Are You Thinking Enough About the Future?

Source: Possibilities for CPA Firm Leaders

The following is reprinted, with permission, from the Blog of Rita Keller, shareholder of Brady Ware.

Have you ever heard a futurist speak? Edie Weiner has spoken at several AICPA conferences and I have heard her two or three times. Yesterday, I heard Ed Barlow speak at the Columbus Chamber of Commerce Annual Meeting. I find what they have to say absolutely fascinating. I also believe VERY strongly that CPA firm leaders need to listen and take action—sooner rather than later.

Here are some bullets, in no particular order:

• Your business will be a winner or a loser dependent upon your ability to make significant adjustments as you go.
• Financial literacy is at an all time low.
• Two additional Earths will be needed in 30 years to meet the needs of humans.
• Working with a virtual labor pool is a given.
• We must look at human capital as an asset rather than an expense.
• Get rid of strategic planning and meet every 90 days to update what you need to keep, modify, let go of or create.
• The future is mobile devices—embrace text messaging.
• We are 25 million short in the labor pool between the Boomers and Gen-X.
• The most important strategy for business is to extend the work life by 5 years (to age 70).
• Retraining adults is imperative for the USA—it will be more about competent skill enhancement than college degrees.

Wrapping up his short presentation, Mr. Barlow stressed we focus on two things: Speed and Human Capital.

How quickly do you handle change in your firm? How quickly do decisions get made? Have you adopted the corporate style of management? Are your partners and managers continually learning, changing and providing more value to the firm? If you need help, contact me.

The following quote by Jack Welch is a message to CPA firms.

“If change is happening on the outside faster than on the inside the end is in sight.”—Jack Welch

This article was reprinted, with permission, from Possibilities for CPA Firm Leaders (February 28, 2008), the Blog of Rita Keller, shareholder of Brady Ware, a nationally known regional CPA firm. Rita is also a nationally known consultant, speaker and author on CPA firm management. Visit http://cpamanagement.blogspot.com/.

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