growing a future ready cpa firm

WELCOME TOGROWING A FUTURE READY FIRMWe will start at 2pm ET

GROWING A FUTURE READY FIRMAmy Radin, digital and innovation advisorCarolyn Hall, CPA, director of FWRD Services, Wiss & CompanySamantha Mansfield, director of corporate communications, CPA.com

Samantha MansfieldDirector Corporate Communications, CPA.com

• 15+ years of experience in tax and accounting technology industry

• Consultant on workflow and web implementations

• Designed and built educational events for practice development

• 2015 CPA Practice Advisor “40 Under 40”

Amy J. RadinDigital & Innovation Operating Executive & Advisor

• Digital, marketing, innovation and client experience operating executive

• Led digital transformation initiatives at Citi, American Express, E*TRADE, AXA

• Member of New York Angels• Advisory Board member, early stage startups

Recognized by “Business Week” as a top corporate innovator

• Graduate of The Wharton School (MBA) and Wesleyan University

Carolyn Hall, CPA Director of FWRD Services, Wiss & Company, LLP

• 20+ years of both public and private accounting experience

• Been instrumental in the development of Wiss’ outsourced accounting practice in the cloud (FWRD)

• Active member of industry advisory boards• Member of the Wiss Women’s Leadership Forum• BS – Accounting from Montclair State University,

MBA in Finance from Iona College

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Today’s DiscussionImpact of Templosion

A Firm in Review

“How-to’s” for Making Innovation Real

Questions & Resources

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“INNOVATION DISTINGUISHES BETWEEN A LEADER AND A FOLLOWER.”

- Steve Jobs, entrepreneur

Templosion“the implosion of everything into compressed time”

Tem·plo·sion [Tem-sploh-zhuhn] Noun

“It’s a Templosion”“I like Tom Hood’s VUCA term to define the paradox. ‘Rapid, short-term change and long-term leadership ideas and goals simply don’t mesh well.’”

- Hubert Glover, Author: The Making of the Twenty-First-Century Leader

“It’s a VUCA world – Volatile, Uncertain, Complex, and Ambiguous … the answer to rapid changes and hyper-competition is a bold vision and core value’s; maintaining values that don’t change while constantly re-inventing the shorter term strategy.”

- Tom Hood, CPA.CITP, President & CEO, Maryland CPA Society

“It's tough to makepredictions, especiallyabout the future.”

A Note On Predictions

- Yogi Berra

Our Near Term View is Always Unclear

“Inside the Tornado”“Tipping Point”“Crossing the Chasm”

Current Vantage Point

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Innovation is any type of differentiation in your practice that causes clients to prefer to do business with you, and as a result, increases your practice’s revenue and profitability.

13The 10 Types of Innovation

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Firm in Review

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Getting Started

1. Firm vision and support

2. A champion dedicated to the development of the new business

3. A team willing to take risk and learn how to do things differently

“Don’t be concerned that things appear to be falling apart: this has to happen in order for something new and wonderful to emerge.”

17ChallengesJuggling of current work load/clients and the “new business”

Developing the levels of service from both a tactical standpoint and for marketing purposes

Evaluating the clients’ needs

Pricing

Keeping the pipeline full

18Keep Moving:

Collaborate

Communicate

Train

Re-evaluate

19Our Team’s Mission

20TODAY

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Steps to SuccessLeaders spent time on strategy not just operationso “Leadership excellence for executives and partners is all about combining strategy with

operations… most fail to understand the difference.” – Rewarding Innovation in Strategy, by Greg Weismantel

Open to change from status quo

Embraced a level of failureo “I have not failed. I’ve just found 10,000 ways that won’t work” –

Thomas Edison

Stayed focused on the vision and mission

HOW-TO PRINCIPLES FOR INNOVATING YOUR WAY TO GROWTHSome thought-starters

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What Early Adopters are SayingYou share some common challenges that are addressableo Timeo Talento Metrics

And you rate technology low as an obstacle

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What Early Adopters are Saying

Listen to each other

Are continuous learners

Share client feedback

0%10%20%30%40%50%60%70%

Cultural Attributes of Successful Innovation

Cultural Attributes of Successful Innovation

Strongly agree firm will take risks

Strongly agree firm will try new ideas

0%5%

10%15%20%25%30%35%40%

View an Upside to building an innovation muscle

View an Upside to building an innovation muscle

25Speed creates competitive advantage … time is your most important innovation resource

Leader as sponsor not do-er – strategist not operatorGovernance, communications, recognitionRuthless prioritizationDelegation and Empowerment

What it comes down to:

Great people in a great culture will bring their best selves to work and make huge discretionary effort to help you succeed

26It’s a hot market for people who can innovate

… it’s a mindset more than a skillset or demographic

27The right metrics stimulate innovation and sidestep unintended consequences

Metrics essential: caution to the wind is not a strategyRevenue growth per client, increased penetration of target client list, Increase in new clients, increased client retention Client satisfaction survey improvementsMargin –be careful about test vs. scale calculationsBe reasonable - “what would you have to believe” business case basisValidate the business model first, if it works, the profits will comeWhat is your definition of success based on your firm’s strategy?

Questions?

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Growing a Future Ready FirmConsider the concept of templosion

Don’t plan purely operationally, think strategically

Build your innovation muscle

Don’t go it alone

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ResourcesCPA of the Future Studyo www.CPA.com/Future-Ready-CPA

Templosion 10 Part series from AICPAo http://www.smartbrief.com/s/2013/08/templosions-impact-competition

Journal of Accountancy – “Expanding Your App-titude” column

Accounting Today – “App of the Week” column

“Accounting Services - Harnessing the Power of the Cloud”o Dr. Geoffrey Mooreo http://www.cpa.com/whitepapers/accounting-services-harness-power-cloud

DIGITAL CPA NETWORK

DIGITALCPA.com

Register at: DIGITALCPA.com

@SnMansfield @InnovationExec@CarolynHall25#DigitalCPA