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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Leadership in the New Normal
1. Leadership in the New Normal 1 CCH User Conference - 2010 November 9, 2010 Orlando, Florida Presented by: Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute
2. What is the # 1 reason leaders (and their organizations) fail? 2
3. The recession is over? Many of our CPAs are continuing to see rough seas ahead 3
4. CPAs and businesses are feeling overwhelmed by the rapid and turbulent pace of change
5. You would like to be ahead of the waves instead of being crushed by them
6. Today we will show you how you can survive and even thrive these waves of change Photo: Pratt’s surfing page
7. Our agenda What do we see? Economy Regulations & Standards Globalization Technology Workforce & demographics What does it mean to lead in turbulent times?
8. Ever feel like you need an evacuation route? “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.” - Peter Drucker, Managing in Turbulent Times
9. A useful framework for dealing with change – strategic thinking using our i2a – Insights to Action System Making sense of a changing & complex world What possibilities do we see? What does it mean to us? What direction should we go? Who do we need to inspire to help us get there? How is the world changing?
11. Re-Set, Re-Think, Re-Imagine Anticipation of a very large business model change amidst rapid change – Steve King 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 #4 Rethinking the Business Model (25) from AICPA MFG
13. Where have the jobs gone – 8,000,000 down Source: Small Business Labs blog – Fidelity.com
14. Are we in the “Loch Ness Monster” Economy? “Characterized by a series of dips superimposed on a slow underlying economy thru 2020” - Business Redefined by Ernst & Young
16. The Federal Issues FTC Red Flags rule – privacy & identity theft Tax Preparer Registration & PTIN issue Patient Protection Act & 1099’s Sub S. Employment Tax Issue H.R.5297 - Small Business Jobs and Credit Act of 2010
17. Massive legislation in a very short time Dodd-Frank Wall Street Reform & Consumer Financial Protection Act Patient Protection Act Small Business Tax Relief Act
18. A useful framework to understand the CPA profession The CPA profession is part of the bigger infrastructure that supports the US free market system. Like the pipes under urban streets, it is often invisible until it breaks.
19. The (infra) Structure of the CPA Profession State Boards of Accountancy issue licenses and regulate CPAs
20. Recent example – The Dodd – Frank Wall Street Reform and Consumer Financial Protection Act of 2010 Crisis hits news HR 4173 Bureau of Consumer Financial Protection 848 pages! 533 regulations 60 studies 94 reports
23. Maryland enacted it in 2008MI RI CT *PA IA NE OH NV NJ UT IN IL DE CO WV CA VA KS AK MO KY MD NC DC TN AZ OK NM AR SC AL MS *GA TX LA FL CPA Mobility Enacted 46 PR CPA Mobility Enacted Only for Other Mobility States – GA, PA, MA Awaiting Governor Signature - 1 * GU U.S. VIRGIN ISLANDS In Process CPA Mobility Legislation Pending - 2 21
24. It’s 7:00 am at a town hall meeting in Aberdeen when the AICPA alert comes in…
25. More than 100 MACPA members call our senators and we defeat the amendment!
31. Another way to look at standards & oversight Public Company Private Company Int’l Company Financial Reporting Audit /Attest Performance Standards Code of Conduct State Oversight & Enforcement of CPA License CPA Licensure
32. Six Ways Convergence is happening FASB – IASB Convergence Project SEC IFRS – The Long and winding roadmap Private Company Standards AICPA Auditing Standards Board ASB Clarity project AICPA Professional Ethics Executive Committee – convergence Green / Sustainability reporting
34. 5 Forces of Globalization Growth of consumers in emerging economies Technologies that empower consumers & communities Increase in labor productivity in developed markets Shift of economic activity between and within regions Increasingly global markets for labor & talent
35. Growth is projected to come from overseas for the next five years while the US remains flat
36.
37. 25% of small practices had international clients
47. 25% Of your high potential employees will leave as soon as they can!
48. 5 Generations in the workforce Live First, Work Second Digital Natives
49. Workforce & Demographics – Are you ready for the shift change? These guys are retiring These are the new workers Shift Change ! These are making the purchasing decisions Facebook Generation Email Generation
50. Bright spot? 22% thru 2018 Top 10 Careers / Jobs Growth in demand for accounting & auditing according to BLS
56. Accounting Firms Most Trusted Advisors Generally speaking, how believable do you normally find statements made by someone who works for one of these organizations or groups “Echo Boomers” (18-34) rated accounting firms highest– 74% Source: Harris Poll, May 18
58. Top 10 Issues Facing CPAs 1. Economic Outlook 2. Tax 3. Business Operations 4. Implementation and Execution of Plans 5. New Business Development 6. Personal/Professional Development 7. Management and Leadership 8. Financial Regulatory Reform 9. Access to Financing and Credit 10 New Accounting Standards, IFRS Source: CPA Trendlines for AICPA Feb, 2010
59. Top Ten Issues for MFG Regulatory/Legislative (56) Private Company Leadership (47) Capital Markets Awareness / Recognition (34) Rethinking Business Model (25) Protect Audit/CPA Franchise (20) Risk Management (Audit efficiencies) (20) Leadership Development / Succession Planning (19) Global / International (Clients / IFRS / Branding) (17) Leveraging Technology & Social Media (17) MFG Issues specific forums / focus groups (8) 50
60. Grant Thornton report outlines 8 key areas for CFOs to focus on 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
69. Five Qualities of Extraordinary Leaders LC Sight - Ability to see emerging patterns and shift perspective when necessary Insight - Ability to learn faster than the rate of change in your industry Create - Ability to think strategically and creatively to gain insights that create new opportunities Communicate - Ability to collaborate inside and outside your organization and to build and sustain social networks of people engaged in the work Inspire – Ability to mobilize support and engage others to join you in ACTION
70. Our research shows three major skills Individual & Organizational Strengths-based leadership Strategic thinking Network leadership
71. What are our high leverage opportunities? Making sense of a changing & complex world… What possibilities do we see? What does it mean to us? What direction should we go? How is the world changing? Who do we need to inspire to help us get there?
75. Strengths-Based Leadership Self-awareness in the moment 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.
78. Leadership = Multiplication 15 X – ROI strategy as process & alignment 8 X – Strengths 6 X – Trust & Engagement 3 X - Positivity
79. Does it really work?Four Examples Service Profit Chain AICPA Major Firms
80. Toolkit & Practice Create a Positive Work Environment Engage people through facilitation techniques Ask powerful questions Communicate to Inspire
81. Leadership defined The four most important words for organizations are, “what do you think?”- Tom Peters
82. The only question for leaders Have I made you feel stronger and more capable? Source: Emmanuel Gobillot - LeaderShift
83. Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute (443) 632-2301 E-mail tom@macpa.org Web http://www.macpa.org Blog http://www.cpasuccess.com Connect – Protect - Achieve
Editor's Notes
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%