Innovation is one of the latest buzz words, but what does innovation really mean and how does it impact the way you do business and serve your clients? Often times, business leaders think innovation refers solely to technology, when in fact cloud and mobility are shifting away from being a new idea to being mainstream and an expectation, leaving clients wanting more. What does “being innovative” in your accounting firm mean to your business model, the way you interact with your clients, and how you plan for the future? Jennifer Warawa, Vice President and General Manager of Sage Accountant Solutions at Sage North America, and Tom Hood, CEO of Maryland Association of CPAs and the Business Learning Institute, will share research, trends, and insights into how the next phase of innovation will have an impact on the way you do business, and what changes are crucial in order to stay one step ahead of the competition.
13. What
is
innova?on?
in·∙no·∙va·∙?on
Defini?on:
• The
act
of
introducing
something
new.
• Something
newly
introduced.
synonyms:
change,
altera9on,
revolu9on,
upheaval,
transforma9on,
metamorphosis,
breakthrough;
new
measures,
new
methods,
moderniza9on,
novelty,
newness;
crea9vity,
originality,
ingenuity,
inspira9on,
inven9veness;
a
shake
up
Innovation isn’t a
single event. It’s a
continuing process.
14. Why
is
innova?on
so
important
in
your
firm?
The
bo@om
line:
Everything
is
changing!
15. Key
trends:
• Compe99on
no
longer
just
down
the
street
• Businesses
are
demanding
more
value
• ShiF
from
reac9ve
repor9ng
to
real-‐9me
insights
• Online
is
crea9ng
more
educated
clients
• Core
accoun9ng
services
being
commodi9zed
• DIY
• Things
are
moving
faster!
16. What’s
most
important
to
your
clients?
Top
3:
2006
1. Level
of
service
and
a@en9veness
2. Quality
and
accuracy
of
work
3. Reputa9on
of
firm
Top
3:
2012
1. Problem-‐solving
ability
2. Quality
and
accuracy
of
work
3. Reputa9on
of
firm
*
CPA
Trendlines
2006
and
2012
studies
17. What
do
you
think
is
most
important
to
your
clients?
Top
3:
2006
1. Personal
chemistry
2. Price,
fees,
costs,
affordability
3. Quality
and
accuracy
of
work
Top
3:
2012
1. Price,
fees,
costs,
and
affordability
2. Personal
chemistry
3. Reputa9on
of
firm
18. 1
Technology—understanding, what you use, what you recommend
2
The way you serve your clients: the customer experience
3
How you define success
4
Who your clients are
5
The way you find new clients: your marketing and sales strategy
6
Your people strategy
Six areas innovation shows up in your firm . . .
. . . and this list is just the beginning!
19. Technology—understanding,
what
you
use,
what
you
recommend
• Limited
solu9ons
in
the
market
• Limited
visibility
• Consultants
could
have
tunnel
vision
• “One
size
fits
all”
worked
20. Technology—understanding,
what
you
use,
what
you
recommend
• Limited
solu9ons
in
the
market
• Limited
visibility
• Consultants
could
have
tunnel
vision
• “One
size
fits
all”
worked
• Innova9on
is
happening
at
a
rapid
pace
• Buying
decisions
happening
online
• “One
size
fits
all”
is
over
21. The
way
you
serve
your
clients:
The
customer
experience
• Good
was
good
enough
• Loyalty
was
prevalent
• Clients
knew
what
you
told
them
• Hourly
pricing
worked
22. The
way
you
serve
your
clients:
The
customer
experience
• Good
was
good
enough
• Loyalty
was
prevalent
• Clients
knew
what
you
told
them
• Hourly
pricing
worked
• Changing
client
expecta9ons
• It’s
a
global
economy
• The
pace
of
change
is
increasing
• Your
clients
know
your
compe9tors
• Value
pricing
gaining
momentum
24. How
you
define
success
• Making
ends
meet
• Profit!
• Profitability
s9ll
important
• Ability
to
get
new
clients
• Achieve
your
vision
and
live
your
dream
• Work/life
balance
25. Who
your
clients
are
• No
client
selec9on
process
• Busy
=
good
• Unprofitable
clients
=
most
demanding
• Firing
clients
26. Who
your
clients
are
• No
client
selec9on
process
• Busy
=
good
• Unprofitable
clients
=
most
demanding
• Firing
clients
• New
client
selec9on
process
• Busy
≠
good
• “A-‐level”
clients
win
27. The
way
you
find
new
clients:
your
marke?ng
strategy
• Referrals
• Newspaper
ads
• Yellow
Pages
• Local
events
28. • Word
of
mouth
• Online,
web,
social
• Content
marke9ng
• Yellow
Pages?
The
way
you
find
new
clients:
your
marke?ng
strategy
• Referrals
• Newspaper
ads
• Yellow
Pages
• Local
events
29. The
way
you
aSract
and
retain
the
right
talent:
your
people
strategy
• Pay
less,
get
less
• No
budget
for
employee
development
• Long-‐term
employees
30. • Want
more?
Pay
more.
• Culture
is
key
• Next
gen,
new
expecta9ons
The
way
you
aSract
and
retain
the
right
talent:
your
people
strategy
• Pay
less,
get
less
• No
budget
for
employee
development
• Long-‐term
employees
33. Seven
principles
of
small
innova?ons
1. Make
free
9me
2. Collect
ideas
3. Look
outside
34. Seven
principles
of
small
innova?ons
1. Make
free
9me
2. Collect
ideas
3. Look
outside
4. Be
customer-‐centric
35. Seven
principles
of
small
innova?ons
1. Make
free
9me
2. Collect
ideas
3. Look
outside
4. Be
customercentric
5. Small
innova9ons
can
end
up
being
a
big
innova9on
36. Seven
principles
of
small
innova?ons
1. Make
free
9me
2. Collect
ideas
3. Look
outside
4. Be
customercentric
5. Small
innova9ons
can
end
up
being
a
big
innova9on
6. Ask
the
right
ques9ons
37. Seven
principles
of
small
innova?ons
1. Make
free
9me
2. Collect
ideas
3. Look
outside
4. Be
customer-‐centric
5. Small
innova9ons
can
end
up
being
a
big
innova9on
6. Ask
the
right
ques9ons
7. Make
a
daily
habit:
Innova9on
doesn't
oFen
occur
in
a
mee9ng
or
at
a
desired
9me
Darrell
Zahorsky,
About.com
39. 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
!
• Named the Second Most Influential in Accounting by
Accounting Today Magazine 2013!
• 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/
48. reimagine!
T
Communica?ng
the
total
picture
with
clarity
and
objec9vity
Transla?ng
complex
informa9on
into
cri9cal
knowledge
An?cipa?ng
and
crea9ng
opportuni9es
Turning
insights
into
ac?on
to
transform
vision
into
reality
CPAs
are
trusted
advisors
who,
combining
insight
with
integrity
deliver
value
by:
49. “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
7/30/14
T
51. 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)
Research supportsVision, Strategy, and Involvement
52. Return on Investment!
Cri?cal
Areas
Investment
Return
People
2%
20%
Processes
2%
15%
Organiza9on
Structure
2%
10%
Culture
1%
20%
Leadership
1%
10%
Informa9on
10%
15%
Technology
82%
10%
Source:
Informa9on
Masters
–
Secrets
of
the
Customer
Race
by
John
McKean
55. Now what?!
Sage
Vision
to
Strategy
Workshops
Leadership
Educa9on
for
Accoun9ng
Professionals
(LEAP)
h@p://cpa.tc/4zo
For
more
informa9on
see
the
Sage
Compe99ve
Edge
website:
56. Resources!
The
Bounce
Competency
Model
and
Curriculum
h@p://cpa.tc/4z4
BLI
Express
Leadership
&
Management
skills
on-‐demand
h@p://cpa.tc/333
Sage
Vision
&
Strategy
Workshops
&
LEAP
Course
Catalog
h@p://cpa.tc/4zo
The
ShiF
Change
in
Accoun9ng
–
Linked-‐in
Post
h@p://cpa.tc/414
h@p://www.blionline.org