Post on 20-Aug-2015
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Fundamentals of High-Performing Firms How to Get (and Keep) a Competitive Edge Jennifer Warawa, vice president Partner Programs Tom Hood, CPA, CITP, CGMA
#SageSummit
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
www.SlideShare.net/thoodcpa
@jenniferwarawa @tomhood @MACPA
#SageSummit
Download today’s slides at …
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Our Goals for This Session:
• Challenge the way you think • Challenge the status quo • Identify two things you will change • Engage you!
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
http://macpa.cnf.io
Respond to a Poll
Ask a Question
Join the conversation
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
1 Clearly defined vision 2 Deep understanding of where the future is headed 3 Measurable customer satisfaction strategy 4 Firm grasp on technology enablers 5 Set of internal key performance indicators 6 Effective communication strategy 7 Employee engagement and retention plan 8 Pulse on the market 9 Evolving learning plan 10 Good management of their brand
Ten Foundational Pillars of High-Performing Firms
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
1 Clearly defined vision 2 Deep understanding of where the future is headed 3 Measurable customer satisfaction strategy 4 Firm grasp on technology enablers 5 Set of internal key performance indicators 6 Effective communication strategy 7 Employee engagement and retention plan 8 Pulse on the market 9 Evolving learning plan 10 Good management of their brand
Ten Foundational Pillars of High-Performing Firms
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
1 Clearly defined vision 2 Deep understanding of where the future is headed 3 Measurable customer satisfaction strategy 4 Firm grasp on technology enablers 5 Set of internal key performance indicators 6 Effective communication strategy 7 Employee engagement and retention plan 8 Pulse on the market 9 Evolving learning plan 10 Good management of their brand
Ten Foundational Pillars of High-Performing Firms
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
1 Clearly defined vision 2 Deep understanding of where the future is headed 3 Measurable customer satisfaction strategy 4 Firm grasp on technology enablers 5 Set of internal key performance indicators 6 Effective communication strategy 7 Employee engagement and retention plan 8 Pulse on the market 9 Evolving learning plan 10 Good management of their brand
Ten Foundational Pillars of High-Performing Firms
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
1 Clearly defined vision 2 Deep understanding of where the future is headed 3 Measurable customer satisfaction strategy 4 Firm grasp on technology enablers 5 Set of internal key performance indicators 6 Effective communication strategy 7 Employee engagement and retention plan 8 Pulse on the market 9 Evolving learning plan 10 Good management of their brand
Ten Foundational Pillars of High-Performing Firms
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
1 Clearly defined vision 2 Deep understanding of where the future is headed 3 Measurable customer satisfaction strategy 4 Firm grasp on technology enablers 5 Set of internal key performance indicators 6 Effective communication strategy 7 Employee engagement and retention plan 8 Pulse on the market 9 Evolving learning plan 10 Good management of their brand
Ten Foundational Pillars of High-Performing Firms
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
1 Clearly defined vision 2 Deep understanding of where the future is headed 3 Measurable customer satisfaction strategy 4 Firm grasp on technology enablers 5 Set of internal key performance indicators 6 Effective communication strategy 7 Employee engagement and retention plan 8 Pulse on the market 9 Evolving learning plan 10 Good management of their brand
Ten Foundational Pillars of High-Performing Firms
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
1 Clearly defined vision 2 Deep understanding of where the future is headed 3 Measurable customer satisfaction strategy 4 Firm grasp on technology enablers 5 Set of internal key performance indicators 6 Effective communication strategy 7 Employee engagement and retention plan 8 Pulse on the market 9 Evolving learning plan 10 Good management of their brand
Ten Foundational Pillars of High-Performing Firms
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
1 Clearly defined vision 2 Deep understanding of where the future is headed 3 Measurable customer satisfaction strategy 4 Firm grasp on technology enablers 5 Set of internal key performance indicators 6 Effective communication strategy 7 Employee engagement and retention plan 8 Pulse on the market 9 Evolving learning plan 10 Good management of their brand
Ten Foundational Pillars of High-Performing Firms
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
1 Clearly defined vision 2 Deep understanding of where the future is headed 3 Measurable customer satisfaction strategy 4 Firm grasp on technology enablers 5 Set of internal key performance indicators 6 Effective communication strategy 7 Employee engagement and retention plan 8 Pulse on the market 9 Evolving learning plan 10 Good management of their brand
Ten Foundational Pillars of High-Performing Firms
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
1 Clearly defined vision 2 Deep understanding of where the future is headed 3 Measurable customer satisfaction strategy 4 Firm grasp on technology enablers 5 Set of internal key performance indicators 6 Effective communication strategy 7 Employee engagement and retention plan 8 Pulse on the market 9 Evolving learning plan 10 Good management of their brand
Ten Foundational Pillars of High-Performing Firms
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Remembering Your Vision
Why did you get in to accounting in the first place? What’s your “why”?
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Likely not this . . .
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Remembering Your Vision
Why did you get in to accounting in the first place?
Best Practices: Serving Existing Clients
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #1 Existing Clients
Their clients know what services their firm offers beyond what they currently utilize.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #2 Existing Clients
They price for the value they deliver to their client, not by the hour.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #3 Existing Clients
They don’t undercharge for their services.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #4 Existing Clients
They interact with clients on a frequent and ongoing basis, not just when they are in the middle of an engagement.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #5 Existing Clients
They “surprise and delight.”
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #6 Existing Clients
They get the “brilliant basics” right.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #7 Existing Clients
They know how happy (or unhappy) their existing clients are.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #8 Existing Clients
They evaluate their clients regularly and fire the bad ones. • Which clients are profitable? Easy to work with? • Compliant? Passionate? Driven? • Paying for value? Paying on time?
Best Practices: Attracting and Acquiring New Clients
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #9 New Clients
They know the correct answer to “Are you accepting new clients?”
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #10 New Clients
They know how to market themselves to attract new clients.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #11 New Clients
They network.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #12 New Clients
They have their pitch mastered.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #13 New Clients
They have a strong online presence.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #14 New Clients
They ask their happy clients for referrals.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #15 New Clients
They have more than one tool in their toolbox. If all you have is a hammer, everything is a nail.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #16 New Clients
They never stop learning. 68% of firms surveyed have been in business for over 20 years.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Best Practice #17 New Clients
They know why they are better than their competition.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
How did you do?
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Business Best Practices Be Bad at Something
You need to clearly define what you’re going to be bad at. www.uncommonservice.com
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Business Best Practices Leadership and Management
An employee issue is never the employee’s fault.
Good managers are responsible for teaching, coaching, managing, performance, and outcomes.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Business Best Practices Importance of Culture
People do business with a culture.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Business Best Practices Priority Setting
Study: Top ten managers of 125 companies around the world were asked individually to identify their companies’ five most critical objectives.
Managers of the 40 most profitable companies agreed on 6 to 12 objectives. For the 40 lowest performing companies, the range was 26-43.
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Business Best Practices Pricing and Value
As a Company, How Well Do You: • Understand what your customers do (and do not)
value—in product? In service? In support? • Continuously update your understanding of value
drivers by customer segment? • Discuss and manage your total value proposition? • Reflect and manage the relevant value drivers in the
execution of your sales, marketing, product, supply chain, and pricing programs?
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/
The New Normal - VUCA
Source: Brian Solis author of The End of Business as Usual
The Challenge
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 a VUCA 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
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
www.bizlearning.net
A tale of two more firms…
www.bizlearning.net
And two more…
www.bizlearning.net
Return on Investment Cri=cal Areas Investment Return
People 2% 20%
Processes 2% 15%
OrganizaCon Structure 2% 10%
Culture 1% 20%
Leadership 1% 10%
InformaCon 10% 15%
Technology 82% 10%
www.bizlearning.net
Source: InformaCon Masters – Secrets of the Customer Race by John McKean
Strategy as Process: ���Our i2a Framework
www.bizlearning.net
Sight & Insight
• Hindsight – How did we get here? • Insight - SCOT • Foresight – What do we know
about the future?
The Paradox
"The faster things change, the more important it is to look ahead."
The Research
2 1,000 10,000
What CPAs have said about future: 1) Changing demographics 2) Increased globalization 3) The technological revolution 4) Issues around information security 5) Shift to consumer and employee power 6) Changes in the way we communicate 7) Work-life challenges and conflict 8) Information Overload 9) Complexity of rules and standards 10) Economic uncertainty
INSIGHT: Top Trends to Watch
Create - Start with why?
www.bizlearning.net
People don’t buy what you do, they buy why you do it!
Why Reassess & Renew
Where are we going
Link & Leverage
How are we going to get
there
Critical Turning Point The
Bounce
Copyright 2012 – Business Learning Institute
High Performance OrganizaCons – Strategic & SystemaCc
www.bizlearning.net
Accountability is # 1 Issue
www.bizlearning.net
Engagement Alignment Commitment Accountability
Strategy as Process & Training aligned to strategy creates employee engagement
www.bizlearning.net
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.
-The International School of Human Capital Management
Cascading Alignment throughout the organization creates Commitment
Firm-‐wide
Regional & PracCce Levels
Office Level
Individuals Align Their Goals to the Firm Sample alignment worksheet from
MACPA
www.bizlearning.net
www.bizlearning.net
“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
Source: Research from CPA Horizons 2025 Project & the Business Learning Institute
Core Competencies Leadership
CommunicaCons Strategic Thinking
CollaboraCon & Synthesis Technologically Savvy
Where do you start?
• Build on Strengths • Seek High Leverage
Opportunities • Involve your whole firm • Leverage Technology • Alignments & Misalignments
www.bizlearning.net
Tom Hood, CPA.CITP CEO Maryland Associa=on of CPAs Business Learning Ins=tute (443) 632-‐2301 E-‐mail tom@macpa.org Web hWp://www.macpa.org Blog hWp://www.cpasuccess.com Blog hWp://www.bizlearningblog.com
Follow me on:
ü Twi\er: h\p://www.Twi\er.com/tomhood
ü LinkedIn: h\p://www.linkedin.com/in/tomhood
ü Facebook: h\p://www.facebook.com/thoodcpa
ü Google +: h\ps://plus.google.com/104372556333854919205
ü Slideshare: h\p://www.slideshare.net/thoodcpa
ü Youtube: h\p://www.youtube.com/thoodcpa
ü Second Life avatar name: Rocky Maddaloni
July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center July 21–26 | Washington, D.C. Gaylord National Resort and Convention Center
Creating your Competitive Edge – Sage Vision and Strategy Workshop for Accounting Professionals
P-231 Monday July 22, 2 - 5:30pm P-231 Tuesday July 23, 8:30 - Noon Room: Woodrow Wilson C