Recent research says that the business environment for CPAs and their clients will be characterized by “unprecedented, massive and highly accelerated change” through 2025. To thrive in this new age of hyper-change and growing uncertainty, it is now an imperative to learn a new competency--how to accurately anticipate the future. The key to success in this fast-changing environment is to learn how to move from being reactive to proactive and flip from crisis manager to an opportunity manager. Tom will show how to explore new value added services and position their practices for success in a rapidly changing world.

1. Get
Ready
for
the
Fast
Future
The
An3cipatory
CPA
Firm
Tom
Hood,
CPA,CGMA,CITP
June
29th,
2016

2. Your Learning Journey

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

4. Vote for a question
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conversation:

5. CPAFMA
–
Get
Ready
for
the
Fast
Future
–
The
An3cipatory
CPA

6. 1. Finding
the
right
people
2. Talent
reten3on
3. Being
reac3ve
versus
proac3ve
4. Engaging
our
People
5. Partner
alignment
&
buy-­‐in
Top
5
Challenges
Facing
CPAFMAs

8. Top
5
Skills
Needed
1. Communica3on
2. Strategic
&
cri3cal
thinking
3. Analy3cal
skills
4. An3cipa3ng
and
serving
evolving
needs
5. Inspiring
and
mo3va3ng
others
Did
you
know
that
the
Business
Learning
Ins3tute
specializes
in
these
‘
success
skills’
and
can
help
you
build
a
curriculum
based
on
your
firm
strategy?
www.blionline.org

10. The # 1 Challenge

11. 0 2 4 6 8
Poor reputation
No personal relationship
Inadequate staff to meet needs
Not using state-of-the-art technology
Fees were too high
Expertise of former CPA was lacking
Referral to a new firm from someone
I trust
CPA had poor responsiveness
CPA didn’t give proactive advice, only
reactive service
reactive service
Why SMBs Leave Their CPA / Accountant

12. Borrowed from the US Army War College,VUCA was coined byThe Institute for the Future to
describe the rapidly changing and complex business environment since the Great Recession of
2008.

13. VUCA – CPA Style
Lose perspective, ‘Hunker down’

14. #FutureReady!
Is the capacity to be
anticipatory (aware,
predictive and adaptive) of
emerging technology and
trends in business,
demographics, and the
social environment
impacting your organization
and industry.! Source: CPA.COM Insight into the
CPA of the Future Study 2014
92% of CPAs !
Not #futureready!

15. The Overwhelmed Employee

16. The
Faster
you
go,
the
Farther
Ahead
You
Have
to
Look

17. Leading in VUCA Times
1. Context
2. Certainty
3. Capacity
4. Competence
5. Core Purpose
& Beliefs

18. Context

19. “We stand on the brink of a technological
revolution that will fundamentally alter the
way we live, work, and relate to one
another. In its scale, scope, and complexity,
the transformation will be unlike anything
humankind has experienced before.”
- Klaus Schwab - WEF

20. More Uber cars than yellow taxis on the road in NYC

22. Race Against the Machines?
Source: Frey & Osborne –The Future of Employment – Oxford University

26. What does the future hold?
Technology is changing and disintermediating
many trades and professions
• Medical, Legal, Accounting
Patterns and Trends
• Automation replacing routine tasks – higher order (soft skills
and analytics) necessary to survive
• Alternative options to services and knowledge – automated or
otherwise – Tax and Audit implications
• Globalization, specialization and consolidation changing the
landscape.
• Domain expertise matters

27. Innovation Priorities in Firms
1. Developing new offerings that expand the value we
provide to our existing clients
2. Implementing a new offering for a specific market
segment we believe has growth
3. Developing new offerings or approaches to the market
that attract new clients
4. Realizing value to the firm from existing innovation
investments
5. Updating current offerings to be more competitive
6. Deciding and moving forward on what our innovation
priorities should be
7. Implementing a cloud-based accounting system
2015 Innovation in Public Accounting Survey – CPA.COM

28. Certainty

29. HardTrends
Four HardTrends:
1. Government Regulation
2. Technology
3. Demographics
4. Globalization

31. The Shift Change
1. Leadership!
2. Learning!
3. Technology!
4. Generations!
5. Workplace!

33. The challenge &
opportunity is to make the
shift from the first curve to
the second curve at the
right time and with the
right strategy

34. Top Ten Things Next Gen leaders
Want You to Know!
1. Look Beyond the Billable Hour
2. More Focus on Career Development
3. Engage Us in your Vision and Purpose
4. More Coaching and Mentorship
5. More Frequent Feedback
6. More Leadership Development
7. More Transparency
8. Thank You!
9. More Collaboration
10. More Focus on the Future

35. The
New
Big
Six
Source: Gallup

36. Capacity
You must make room for the
future!

37. TheTop 6 Ways to Create Capacity in
your Firm
• Maximize software & tools you have
• Use the latest and most efficient technologies
• Workflow & Process Efficiency
• Focus on your best ‘A’ clients
• Communicate your services (cross-sell)
• Engage your people

38. Competency
Disrup'ons
before
they
disrupt
Problems
before
you
have
them
Customer
Needs
before
they
have
them
New
Opportuni'es
before
the
compe33on
An3cipate
Source:
Daniel
Burrus

39. The Research
The latest research inside and
outside the CPA Profession re-
affirms theTop Competencies and
Skills needed by Accounting and
Finance Professionals

40. Top Skills Needed for Accounting
and Finance Professionals !
BLI Research in 2015 with over 1,000 responses from all segments of the CPA
Profession identified these top skill needed to be successful in these rapidly changing
times.This confirms and reinforces the research from the Conference Board, AICPA
CPA Horizons 2025 report, Bersin, and Burrus Research..
75%
covered by
theseTop 5
Skills

41. • An3cipa3on
• Strategic
Thinking
• External
Awareness
• Vision
• Con3nuous
Learning
• Innova3on
• Crea3vity
• Problem
Solving
• Priori3za3on
• Business
Acumen
• Decisiveness
• Influencing/
Persuading
• Emo3onal
Intelligence
• Consensus
Building
• Collabora3on
• Inspira3on
• Risk
Management
• Communica3on
http://www.blionline.org/ao

42. • Trust
• Integrity
• Objectivity
• Excellence
• Lifelong Learning
Core Purpose &Values
Protect the Core & Stimulate Progress
CPAs…Making sense
of a changing and
complex world.

43. The VUCA Leader
V – Vision & Purpose
U – Understand context
C – Co-create & collaborate
A – Anticipation, introducing and
managing change
A Leader’s job is to set context and direction
and provide hope and inspiration.

44. The ‘new’ Big Four
1. Purpose Driven workplace
2. Great leadership – trust &
transparent
3. Culture of growth
4. Inspiring workplace – flexible
and inclusive

45. The Magnetic Firm
Purpose Driven Great
Leadership
Culture
Of Growth
Inspiring
Workplace
Vision, Purpose
andValues 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
andTeam based
Effective
TechnologyTools
- mobile

46. 5 Steps to be Future Ready &
Lead in VUCA times
1. Context
2. Certainty
3. Capacity
4. Competence
5. Core Beliefs

47. Disruption and RONI
The gap is widening, faster!
Source: Clayton Christensen, “Innovation Killers”
We think this
is trade-off

48. Your turn!

49. “You can’t stop the waves, but
you can learn how to surf.”
– Jon Kabat Zinn
Oceans of Opportunity

50. If there is a conversation about the future
of the profession, you're bound to hear
Hood's name mentioned as one of the
people leading the way.
– Accounting Today
Tom Hood, CPA, CITP, CGMA
CPA Practice Adviser Accounting Hall of Fame
Named the Second Most Influential in Accounting
by Accounting Today Magazine 2013 - 2015
Top 150 Influencer by Linked-In
Top 25 Influencers in Learning HR - HR
Examiner
Top 25 Public Accounting Thought Leaders - CPA
Practice Adviser
Co-founder of the Business Learning Institute
CEO
Maryland Association of CPAs
(MACPA) www.macpa.org
Business Learning Institute
(BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/