Thriving in a Rapidly Changing World
The #FutureReady Firm
AICPA G400

Thriving in a Rapidly
Changing World
The #FutureReady Firm
AICPA G400
Polling results
Tom Hood, CPA, CITP, CGMA
May 7, 2019
Chicago, Il@tomhood

Top Challenges
1. Being proactive vs.
reactive
2. Finding the right people
3. Keeping up with
technology
4. Talent retention
5. Partner alignment and
buy-in
Note: Results are consistent with our national results from
Firm Associations and national conferences.

Top Technologies
Impacting your firm in 3 years
1. Artificial intelligence cognitive
computing in audit and tax
2. Big Data analytics
3. Adaptive and predictive
cybersecurity
4. RPA - Virtualization and automation
of processes and services
5. Blockchains
6. Advanced cloud computing
7. Mobile apps for business processes
8. Virtualization of desktop and
storage
9. The internet of things IoT
10. Augmented and virtual reality
applications
Note: Results are consistent with our national results from
Firm Associations and national conferences.

#FutureReady Firm
“The bottom line is that CPA firms need to increase
their future readiness in order to successfully
navigate the fast future of change. In fact, every
enterprise in every industry needs to get better at
predicting what’s coming. By understanding the
metrics (Hard Trends) that influence our future,
we can design (with purpose) a better, preferred
future.
That is the big idea behind future-readiness – to
have the capacity to take action with intent and
design in order to adapt quickly and thrive.”
Source: CPA.com Insight into the CPA of the Future Study 2015

Your staff are future ready, proactive advisors
capable of presenting and discussing industry
trends and insights with your clients…
Imagine
if…

How can we help CPAs be future ready & proactive?

Practice Profile: A formula for forecasting the future
“These “AO” firms are certainly not alone on the front lines
of change, but their commitment to very intentional and
actionable innovation has made them vanguards for the
type of future-focused firm that will thrive in today’s evolving
business landscape."
- Danielle Lee, Managing Editor Accounting Today
http://bit.ly/AOAF19

#FutureReady Competencies - Foundation
Process Step Common Leadership
Competencies
Know What’s Next Strategic Thinking
External Awareness
Vision
Continuous Learning
Develop Opportunities Innovation
Creativity
Problem Solving
Prioritization
Shape the Future Business Acumen
Decisiveness
Accelerate Success Influencing / Persuading
Emotional Intelligence
Consensus Building
Collaboration
“Everyone keeps telling accountants that they need to change their
focus from the historic and the backward-looking, and to start being
proactive and offering future-focused advice – but no one tells them
how.
The beauty of the Anticipatory Organization program is that it actually
gives you a set of tools to harness the hard trends that are shaping the
future, and use them to create new value for your firm and your
clients.” - Daniel Hood, Editor-in-Chief, Accounting Today
http://www.blionline.org/ao
Elevate & accelerate your firm’s culture and build the skills needed
for the future

Top FutureView Themes in AOAF Firms
1. Support a collaborative, people-centric & anticipatory culture
2. Embrace flexible and remote working environments
3. Recruit & retain a diverse workforce
4. Leverage technology to create better user experiences for both staff and clients
5. Shift from away from compliance to a become a consultative, advisory services firm
6. Expand service offerings and create more industry verticals
Future View

Is your firm
moving fast
enough?
2.64
Out of 5
(11) Evaluate/test AI
(4) Cyber security services to clients
Using Bots for efficiency
Being proactive to change
Trying new things often
Transforming to a proactive advisory firm
Actually investing in and running
Real time response to client situations
Constant learning
Actively identifying and creating new
service offerings
Being more proactive and efficient.
I would be on cutting edge
Real-time audit and analytics
Having a plan that can be implemented.
Change physical space
More Advisory services, less compliance.
Faster than our competition
IT advisory services
Clients are excited to talk about what we
have to offer
Real time data analysis
Hmm
Hire a technologist
Transforming
Testing new services
Managing Change on going
Automation where it is possible
Thinking about it
Implementation of new services
Bringing new ideas to the firm monthly
Marking retirement plans
Outsource
Applying ideas
Investing more money in new technology
and talent
setting trends
More data to make better decisions
Constant research and communication to
entire firm.
Blurrrrrrr
Implement automatically
Embracing the cloud
Learning
Keeping top talent
Hiring cio and data analyst specialist
Experiment with new technologies
Hiring champions in emerging areas.
Have no tax preparers, just reviewers
Partners would be value selling
Exceeding client expectations
More proactive client discussions
Uncomfortable
Note: Results are
consistent with our
national results from Firm
Associations and national
conferences. Although
young professionals rank
firms lower around 2.0 -
2.3.

Innovation and CPA Firms

The Three Box Solution
1. Manage the Present
2. Forget the Past
2. Create the Future

74%
Next gen leaders do not
believe their organizations are
encouraging practices that
foster innovation
• Source: Deloitte Millennial Survey
Your Innovation Impacts Your Talent

Innovation
90%
Critical &
Very
Important
Note: Results are slightly higher from our national results
from Firm Associations and national conferences which was
87%.

What is holding
you back?
1. Legacy thinking
2. Fear
3. Lack of
compelling vision
and why
4. Lack of alignment
in partner group
5. Control
Note: Top 4 Results are identical to our national results from
Firm Associations and national conferences. 5th item was
‘Past Success’. Fear and control included fear of failure,
money and risk. The top three can be overcome with a
structured strategic planning process combined with
external trends designed to create alignment and buy-in

D x V x F > RDissatisfaction with Status Quo = Shared meaning
and context created collaboratively
Vision for future – Envisioned future state plus
Core Purpose & Values
First steps - Top 5 actions using our Strat House or
Action plans
Resistance – Gravitational pull of the past + CAVE
men and women(Colleagues Against Virtually Everything)
The Change Equation – Breaking the Pull of the Past
www.blionline.org

Insights
(4) RONI Risk of Not Investing
Need for alignment of Partner group
Times are a changing. Need a culture of change to stay
ahead if the curve
Vector and velocity mindset
Need to pick 2-3 manageable initiatives and focus
Innovation needs to be a part of the culture across entire
team
Change will happen. I can be part of it, or I can wave bye
bye.
Act now
Going to start an innovation committee
Innovate fail innovate fail innovate
Need to afford the team time to brainstorm and be creative
Need to make Innovation a priority regardless of how busy
we are
Change mindset
Be innovative
Progress is happening, ready or not
It’s not going to be a easy. Buying will be hard.
Be fearless
We have a lot of work to do.
Create an innovative culture of encouragement
Start now
Just do something!
Do not operate in fear mode. Take a risk
Transformation is inevitable
We need to become future ready
Driving an innovative environment
Innovate
Innovation NOW! Take risks
Challenge everyone to be innovative. How to
expand our services.
Need to let go of the fear
Engage staff to help propel our firm into the future
We have a lot of work to do
Making change happen.
Progress management v Change management
Need to innovate
Do something don’t stand still
Move to being proactive with clients
Embrace change, but manage it.
Don’t stop thinking, acting and moving
Create partner buy in
Fear of stasis is a rational fear.

Resources to help you elevate and
accelerate your firm
transformation
Our Business Learning Institute can help you in your firm transformation with developing the right
future-focused strategy based on the hard trends of where we are certain the future is going. Our
i2a: Insight to Action Strategic Planning Framework creates the vision for the future, creates buy-in
from your team, and set actions to accomplish it.
Our FutureReady Curriculum can be customized to fit your firm with a wide selection of programs in
multiple formats to build or enhance you current training and development needs. I
Our flagship product - The Anticipatory Organization® :Accounting and FInance Edition can elevate
and accelerate a #FutureReafy culture, create a common language, accelerate innovation, and build
the foundation for value-added consulting skills.
Email us: learn@blionline.org Call 888-481-3500

The skills finance and accounting professionals will need in the future
and the emergence of the T-shaped professional.
#FutureReady T-Shaped Professional
Future Ready Competency Matrix
© Copyright Business Learning
Institute 2017

Listen Resources to our podcast
https://futureready.libsyn.com

1. Ability to simplify
2. Ability to delegate
and elevate
3. Ability to predict
(anticipate)
4. Ability to
systematize
5. Ability to structure
Execution Discipline
https://strategyx.blionline.org

Tom Hood, CPA, CITP, CGMA
• CEO of Maryland Association of CPAs and Business
Learning Institute since 1997
• Member Forbes Finance Council
• 2nd
Most Influential Person in Accounting - Six years in a row
by Accounting Today
• LinkedIn Influencer with 750,000+ followers
• Accounting Hall of Fame - CPA Practice Advisor
• Industry background before MACPA
• Treasurer & CFO of $100m highway construction company for 12 years
• Accounting systems manager & accountant prior to that
P: 443-632-2301
E: tom@blionline.org