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Leadership in the New Normal<br />1<br />CCH User Conference - 2010<br />November 9, 2010<br />Orlando, Florida<br />Prese...
What is the # 1 reason leaders (and their organizations) fail?<br />2<br />
The recession is over? Many of our CPAs are continuing to see rough seas ahead<br />3<br />
CPAs and businesses are feeling overwhelmed by the rapid and turbulent pace of change<br />
You would like to be ahead of the waves instead of being crushed by them<br />
Today we will show you how you can survive and even thrive these waves of change<br />Photo: Pratt’s surfing page<br />
Our agenda<br />What do we see?<br />Economy <br />Regulations & Standards<br />Globalization<br />Technology<br />Workfor...
Ever feel like you need an evacuation route?<br />“But a time of turbulence is also one of great opportunity for those who...
A useful framework for dealing with change – strategic thinking using our i2a – Insights to Action System<br />Making sens...
Report from the future…<br />
Re-Set, Re-Think, Re-Imagine<br />Anticipation of a very large business model change amidst  rapid change – Steve King<br ...
The Economy<br />
Where have the jobs gone – 8,000,000 down<br />Source: Small Business Labs blog – Fidelity.com <br />
Are we in the “Loch Ness Monster” Economy?<br />“Characterized by a series of dips superimposed on a slow underlying econo...
Regulations & Standards<br />
The Federal Issues<br />FTC Red Flags rule – privacy & identity theft<br />Tax Preparer Registration & PTIN issue<br />Pat...
Massive legislation in a very short time<br />Dodd-Frank Wall Street Reform & Consumer Financial Protection Act<br />Patie...
A useful framework to understand the CPA profession<br />The CPA profession is part of the bigger infrastructure<br />that...
The (infra) Structure of the CPA Profession<br />State Boards of Accountancy issue licenses and regulate CPAs<br />
Recent example – The Dodd – Frank Wall Street Reform and Consumer Financial Protection Act of 2010<br />Crisis hits news<b...
 What did we do when you were forced to have a license in every state you file taxes in?<br />WA<br />  HI<br />VT<br />MT...
47 states passed legislation in three (3) years
Maryland enacted it in 2008</li></ul>MI<br /> RI<br />CT<br />*PA<br />IA<br />NE<br />OH<br />NV<br />NJ<br />UT<br /> IN...
It’s 7:00 am at a town hall meeting in Aberdeen when the AICPA alert comes in…<br />
More than 100 MACPA members call our senators and we defeat the amendment!<br />
Protecting by advocating for members (CPAs) = real results!<br />Working together with the AICPA and many State CPA Societ...
Modified provision to audit broker-dealers (PCAOB)
Exempted CPAs from CFPA registration due to existing licensing and oversight
Stopped excessive liability exposure for auditors (aiding & abetting)
Commented on SOX 404(b) exemptions</li></li></ul><li>Professional Standards are also rapidly changing<br />
Another way to look at standards & oversight<br />Public Company<br />Private Company<br />Int’l Company<br />Financial<br...
Six Ways Convergence is happening<br />FASB – IASB Convergence Project<br />SEC IFRS – The Long and winding roadmap<br />P...
Globalization<br />As the globe shrinks, opportunities grow for CPAs<br />
5 Forces of Globalization<br />Growth of consumers in emerging economies<br />Technologies that empower consumers & commun...
Growth is projected to come from overseas for the next five years while the US remains flat<br />
Priority #1 Exports by Small to Medium Enterprises (SME’s)<br /><ul><li>33 % shipments overseas by UPS
25% of small practices had international clients
US targets 100% increase in exports by SMEs</li></li></ul><li>Technology<br />Cloud<br />Mobile<br />Location-based / Augm...
Are you on Facebook?<br />
It’s the power of the network<br />
Social media = social capitalreal world examples<br />8,181 Views<br />Auckland, NZ<br />15 mins<br />
The IRS is on Twitter are you?<br />
The AICPA is on Twitter are you?<br />
CCH is on social media<br />
Workforce & Demographics<br />
25%<br />Of your high potential employees will leave as soon as they can!<br />
5 Generations in the workforce<br />Live First, Work Second<br />Digital Natives<br />
Workforce & Demographics – Are you ready for the shift change?<br />These guys are retiring<br />These are the new workers...
Bright spot?<br />22% thru 2018<br />Top 10 Careers / Jobs<br />Growth in demand for accounting & auditing according to BL...
What today’s workers want<br /><ul><li>Engage your top performers
Coach tomorrow’s leaders
Manage your Millennials</li></ul>ThinkA M P<br /><ul><li>Autonomy
Mastery
Purpose</li></li></ul><li>The CPA Profession<br />Flat is the new growth<br />3% average growth<br />Some declines<br />Co...
Accounting Firms Most Trusted Advisors<br />Generally speaking, how believable do you normally find statements made by som...
CPAs most profitable small businesses<br />
Top 10 Issues Facing CPAs<br />1. Economic Outlook <br />2. Tax <br />3. Business Operations <br />4. Implementation and E...
Top Ten Issues for MFG<br />Regulatory/Legislative (56)<br />Private Company Leadership (47)<br />Capital Markets Awarenes...
Grant Thornton report outlines  8 key areas for CFOs to focus on<br />1. Developing soft skills2. Understanding and applyi...
What is leadership and why is it important?<br />
“You can’t stop the waves, but you can learn to surf”<br />- Jon Kabat-Zinn<br />Photo: Pratt’s surfing page<br />
Leadership is DEAD<br />Democratic<br />Expertise<br />Attention<br />Diverse<br />Source: Emmanuel Gobillot, Leadershift<...
Leadership is still about…<br />Engagement<br />Alignment<br />Accountability<br />Commitment<br />“First I get all of my ...
Leadership is still the same since “In Search of Excellence” in 1982<br />Soft is Hard<br />Hard is Soft<br />- Tom Peters...
How is leadership changing?<br />“What got you here won’t get you there.” <br />– Emmanuel Gobillot - Leadershift<br />
From: Command & Control<br />To: Connect & Collaborate<br />
Turbulent times require new skills and new thinking<br />Source: Chief Learning Officer magazine<br />
Five Qualities of Extraordinary Leaders<br />LC<br />Sight - Ability to see emerging patterns and shift perspective when ...
Our research shows three major skills <br />Individual & <br />Organizational<br />Strengths-based leadership<br />Strateg...
What are our high leverage opportunities?<br />Making sense of a changing & complex world…<br />What possibilities do we s...
Another way to think about leadership in the new normal<br />
The Tortoise was right<br />Sometimes you have to go slow to go fast<br />
Elvis was wrong!<br />What we need is a little more conversation!<br />
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Leadership in the New Normal

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What is the "New Normal" and what does it take to lead in turbulent times. This special presentation to the 2010 CCH User Conference explores the lates ttrends and issues and what it means to lead in the "new normal"

The presentation covers the six major trends faci

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  • The # 1 reason is missing the weak signals of disruptive change
  • http://tarpon.tamug.edu/~chrpratt/
  • New Harris Poll issued May 18Generally speaking, how believable do you normally find statements made by someone who works for one of these organizations/groups” -- Accounting firms, banks, investment firms, health insurance companies, mortgage companies, government regulators, credit card companies?Accounting firms ranked highest number believable responses -- 67% “Echo Boomers” (18-33) rated accounting firms the highest-- 74%
  • New Harris Poll issued May 18Generally speaking, how believable do you normally find statements made by someone who works for one of these organizations/groups” -- Accounting firms, banks, investment firms, health insurance companies, mortgage companies, government regulators, credit card companies?Accounting firms ranked highest number believable responses -- 67% “Echo Boomers” (18-33) rated accounting firms the highest-- 74%
  • http://tarpon.tamug.edu/~chrpratt/
  • Transcript of "Leadership in the New Normal"

    1. 1. Leadership in the New Normal<br />1<br />CCH User Conference - 2010<br />November 9, 2010<br />Orlando, Florida<br />Presented by:<br />Tom Hood, CPA.CITP<br />CEO<br />Maryland Association of CPAs<br />Business Learning Institute<br />
    2. 2. What is the # 1 reason leaders (and their organizations) fail?<br />2<br />
    3. 3. The recession is over? Many of our CPAs are continuing to see rough seas ahead<br />3<br />
    4. 4. CPAs and businesses are feeling overwhelmed by the rapid and turbulent pace of change<br />
    5. 5. You would like to be ahead of the waves instead of being crushed by them<br />
    6. 6. Today we will show you how you can survive and even thrive these waves of change<br />Photo: Pratt’s surfing page<br />
    7. 7. Our agenda<br />What do we see?<br />Economy <br />Regulations & Standards<br />Globalization<br />Technology<br />Workforce & demographics<br />What does it mean to lead in turbulent times?<br />
    8. 8. Ever feel like you need an evacuation route?<br />“But a time of turbulence is also one of great opportunity for those who can understand, accept and exploit the new realities. It is above all a time of opportunity for leadership.”<br /> - Peter Drucker, <br /> Managing in Turbulent Times<br />
    9. 9. A useful framework for dealing with change – strategic thinking using our i2a – Insights to Action System<br />Making sense of a changing & complex world<br />What possibilities do we see? <br />What does it mean to us?<br />What direction should we go? <br />Who do we need to inspire to help us get there? <br />How is the world changing?<br />
    10. 10. Report from the future…<br />
    11. 11. Re-Set, Re-Think, Re-Imagine<br />Anticipation of a very large business model change amidst rapid change – Steve King<br />There are two recessions – the obvious one and the not so obvious, the end of the industrial age where perfecting the model was the key. The new model will be completely different. – Seth Godin<br />#4 Rethinking the Business Model (25) from AICPA MFG<br />
    12. 12. The Economy<br />
    13. 13. Where have the jobs gone – 8,000,000 down<br />Source: Small Business Labs blog – Fidelity.com <br />
    14. 14. Are we in the “Loch Ness Monster” Economy?<br />“Characterized by a series of dips superimposed on a slow underlying economy thru 2020” <br /> - Business Redefined by Ernst & Young<br />
    15. 15. Regulations & Standards<br />
    16. 16. The Federal Issues<br />FTC Red Flags rule – privacy & identity theft<br />Tax Preparer Registration & PTIN issue<br />Patient Protection Act & 1099’s<br />Sub S. Employment Tax Issue<br />H.R.5297 - Small Business Jobs and Credit Act of 2010<br />
    17. 17. Massive legislation in a very short time<br />Dodd-Frank Wall Street Reform & Consumer Financial Protection Act<br />Patient Protection Act<br />Small Business Tax Relief Act<br />
    18. 18. A useful framework to understand the CPA profession<br />The CPA profession is part of the bigger infrastructure<br />that supports the US free market system. Like the pipes under urban streets, it is often invisible until it breaks.<br />
    19. 19. The (infra) Structure of the CPA Profession<br />State Boards of Accountancy issue licenses and regulate CPAs<br />
    20. 20. Recent example – The Dodd – Frank Wall Street Reform and Consumer Financial Protection Act of 2010<br />Crisis hits news<br />HR 4173<br />Bureau of Consumer <br />Financial Protection<br />848 pages!<br />533 regulations<br />60 studies<br />94 reports<br />
    21. 21. What did we do when you were forced to have a license in every state you file taxes in?<br />WA<br /> HI<br />VT<br />MT<br />ME<br />ND<br />OR<br />NH<br />MN<br />ID<br />WI<br />SD<br />NY<br />*MA<br />WY<br /><ul><li>Collaborative effort with AICPA – CPA/SEA – NASBA & State CPA Societies
    22. 22. 47 states passed legislation in three (3) years
    23. 23. Maryland enacted it in 2008</li></ul>MI<br /> RI<br />CT<br />*PA<br />IA<br />NE<br />OH<br />NV<br />NJ<br />UT<br /> IN<br />IL<br />DE<br />CO<br />WV<br />CA<br />VA<br />KS<br />AK<br />MO<br />KY<br />MD<br />NC<br />DC<br />TN<br />AZ<br />OK<br />NM<br />AR<br />SC<br />AL<br /> MS<br />*GA<br />TX<br />LA<br />FL<br />CPA Mobility Enacted 46<br />PR<br />CPA Mobility Enacted Only for Other Mobility States – GA, PA, MA<br />Awaiting Governor Signature - 1<br />*<br />GU<br />U.S. VIRGIN ISLANDS<br />In Process<br />CPA Mobility Legislation Pending - 2<br />21<br />
    24. 24. It’s 7:00 am at a town hall meeting in Aberdeen when the AICPA alert comes in…<br />
    25. 25. More than 100 MACPA members call our senators and we defeat the amendment!<br />
    26. 26. Protecting by advocating for members (CPAs) = real results!<br />Working together with the AICPA and many State CPA Societies achieved these:<br /><ul><li>Retained independent structure of financial accounting standards (FASB)
    27. 27. Modified provision to audit broker-dealers (PCAOB)
    28. 28. Exempted CPAs from CFPA registration due to existing licensing and oversight
    29. 29. Stopped excessive liability exposure for auditors (aiding & abetting)
    30. 30. Commented on SOX 404(b) exemptions</li></li></ul><li>Professional Standards are also rapidly changing<br />
    31. 31. Another way to look at standards & oversight<br />Public Company<br />Private Company<br />Int’l Company<br />Financial<br />Reporting<br />Audit /Attest Performance<br />Standards<br />Code of Conduct<br />State Oversight & Enforcement of CPA License<br />CPA<br />Licensure<br />
    32. 32. Six Ways Convergence is happening<br />FASB – IASB Convergence Project<br />SEC IFRS – The Long and winding roadmap<br />Private Company Standards<br />AICPA Auditing Standards Board ASB Clarity project<br />AICPA Professional Ethics Executive Committee – convergence<br />Green / Sustainability reporting<br />
    33. 33. Globalization<br />As the globe shrinks, opportunities grow for CPAs<br />
    34. 34. 5 Forces of Globalization<br />Growth of consumers in emerging economies<br />Technologies that empower consumers & communities<br />Increase in labor productivity in developed markets<br />Shift of economic activity between and within regions<br />Increasingly global markets for labor & talent<br />
    35. 35. Growth is projected to come from overseas for the next five years while the US remains flat<br />
    36. 36. Priority #1 Exports by Small to Medium Enterprises (SME’s)<br /><ul><li>33 % shipments overseas by UPS
    37. 37. 25% of small practices had international clients
    38. 38. US targets 100% increase in exports by SMEs</li></li></ul><li>Technology<br />Cloud<br />Mobile<br />Location-based / Augmented Reality<br />Security / Privacy<br />Social Media<br />XBRL<br />
    39. 39. Are you on Facebook?<br />
    40. 40. It’s the power of the network<br />
    41. 41. Social media = social capitalreal world examples<br />8,181 Views<br />Auckland, NZ<br />15 mins<br />
    42. 42.
    43. 43. The IRS is on Twitter are you?<br />
    44. 44. The AICPA is on Twitter are you?<br />
    45. 45. CCH is on social media<br />
    46. 46. Workforce & Demographics<br />
    47. 47. 25%<br />Of your high potential employees will leave as soon as they can!<br />
    48. 48. 5 Generations in the workforce<br />Live First, Work Second<br />Digital Natives<br />
    49. 49. Workforce & Demographics – Are you ready for the shift change?<br />These guys are retiring<br />These are the new workers<br />Shift Change !<br />These are making the purchasing decisions<br />Facebook Generation<br />Email Generation<br />
    50. 50. Bright spot?<br />22% thru 2018<br />Top 10 Careers / Jobs<br />Growth in demand for accounting & auditing according to BLS<br />
    51. 51. What today’s workers want<br /><ul><li>Engage your top performers
    52. 52. Coach tomorrow’s leaders
    53. 53. Manage your Millennials</li></ul>ThinkA M P<br /><ul><li>Autonomy
    54. 54. Mastery
    55. 55. Purpose</li></li></ul><li>The CPA Profession<br />Flat is the new growth<br />3% average growth<br />Some declines<br />Competition is increasing<br />
    56. 56. Accounting Firms Most Trusted Advisors<br />Generally speaking, how believable do you normally find statements made by someone who works for one of these organizations or groups<br />“Echo Boomers” (18-34) rated accounting firms highest– 74%<br />Source: Harris Poll, May 18<br />
    57. 57. CPAs most profitable small businesses<br />
    58. 58. Top 10 Issues Facing CPAs<br />1. Economic Outlook <br />2. Tax <br />3. Business Operations <br />4. Implementation and Execution of Plans <br />5. New Business Development <br />6. Personal/Professional Development <br />7. Management and Leadership <br />8. Financial Regulatory Reform <br />9. Access to Financing and Credit <br />10 New Accounting Standards, IFRS<br />Source: CPA Trendlines for AICPA Feb, 2010<br />
    59. 59. Top Ten Issues for MFG<br />Regulatory/Legislative (56)<br />Private Company Leadership (47)<br />Capital Markets Awareness / Recognition (34)<br />Rethinking Business Model (25)<br />Protect Audit/CPA Franchise (20)<br />Risk Management (Audit efficiencies) (20)<br />Leadership Development / Succession Planning (19)<br />Global / International (Clients / IFRS / Branding) (17)<br />Leveraging Technology & Social Media (17)<br />MFG Issues specific forums / focus groups (8)<br />50<br />
    60. 60. Grant Thornton report outlines 8 key areas for CFOs to focus on<br />1. Developing soft skills2. Understanding and applying international accounting standards3. Understanding complex accounting & auditing standards4. Adapting to an evolving regulatory framework 5. Addressing new external reporting needs6. Understanding ERP or IT systems & XBRL7. Employing quantitative risk management techniques8. Possessing specialized industry knowledge & company's non-financial business drivers<br />
    61. 61. What is leadership and why is it important?<br />
    62. 62. “You can’t stop the waves, but you can learn to surf”<br />- Jon Kabat-Zinn<br />Photo: Pratt’s surfing page<br />
    63. 63. Leadership is DEAD<br />Democratic<br />Expertise<br />Attention<br />Diverse<br />Source: Emmanuel Gobillot, Leadershift<br />
    64. 64. Leadership is still about…<br />Engagement<br />Alignment<br />Accountability<br />Commitment<br />“First I get all of my men facing the same direction.”<br /> - Napoleon<br />
    65. 65. Leadership is still the same since “In Search of Excellence” in 1982<br />Soft is Hard<br />Hard is Soft<br />- Tom Peters “In Search of Excellence”<br />
    66. 66. How is leadership changing?<br />“What got you here won’t get you there.” <br />– Emmanuel Gobillot - Leadershift<br />
    67. 67. From: Command & Control<br />To: Connect & Collaborate<br />
    68. 68. Turbulent times require new skills and new thinking<br />Source: Chief Learning Officer magazine<br />
    69. 69. Five Qualities of Extraordinary Leaders<br />LC<br />Sight - Ability to see emerging patterns and shift perspective when necessary<br />Insight - Ability to learn faster than the rate of change in your industry<br />Create - Ability to think strategically and creatively to gain insights that create new opportunities<br />Communicate - Ability to collaborate inside and outside your organization and to build and sustain social networks of people engaged in the work<br />Inspire – Ability to mobilize support and engage others to join you in ACTION<br />
    70. 70. Our research shows three major skills <br />Individual & <br />Organizational<br />Strengths-based leadership<br />Strategic thinking<br />Network leadership<br />
    71. 71. What are our high leverage opportunities?<br />Making sense of a changing & complex world…<br />What possibilities do we see? <br />What does it mean to us?<br />What direction should we go? <br />How is the world changing?<br />Who do we need to inspire to help us get there? <br />
    72. 72. Another way to think about leadership in the new normal<br />
    73. 73. The Tortoise was right<br />Sometimes you have to go slow to go fast<br />
    74. 74. Elvis was wrong!<br />What we need is a little more conversation!<br />
    75. 75. Strengths-Based Leadership<br />Self-awareness in the moment<br />Leadership based on positivity, that seeks to build on individual and organizational strengths and collaborates to continuously learn. It is constantly considering the context and asking powerful questions, learning, reflecting, and creating pathways to the future. <br />
    76. 76. Wanted – people who can cross boundaries<br />
    77. 77.
    78. 78. Leadership = Multiplication<br />15 X – ROI strategy as process & alignment<br />8 X – Strengths<br />6 X – Trust & Engagement<br />3 X - Positivity<br />
    79. 79. Does it really work?Four Examples<br />Service Profit Chain<br />AICPA Major Firms <br />
    80. 80. Toolkit & Practice<br />Create a Positive Work Environment<br />Engage people through facilitation techniques<br />Ask powerful questions<br />Communicate to Inspire<br />
    81. 81. Leadership defined<br />The four most important words for organizations are, “what do you think?”- Tom Peters<br />
    82. 82. The only question for leaders<br />Have I made you feel stronger and more capable?<br />Source: Emmanuel Gobillot - LeaderShift<br />
    83. 83. Tom Hood, CPA.CITP<br />CEO<br />Maryland Association of CPAs<br />Business Learning Institute<br />(443) 632-2301<br />E-mail tom@macpa.org<br />Web http://www.macpa.org<br />Blog http://www.cpasuccess.com<br />Connect – Protect - Achieve<br />
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