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Living on the edge - FInding a Competitive Edge in Turbulent Times
 

Living on the edge - FInding a Competitive Edge in Turbulent Times

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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 ...

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 Living on the edge - FInding a Competitive Edge in Turbulent Times Presentation Transcript

    • 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  …   7/4/13   T  
    • Insights  to  Ac?on     “One  without  the  other  is  either  useless  or  destruc?ve”   T  
    • 5 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
    • 7/4/13   T  
    • 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 aVUCA 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 7/4/13   T  
    • 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
    • 7/4/13   T  
    • 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    
    • 7/5/13   T  
    • 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 (GenY) - 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 T  
    • 7/5/13   T  
    • hup://cpa.tc/2qh     7/5/13   T   theBounce
    • 7/5/13   T  
    • #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: DonTapscott - Wikinomics
    • FiveThings 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   7/4/13   T  
    • T  
    • 7/4/13   T  
    • 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
    • T   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  tom@macpa.org   Web  hUp://www.macpa.org   Blog  hUp://www.cpasuccess.com   Blog  hUp://www.bizlearningblog.com       Follow  me  on:   ü   Twiuer:  hup://www.Twiuer.com/tomhood   ü   LinkedIn:  hup://www.linkedin.com/in/tomhood   ü   Facebook:  hup://www.facebook.com/thoodcpa   ü Google  +:   hups://plus.google.com/104372556333854919205   ü Slideshare:  hup://www.slideshare.net/thoodcpa   ü Youtube:  hup://www.youtube.com/thoodcpa   ü Second  Life  avatar  name:  Rocky  Maddaloni