THE POWER OF INFLUENCE: LEADERSHIP STRATEGIES FOR THE EXTRAORDINARY LEADER

The Power of Influence: Leadership Strategies for the Extraordinary Leader IGAF Worldwide 2010 Women's Leadership Conference Presented by : Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute 1

IGAF Worldwide Headquarters CPA Island in Second Life http://slurl.com/secondlife/CPA%20Island/53/217/21/?title=IGAF%20Worldwide%20on% 20CPA%20Island

Are you an untouchable? A Washington lawyer friend recently told me about layoffs at his firm. I asked him who was getting axed. He said it was interesting: lawyers who were used to just showing up and having work handed to them were the first to go because with the bursting of the credit bubble, that flow of work just isn’t there. But those who have the ability to imagine new services, new opportunities and new ways to recruit work were being retained. They are the new untouchables.

What is the # 1 reason leaders (and their organizations) fail? 4

What is different?

Being in business today feels like being in permanent whitewater 6

You feel overwhelmed by the rapid and turbulent pace of change and uncertainties in business today

You need new skills and new approaches to ride these waves of change Photo: Pratt’s surfing page

You will learn how to lead in turbulent times and become a navigator of change using BLI's I2A - Insight to Action strategic thinking system Sight Insight Create Communicate Inspire!

Today’s agenda • What is Leadership? • What about women & leaders? What the research says • The Five Qualities of Extraordinary Leaders • Toolkit & Practice Sight Insight Create Communicate Inspire!

Leadership = Influence the capacity or power of persons or things to be a compelling force on or produce effects on the actions, behavior, opinions, etc., of others

You have our attention!

What women need… • Confidence in their abilities • Getting over guilt • Assertiveness • Finding role models and asking for help • Having a support network Source: AICPA Women’s Initiatives Executive Committee

Some thoughts from my network

Some thoughts from my network My advice to women is that one of my insights is that the "strategic" process I use to think about my work is exactly the same process that works well at home, i.e., the 5 stages of if I2a and that is what allows me to "do it all" without completely losing my mind. said tongue in cheek but with all seriousness. ‐ Gretchen Pisano global consultant & co‐ founder of I2A

The Centered Leader • Meaning • Managing Energy • Positive Framing • Connecting • Engaging Source: McKinsey Quarterly Centered Leadership: How Talented Women Thrive Joanna Barsh, Susie Cranston and Rebecca A. Craske,

Soft is Hard Hard is Soft ‐ Tom Peters “In Search of Excellence”

Five Qualities of Extraordinary Leaders 1. Sight - Ability to see emerging patterns and shift perspective when necessary 2. Insight - Ability to learn faster than the rate of change in your industry 3. Create - Ability to think strategically and critically to gain insights that create new opportunities 4. Communicate - Ability to collaborate inside and outside your organization and to build and sustain social networks of people engaged in the work 5. Inspire – Ability to mobilize support and engage others to join you in ACTION

Leadership Insights to Action – A Strategic Thinking System

Sight It’s not what you look at that matters, it is what you see – Henry David Thoreau “The faster you go, the further ahead you have to see.”

Insight & Opportunities “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 Insight

Create! “The best way to predict the future is to create it.” ‐ Peter Drucker, Managing in Turbulent Times Create

Communicate Extraordinary leaders must be O E W R adept at network K leadership – which T S is the building & N sustaining of large social networks of people engaged in the work. Communicate

Inspire to Action You must be able to reach the hearts and minds of the people doing the work. Inspire!

Sight It’s not what you look at that matters, it is what you see – Henry David Thoreau “The faster you go, the further ahead you have to see.”

Trends & Issues • The economy • The mega‐trends – Globalization – Workforce & Demographics – Technology • The Profession Sight Insight Create Communicate Inspire!

The economy is still uncertain? Economists offer a wide range of predictions... Source: Banham, R. (2010 Mar 1). The shape of things to come. CFO Magazine.

The fact of the matter is, this is not a normal downturn, this is a …fundamental re-SET! - Steve Ballmer – CEO Microsoft

How many of you think changes will slow down in the near term? “As it relates to science and technology, the rate of change in the next decade, is likely to be 4 to7 times faster than in the last decade. If it is 4x faster it would be like planning for 2010 in 1890, if it is 7x faster it would be like planning for 2010 in 1670.” ‐Expert on Education Panel, The Aspen Institute

Globalization

5 Forces of Globalization 1. Growth of consumers in emerging economies 2. Technologies that empower consumers & communities 3. Increase in labor productivity in developed markets 4. Shift of economic activity between and within regions 5. Increasingly global markets for labor & talent

It is not either global or local, it is AND… Glocal

Workforce / Pipeline

Bright spot?

Live First, Work Second Digital Natives

Generation Gap? Or Generation Lap? Generations “In 1997, young people for the first time were recognized by adults as being authorities on something truly revolutionary – digital technology, interactive media, and collaboration.” – Don Tapscott “Growing Up Digital” NGenophobia—the irrational and morbid fear of youth, especially with regards to their use of the Internet

How to start the conversation The eight Net Gen Norms 1. Freedom – The freedom to work when and where you want 2. Customization – My job my life 3. Scrutiny – I know what you did last night 4. Integrity – Be a good company to work for 5. Collaboration – Teamwork 6. Entertainment – Work should be fun 7. Speed – Let’s make things happen now! 8. Innovation – Let me invent

Bottom Line: How to keep your star talent • Engage your top performers • Coach tomorrow’s leaders • Manage your Millennials Think AMP • Autonomy • Mastery • Purpose

Technology

• Information Security • Training & Competency Management • Identity & Access • Privacy Management Management • Secure Data File Storage, • Improved Application & Transmission and Integration Exchange • Document, Forms, Content • Business Process & Knowledge Management Improvement / Work Flow • Electronic Data Retention • Mobile & Remote Strategy Computing • Cloud computing • XBRL

Technology & Web 2.0 By 2010, Millenials/Gen Y-ers will outnumber Baby Boomers.

Here are five major benefits that The Economist report says that social media has created: 1. Trusted online venues where real people can meet up using their real identities. 2. New ways for firms and organizations to reach their customers and those who influence them. 3. Reduced friction in labor markets by allowing employers and prospective employees to find each other and connect. 4. Faster information flow and communication inside companies and organizations. 5. A "free and immensely powerful set of communication and collaboration tools to everyone on Earth who has access to a broadband internet connection."

Risk Management • Educate & train your staff • Set security & usage policies • Restrict Access during certain times (if you have to) • Monitor – using search & google alerts

CPA Profession

The urge to merge? First wave – the public co consolidators Second wave – small practices unite Third wave – super-regionals, national, global

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

Top Ten Issues for MFG 1. Regulatory/Legislative (56) 2. Private Company Leadership (47) 3. Capital Markets Awareness / Recognition (34) 4. Rethinking Business Model (25) 5. Protect Audit/CPA Franchise (20) 6. Risk Management (Audit efficiencies) (20) 7. Leadership Development / Succession Planning (19) 8. Global / International (Clients / IFRS / Branding) (17) 9. Leveraging Technology & Social Media (17) 10. MFG Issues specific forums / focus groups (8) 53

PCPS/TSCPA MAP Survey 2009 Top Five Issues Facing Firms < 21 1. Client Retention 2. Marketing / Practice Growth 3. Tax Law Changes & Complexity 4. Keeping up with Regulations & Standards 5. Retaining Qualified Staff / Work/Life Balance For larger firms add Partner Accountability & Succession Planning Mark Koziel, CPA AICPA PCPS http://pcps.aicpa.org/ 54

Top Ten Issues for FEI 1. Economic Recovery and the U.S. Fiscal Outlook 2. Health‐Care Reform 3. Employee Benefits 4. Financial Regulatory Reform 5. Global Convergence of U.S. GAAP and IFRS 6. Financial Instruments 7. Financial Statement Regulation 8. Revenue Recognition 9. Business Taxation 10. *XBRL 55

They have you in their sights!

State CPA Statutes police power of the states to protect their citizens vs commerce clause

Where do major changes come from? Us – MACPA & AICPA Them OR

Current Issues • Federal Legislation – Wall Street reform – IRS – 7216 – FTC Red flags • State Legislation – Sales Tax on services – Mobility – State Boards of Accountancy • International - IFRS • Fair Value Accounting • XBRL – SEC mandatory • Codification Project – FASB • Clarity Project – ASB – Convergence with international • Reliability Project (comps & reviews) • DOL 403 (b) Plans • Form 990 Changes • Fraud & Forensic SAS 99

Toolkit & Practice • Powerful questions • Thought Leadership • Communicate to Inspire

Insights & Opportunities The art of asking powerful questions • Engagement • Alignment • Accountability • Commitment

“If I had an hour to solve a problem and my life depended on the solution, I would spend the first 55 minutes determining the proper question to ask, for once I know the proper question, I could solve the problem in less than five minutes.” —ALBERT EINSTEIN

Insights & Opportunities The four most important words for an organizations are, “what do you think?” ‐ Tom Peters

Appreciative Inquiry – The Art of Asking Powerful Questions • Discovery • Dream • Design • Destiny

Which of these are powerful questions? 1. What time is it? 2. Did you take a shower? 3. What possibilities exist that we haven’t thought of yet? 4. What does it mean to be ethical? Hands – on Exercise

The four key leadership questions • Who are we? • Where are we now? • Where are we going? • Why are we going there?

Thought Leadership – find your tribe & build your social capital

Communicate Meet Joe – Paving foreman

MACPA social media efforts featured in J of A and win 3rd place in Mobbies, Top 75 Biz blogs & Top 50 Acctg blogs MACPA won 2 out of top 10 Biz blogs in MD

Social media = social capital real world examples

Insight & Communicate – Social Media Tools http://www.cpalearning2.com

Communicate to Inspire Invite them to see the whole movie

The meta map of the I2A™Strategic Thinking System provides an architecture or framework to structure thinking and conversation as you engage. When talking about complex issues that aren’t completely understood, or debating solutions where there are multiple points of view, it is easy 75 get lost in the conversation and prematurely locked into a solution. to

Insight & Communicate CPA templates to help you with...

Turbulent times require new skills and new thinking Source: Chief Learning Officer magazine

Does it really work? I2A Story – Ebonie Hughey Corporate Controller

Are you indispensable? Imagine an organization with an employee who can accurately see the truth, understand the situation, and understand the potential outcomes of various decisions. And now imagine that this person is also able to make something happen. This is our leader, our marketer, our linchpin!

The only question for leaders Have I made you feel stronger and more capable? Source: Emmanuel Gobillot - LeaderShift

Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute (443) 632‐2301 E‐mail tom@macpa.org Twitter @tomhood Web http://www.macpa.org Blog http://www.cpasuccess.com

Resources & Tools • FREE CPA Social Media self‐directed learning tool – http://www.cpalearning2.com • Social Media Quick Start Program – http://www.bizlearning.net/learningcenter/customizedtraining/event_detail_inHouse.cfm?eventid=09SOCMED • Social media articles – How are CPAs using social media http://www.cpasuccess.com/2009/09/how‐are‐cpas‐using‐social‐media.html – How to leverage social networking http://www.journalofaccountancy.com/Issues/2009/Aug/20091768.htm – Tom’s interview with JofA http://www.journalofaccountancy.com/Multimedia/TomHood.htm • Leadership Development I2A – Insights to Action – a strategic thinking system – http://www.bizlearning.net/learningcenter/customizedtraining/event_detail_inHouse.cfm?eventid=0 9IASTS

MACPA resources • CPA Success, our daily blog www.CPASuccess.com • CPA Spotlight, our weekly podcast www.macpa.org/podcast • Other MACPA blogs: • www.CPALegislativeInsider.com • www.NewCPAs.com • www.cpaisland.com • CPA Learning 2, a Web 2.0 playground by CPAs for CPAs www.CPALearning2.com 83

Contact Information Tom Hood, CPA.CITP CEO & Executive Director Maryland Association of CPAs http://www.MACPA.org tom@macpa.org • Follow me on:  Twitter: http://www.Twitter.com/tomhood  LinkedIn: http://www.linkedin.com/in/tomhood  Facebook: http://www.facebook.com/thoodcpa  Plaxo: http://tomhood.myplaxo.com  Slideshare: http://www.slideshare.net/thoodcpa  Youtube: http://www.youtube.com/thoodcpa  Second Life avatar name: Rocky Maddaloni

THE POWER OF INFLUENCE: LEADERSHIP STRATEGIES FOR THE EXTRAORDINARY LEADER

by Tom Hood on Jun 06, 2010

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