“There are leaders and there are those that lead. Leaders hold a position of

power and influence, Those who lead

inspire us. - Simon Sinek

We need you, NOW!

THE FUTURE READY CPA Session # 29 August 5, 2016 8:40 am – 10:00 am Tom Hood, CPA.CITP.CGMA @tomhood #futureready

Your Learning Journey

The # 1 Challenge

The Overwhelmed Employee

0 2 4 6 8

Poor reputation

No personal relationship

Inadequate staff to meet needs

Not using state-of-the-art technology

Fees were too high

Expertise of former CPA was lacking

Referral to a new firm from someone I trust

CPA had poor responsiveness

CPA didn’t give proactive advice, only reactive service

Why SMBs Leave Their CPA / Accountant

VUCA – CPA Style

Lose perspective, ‘Hunker down’@tomhood  

#FutureReady!Is the capacity to be anticipatory (aware, predictive and adaptive) of emerging trends in business, technology, demographics, and the social environment impacting your organization and industry. - Tom Hood! Source: CPA.COM Insight into the

CPA of the Future Study 2014

92% of CPAs !Not #futureready!

“You can’t stop the waves, but you can learn how to surf.”

– Jon Kabat Zinn

Oceans of Opportunity

Leading in VUCA Times1. Context 2. Certainty3. Capacity4. Competence 5. Core Purpose

& Beliefs

Context

If  content  is  king,  then  context  is  the  kingdom!    

-­‐  Will  Avgerakis  

“We stand on the brink of a technological revolution that will fundamentally alter the

way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything

humankind has experienced before.” - Klaus Schwab - WEF

#PSTech

“One interesting finding of the survey is that CPA firms, early majority or not, don’t really see a competitive threat from specific challengers.”

– Erik Asgeirsson – CEO of CPA.COM

The Future of the Profession?

What does the future hold? Technology is changing and disintermediating many trades and professions •  Medical, Legal, Accounting

Patterns and Trends •  Automation replacing routine tasks – higher order (soft skills

and analytics) necessary to survive •  Alternative options to services and knowledge – automated or

otherwise – Tax and Audit implications •  Globalization, specialization and consolidation changing the

landscape. •  Domain expertise matters

Source:  AICPA  Council  Report  

#FriendWatson

@tomhood #futureready

Certainty

Hard Trends

Four Hard Trends:1. Government Regulation2. Technology3. Demographics4. Globalization

12,000 CPAs, 75,000

Comments over 15 years

The Shift Change

1. Leadership!2. Learning!3. Technology!4. Generations!5. Workplace!

The challenge & opportunity is to make the shift from the first curve to the second curve at the right time and with the

right strategy

Top Ten Things Next Gen leaders Want You to Know!

1.  Look Beyond the Billable Hour2.  More Focus on Career Development3.  Engage Us in your Vision and Purpose4.  More Coaching and Mentorship5.  More Frequent Feedback6.  More Leadership Development7.  More Transparency8.  Thank You!9.  More Collaboration10. More Focus on the Future

The ‘new’ Big Four1.  Purpose driven workplace2.  Culture of growth (Career Development)3.  Inspiring workplace – flexible and inclusive4.  Great leadership – trust & transparent

The Magnetic FirmPurpose Driven Great

LeadershipCulture

Of GrowthInspiring

Workplace

Vision, Purpose and Values based

Transparent and Inspirational Leadership

Learning Culture- Self and Formal Development

Flexible and Open Work Environment

Focus on Strengths and Positivity

Build Consensus and Commitment

Career & Growth Orientation – Career Paths

Work/Life Balance

Inclusive and Diverse

Leadership Development at all levels

Customer focused

Coaching and Feedback

High Performance – Insight to Action

Anticipatory and Proactive

Collaborative and Team based

Effective Technology Tools - mobile

Disruption and RONI���The gap is widening, faster!

Source: Clayton Christensen, “Innovation Killers”

We think this is trade-off

Capacity

You must make room for the future!

The Top 6 Ways to Create Capacity in your Firm

•  Maximize software & tools you have•  Use the latest and most efficient technologies•  Workflow & Process Efficiency•  Focus on your best ‘A’ clients•  Communicate your services (cross-sell)•  Engage your people

Competency

Disrup.ons      before  they  disrupt  Problems      before  you  have  them  Customer  Needs    before  they  have  them    New  Opportuni.es  before  the  compeBBon  

AnBcipaBon  –  the  missing  competency  

Source:  Daniel  Burrus  

It’s not only what you learn but how you learn!

1.  Social!2.  Mobile!3.  Cloud!4.  Collaborative!5.  Competency!

#MBSM!

@blionline!

Top Skills Needed for Accounting and Finance Professionals !

75% covered by these Top 5

Skills

www.blionline.org!!

•  AnBcipaBon  •  Strategic  

Thinking  •  External  

Awareness  •  Vision  •  ConBnuous  

Learning  •  InnovaBon  •  CreaBvity  •  Problem  Solving  •  PrioriBzaBon  

•  Business  Acumen  •  Decisiveness  •  Influencing/

Persuading  •  EmoBonal  

Intelligence  •  Consensus  

Building  •  CollaboraBon  •  InspiraBon  •  Risk  Management  •  CommunicaBon  

http://www.blionline.org/ao

When everything is changing, it is

important to know what should not

change.”

Core Values & Purpose

@tomhood

Core values:•  Integrity•  Competence•  Lifelong learning•  Objectivity•  Commitment to excellence

CPAs…Making sense of a changing and complex world

CPAs are trusted advisors who help people and organizations shape their future. Combining insight with integrity…

1. Context 2. Certainty3. Capacity4. Competence 5. Core Purpose

& Beliefs

5 Steps to be #FutureReady & Lead in VUCA times

Closing thoughts

Disrupt yourself before someone else does!

“Your futureview® will determine the future you!”

-- Futurist Daniel Burrus

Hood’s principles for #FutureReady leaders

•  Embrace Digital – #FriendWatson•  The learning curve is the earning curve •  Leaders are readers•  Your network is your net worth•  The collaboration curve > experience curve

@tomhood

www.blionline.org

The  Faster  you  go,  the  Farther  Ahead  You  Have  to  Look  

This is what we mean by a proactive trusted advisor!

Your turn!1.  Context  is  the  

kingdom.  2.  Enlist  your  

stakeholders  –  create  space  in  Why  and  What  if.  

3.  Make  your  thinking  visible.  

4.  Use  four  most  important  words  in  business.    

5.  Top  Five  AcBons  

A leader’s job is to set context and direction and provide hope and

inspiration.

@tomhood

If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. – Accounting Today

Tom Hood, CPA, CITP, CGMA

CPA Practice Adviser Accounting Hall of Fame Named the Second Most Influential in Accounting by Accounting Today Magazine 2013 - 2015 Top 150 Influencer by Linked-In Top 25 Influencers in Learning & HR - HR Examiner Top 25 Public Accounting Thought Leaders - CPA Practice Adviser Co-founder of the Business Learning Institute

CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org

http://www.linkedin.com/in/tomhood/

© 2016 American Institute of CPAs. All rights reserved.