Top seven growth areas for CPAs
"But a time of turbulence is also one of great opportunity for those who can understand, accept, and exploit the new realities. It is above all a time of opportunity for leadership." -- Peter Drucker
One of my favorite sayings when navigating severe downturns is, "You can't cut your way to success." While there is no question you have to carefully manage your business (or firm) to stay solvent, once you're stable, it is time to come out of the storm cellar and plan for what's next.
Having spent the last six months with CPAs all across the U.S., here is what I am consistently hearing about opportunities to get you thinking:
- Forensic and fraud
- International (IFRS and tax)
- Health care
- Green / sustainability
The next step is to assess whether these (and others you come up with) are what we call "high-leverage opportunities." We recommend asking these four questions:
- Are they a source of passion for us? (Do they fit your strategic plan, values and purpose?)
- Do they leverage our resources (customer base, talent, capabilities, etc.)?
- Do they create value in excess of the time, effort and resources needed to accomplish?
- Can they be accomplished?
We incorporate this into our I2A: Insights to Action strategic planning process and leadership development. The two things all of the greatest management thinkers seem to agree on is that we must build on our strengths and focus on opportunities. (We would add highest-leverage opportunities.)
The questions are:
- Do you (and your team or partners) know your strengths?
- How are you focusing and getting your team to agree on opportunities?
- How will you align your partners and organization around those strategic priorities? (We call this the Action phase.)
- Save the date! These leading opportunities and more will be featured at the MACPA Member Summit (formerly the MDBizExpo) on June 29 at the BWI Hilton Hotel.
- Top 5 qualities of extraordinary leaders
- I2A: Insights to Action -- A strategic thinking system (presentation to the AICPA Leadership Academy)
- Managing in Turbulent Times, by Peter Drucker (one of my "must reads" for these turbulent times)
Talk back: Where do you see the opportunities?