innovating beyond technology #sagesummit
DESCRIPTION
Innovation is one of the latest buzz words, but what does innovation really mean and how does it impact the way you do business and serve your clients? Often times, business leaders think innovation refers solely to technology, when in fact cloud and mobility are shifting away from being a new idea to being mainstream and an expectation, leaving clients wanting more. What does “being innovative” in your accounting firm mean to your business model, the way you interact with your clients, and how you plan for the future? Jennifer Warawa, Vice President and General Manager of Sage Accountant Solutions at Sage North America, and Tom Hood, CEO of Maryland Association of CPAs and the Business Learning Institute, will share research, trends, and insights into how the next phase of innovation will have an impact on the way you do business, and what changes are crucial in order to stay one step ahead of the competition.TRANSCRIPT
Innovating Beyond Technology!Jennifer Warawa & Tom Hood!MAX-502!!@jenniferwarawa @tomhood!#SageSummit!!
The contents of this presentation were provided by individual(s) and/or company listed on the title page. The information and opinions presented in this presentation may not represent Sage’s positions, strategies, or opinions. Unless explicitly stated, Sage is not responsible for the content herein and no endorsements are implied. ©2014 Sage Software, Inc. All rights reserved. Sage, the Sage logo, and any product and service names mentioned herein are trademarks of Sage Software, Inc. or its affiliates. All other names used in this presentation are for informational purposes only and may be trademarks of their respective owners.
#SageSummit
Start with why
“People don’t buy what you do, they buy why you do it.”
~ Simon Sinek
reimagine!You’re invited to
What do you think of when I say “innova?on”?
What is innova?on?
in·∙no·∙va·∙?on Defini?on:
• The act of introducing something new. • Something newly introduced. synonyms:
change, altera9on, revolu9on, upheaval, transforma9on, metamorphosis, breakthrough; new measures, new methods, moderniza9on, novelty, newness; crea9vity, originality, ingenuity, inspira9on, inven9veness; a shake up
Innovation isn’t a single event. It’s a continuing process.
Why is innova?on so important in your firm?
The bo@om line: Everything is changing!
Key trends:
• Compe99on no longer just down the street
• Businesses are demanding more value
• ShiF from reac9ve repor9ng to real-‐9me insights
• Online is crea9ng more educated clients
• Core accoun9ng services being commodi9zed
• DIY • Things are moving faster!
What’s most important to your clients?
Top 3: 2006
1. Level of service and a@en9veness
2. Quality and accuracy of work
3. Reputa9on of firm
Top 3: 2012
1. Problem-‐solving ability
2. Quality and accuracy of work
3. Reputa9on of firm
* CPA Trendlines 2006 and 2012 studies
What do you think is most important to your clients?
Top 3: 2006
1. Personal chemistry 2. Price, fees, costs,
affordability 3. Quality and
accuracy of work
Top 3: 2012
1. Price, fees, costs, and affordability
2. Personal chemistry 3. Reputa9on of firm
1 Technology—understanding, what you use, what you recommend
2 The way you serve your clients: the customer experience
3 How you define success
4 Who your clients are
5 The way you find new clients: your marketing and sales strategy
6 Your people strategy
Six areas innovation shows up in your firm . . .
. . . and this list is just the beginning!
Technology—understanding, what you use, what you recommend
• Limited solu9ons in the market
• Limited visibility
• Consultants could have tunnel vision
• “One size fits all” worked
Technology—understanding, what you use, what you recommend
• Limited solu9ons in the market
• Limited visibility
• Consultants could have tunnel vision
• “One size fits all” worked
• Innova9on is happening at a rapid pace
• Buying decisions happening online
• “One size fits all” is over
The way you serve your clients: The customer experience
• Good was good enough
• Loyalty was prevalent
• Clients knew what you told them
• Hourly pricing worked
The way you serve your clients: The customer experience
• Good was good enough
• Loyalty was prevalent
• Clients knew what you told them
• Hourly pricing worked
• Changing client expecta9ons
• It’s a global economy • The pace of change is
increasing • Your clients know your
compe9tors • Value pricing gaining
momentum
How you define success
• Making ends meet
• Profit!
How you define success
• Making ends meet
• Profit!
• Profitability s9ll important
• Ability to get new clients
• Achieve your vision and live your dream
• Work/life balance
Who your clients are
• No client selec9on process
• Busy = good
• Unprofitable clients = most demanding
• Firing clients
Who your clients are
• No client selec9on process
• Busy = good
• Unprofitable clients = most demanding
• Firing clients
• New client selec9on process
• Busy ≠ good
• “A-‐level” clients win
The way you find new clients: your marke?ng strategy
• Referrals
• Newspaper ads
• Yellow Pages
• Local events
• Word of mouth
• Online, web, social
• Content marke9ng
• Yellow Pages?
The way you find new clients: your marke?ng strategy
• Referrals
• Newspaper ads
• Yellow Pages
• Local events
The way you aSract and retain the right talent: your people strategy
• Pay less, get less
• No budget for employee development
• Long-‐term employees
• Want more? Pay more.
• Culture is key
• Next gen, new expecta9ons
The way you aSract and retain the right talent: your people strategy
• Pay less, get less
• No budget for employee development
• Long-‐term employees
Seven principles of small innova?ons
1. Make free 9me
Seven principles of small innova?ons
1. Make free 9me
2. Collect ideas
Seven principles of small innova?ons
1. Make free 9me
2. Collect ideas
3. Look outside
Seven principles of small innova?ons
1. Make free 9me
2. Collect ideas
3. Look outside
4. Be customer-‐centric
Seven principles of small innova?ons
1. Make free 9me
2. Collect ideas
3. Look outside
4. Be customercentric
5. Small innova9ons can end up being a big innova9on
Seven principles of small innova?ons
1. Make free 9me
2. Collect ideas
3. Look outside
4. Be customercentric
5. Small innova9ons can end up being a big innova9on
6. Ask the right ques9ons
Seven principles of small innova?ons
1. Make free 9me
2. Collect ideas
3. Look outside
4. Be customer-‐centric
5. Small innova9ons can end up being a big innova9on
6. Ask the right ques9ons
7. Make a daily habit: Innova9on doesn't oFen occur in a mee9ng or at a desired 9me
Darrell Zahorsky, About.com
reimagine!You’re invited to
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
!• Named the Second Most Influential in Accounting by
Accounting Today Magazine 2013!• 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 !
CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/
Source: Brian Solis author of The End of Business as Usual
The Challenge!
The New Normal!
"The faster things change, the more important it is to look ahead."
The Paradox!
The trends!
Now what?!
I2a: A Strategic Thinking Process!to help you re-imagine!
Hindsight – Foresight – Insight Create – Communicate – Inspire!
CO-‐
reimagine!
T
Communica?ng the total picture with clarity and objec9vity Transla?ng complex informa9on into cri9cal knowledge
An?cipa?ng and crea9ng opportuni9es Turning insights into ac?on to transform vision into reality
CPAs are trusted advisors who, combining insight with integrity deliver value by:
“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 7/30/14 T
7/30/14 T
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)
Research supports Vision, Strategy, and Involvement
Return on Investment!Cri?cal Areas Investment Return
People 2% 20%
Processes 2% 15%
Organiza9on Structure 2% 10%
Culture 1% 20%
Leadership 1% 10%
Informa9on 10% 15%
Technology 82% 10%
Source: Informa9on Masters – Secrets of the Customer Race by John McKean
www.blionline.org
Engagement – Alignment - Commitment
Sage Vision and Strategy Workshops!
Now what?!Sage Vision to Strategy Workshops Leadership Educa9on for Accoun9ng
Professionals (LEAP)
h@p://cpa.tc/4zo
For more informa9on see the Sage Compe99ve Edge website:
Resources!
The Bounce Competency Model and Curriculum h@p://cpa.tc/4z4
BLI Express Leadership & Management skills on-‐demand h@p://cpa.tc/333
Sage Vision & Strategy Workshops & LEAP Course Catalog h@p://cpa.tc/4zo
The ShiF Change in Accoun9ng – Linked-‐in Post h@p://cpa.tc/414
h@p://www.blionline.org