Learning Ins?tute @bizlearn
Moderator: Tom Hood • Named as fourth Most Influential in
Accounting by Accounting Today Magazine • 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
Tom Hood, CPA, CITP, CGMA CEO MACPA www.macpa.org and Business Learning Institute (BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/
www.SlideShare.net/thoodcpa
@tomhood @MACPA
Download today’s slides at …
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Insights to Ac?on
“One without the other is either useless or destruc?ve” T
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What is the #1 reason organizations fail?
The “New Normal”
http://www.endofbusiness.com
Source: Brian Solis author of The End of Business as Usual
The Challenge
The New Normal - VUCA
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http://www.burrus.com
Inattentional blindness
The Paradox
"The faster things change, the more important it is to look ahead."
The Challenge
Nothing happens without the commitment of our PEOPLE. ROI = ROP
The Challenge
The Question How do I increase my odds and make the right bets on which strategies to pursue and how to get them done in a VUCA world?
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
ROI = ROP
ROP = ROA x ROC x ROL
Return on Investment Cri8cal Areas Investment Return
People 2% 20%
Processes 2% 15%
Organiza?on Structure 2% 10%
Culture 1% 20%
Leadership 1% 10%
Informa?on 10% 15%
Technology 82% 10%
Source: Informa?on Masters – Secrets of the Customer Race by John McKean
Create - Start with why?
People don’t buy what you do, they buy why you do it!
#Vision&Strategy
“If you don’t have a vision for your firm or yourself, you’ll just get sucked into somebody else’s vision” – adapted from Watts Wacker, Futurist
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Why Reassess & Renew
Where are we going
Link & Leverage
How are we going to
get there
Why we do what we do. Purpose &
Values
Our strategic Initiatives and priorities
How are our day to day activities
connected to our purpose & strategy
What did we learn? How is the world changing?
Critical Turning Point The
Bounce
Copyright 2012 – Business Learning Institute
Our envisioned future. What do we want to be, do, create, experience,
and have?
High Performance Organiza?ons – Strategic & Systema?c
Strategy as Process: ���Our i2a Framework
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
A tale of two more firms…
And two more…
If Content is king Context is the kingdom!
- Will Avgerakis - AICPA
Sight & Insight
• Hindsight – How did we get here? • Insight - SCOT • Foresight – What do we know
about the future?
The Research
2 1,000 10,000
Haven’t we been here before?
1992 2001
2001 2011 2009 2006
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CPAs are trusted advisors who, combining insight with integrity deliver value by:
T
Communica8ng the total picture with clarity and objec?vity Transla8ng complex informa?on into cri?cal knowledge
An8cipa8ng and crea?ng opportuni?es Turning insights into ac8on to transform vision into reality
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Accountability is # 1 Issue
• Engagement • Alignment • Commitment • Accountability
Strategy as Process 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
Cascading Alignment throughout the organization creates Commitment
Firm-‐wide
Regional & Prac?ce Levels
Office Level
Individuals Align Their Goals to the Firm
Cascading by understanding the top level goals ���and linking the ���next level down ���through the ���organization
Sample alignment worksheet from
MACPA
#2 Skill = Communication
#Change- Technology & the Caveman
S-‐Curves & Business Model Innova?on
• ROA! • L>C • CC > EC
#Change
Don’t be a C.A.V.E man
Colleagues Against Virtually Everything
#ChangeEqua?on
D * V * F > R
Leading Innova?on
1. "OK, let's give it a whirl!” 2. "It's harder than it looks.” 3. "It seems to be working!” 4. "We're reaching the point of no return. Do we really want to do this forever?” 5. "Hey, we're star?ng to get really good at this." Source: IDEO Project Mood Chart
“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 their COMPETITION.”
-‐ Tom Hood, CPA.CITP.CGMA 7/4/13 T
Four Generations in the Profession Millennials (Gen Y) - Born btw 1980 & 2000 Generation X - Born btw 1965 & 1979 Baby Boomers - Born btw 1946 & 1964 Matures (Traditionalists) - Born btw 1945 & 1925
Workforce & Demographics – Are you ready for the shit change?
Email Generation
Facebook Generation
These guys are retiring
These are making the purchasing decisions
These are the new workers
Workforce���#TalentWar
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hup://cpa.tc/2qh
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theBounce
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#CC>EC # 1 Skill is Collabora8on # 2 Skill is Communica8on according to 2012 IBM Global CEO Study
60
Historical Context – The Perfect Storm
• Web 2.0 • Globalization • Generations
Source: Don Tapscott - Wikinomics
Five Things Every Professional Needs to be Good At
1. Learning and staying on the cutting edge. 2. Managing your career (yep, you have to
take charge of your own career). 3. Doing the work (research, productivity,
communication). 4. Interacting with your peers and colleagues. 5. Becoming a thought leader in your field. - Allen Blue co-founder Linked-In
hup://lnkd.in/HghTcX
Twitter & MACPA
Social media = social capital real world examples
#SocialAccoun?ng
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T
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Five Things to Get You Started
1. Create a digital footprint
2. Start listening 3. Make friends 4. Create & Share 5. Recognize &
Reciprocate
http://www.cpalearning2.com
#Innovation
• Lots of ways to mess up!
• Heat is needed to shape the glass
• Long setup time for quick finish
• Try, learn and adjust -Tim McFadden
T
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.
Where do you start?
• Build on Strengths • Seek High Leverage Opportunities
• Involve your whole firm • Leverage Technology
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You can’t stop the waves but you can learn how to surf. �– Jon Kabbat-Zin �
A leader’s job is to define
context and provide hope and inspira?on..
.
Tom Hood, CPA.CITP CEO Maryland Associa8on of CPAs Business Learning Ins8tute (443) 632-‐2301 E-‐mail [email protected] Web hUp://www.macpa.org Blog hUp://www.cpasuccess.com Blog hUp://www.bizlearningblog.com
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