Today's Technology for Tomorrow's Firm.
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20 March 2016 • www.CPAPracticeAdvisor.com BRIDGING THE GAP By Jim Boomer, CPA.CITP The People You Meet & The Books You Read What You Don't Know You Don't Know It's those things in our blind spot – what we don't k now that we don't know - that usually cost us the most time and money. It's impossible to t a ke ac t ion on somet h i ng about wh ich you a re u nawa re or u n i n- for med. It's a lso i mpossible for a single person, or even an organiza- tion, to be aware and informed about everything. Tis is why we have to expand our reach through relation- ships and knowledge. Join a Peer Network Keepi ng pace w it h t he cha ng i ng times can be difcult, especially if you don't look outside you r ow n organization for new ideas and best practices. Joining a peer commu- nit y can push you beyond the limits of your own organization and bring i n f resh perspec t ives. At t i mes it can be frustrating when you learn you are lagging behind, but it can also be ver y rewarding to learn your f r m is on t he r ight pat h, or even leading the pack. Te leading ben- efts include: • L ear ning in a non- compet it ive environment • Getting advice and expertise from peers experiencing similar issues • Gaining confidence your firm is making the correct decisions • Discovering new ideas and avoiding pitfalls • Seting goals, planning for success and being held accountable • Bu i l d i ng t r u sted , p er so na l an d professional relationships • Benchmarking firm performance against other leading frms • Strengthening alignment between frm vision and functional units like IT, Marketing, etc. Add an Outside Perspective A not her benef icia l st rateg y is to invite an outsider to sit on internal commitees. Te presence of a third par t y at committee meetings can provide several benefts. • Provide a diferent perspective – An outsider is not biased by working in the firm ever y day. They offer diferent experiences and knowledge that can be leveraged in the decision making process. • L e s s l i ke l y to c h a nge / c a n c e l meetings – It 's of ten easier to i n c o nv e n i e n c e o u r o w n t e a m members by canceling or rescheduling a meeting. However, when someone from outside the frm is involved, the temptation to do this is minimized. • More likely to stay on the agenda – Along the same lines as not changing or cancelling meetings, committee members w ill be more averse to wasting the time of an outsider. Tis leads to a meeting that stays on the agenda and thus, on time. • Atendance by the right people (MP, CIO, management committee) – Te commitee's level of commitment also naturally increases when a third party is involved. They are often infuenced by the fact that this person made the efort to atend and will hold themselves accountable to do so as well. Additionally, depending on who the outsider is, they might be a draw for frm leadership to atend. Read, Read, Read As I mentioned in the beginning of this column, there is a direct correla- tion between reading and success in all aspects of life. Much like a net- work of trusted peers, books provide ne w per s pec t i ve s a nd idea s t h at impact how you think about chal- lenges/solutions. Te more you can get in the habit of picking up a book i n s te ad of t he remote , t he more you' l l broaden your horizons and be prepared to capitalize on oppor- t u n it ies to be successf u l. I' d a lso e nc ou r a ge you to t h i n k b e yond yourself and foster a reading culture throughout the frm. T h e m o r e y o u t a p i n t o t h e i m men se br a i n t r u s t t h at e x i s t s outside yourself and your organiza- tion, the more access you'll have to knowledge and resources. A nd it will set you and your f irm up for con- tinued success. 2 0 M a r c h 2 0 1 6 • w w w . C P A P r a c t i c Jim Boomer is a shareholder and the CIO for Boomer Consulting , Inc. He is the director of the Boomer Technology Circles™ and an expert on managing technology within an accounting frm. He also serves as a strategic planning and technology consultant and frm adviser in the areas of performance and risk management. In addition, Jim is leading a new program, Te Producer Circle, in collaboration with CPA2BIZ and the AICPA. jim.boomer@cpapracticeadvisor.com I f you look around our profession at the most successful individuals, they all have two things in common: Tey are well connected and are lifelong readers. Te late author and speaker, Charlie "Tremen- dous" Jones, used to always say, "You will be the same fve years from today except for the people you meet and the books you read." Tirty years ago, this simple saying had a dramatic infuence on our founder, L. Gary Boomer, and it still drives our culture at Boomer Consulting, Inc. Connecting with the right people and continual reading will have a dramatic impact on your success – personally and as a frm. You will be the same 5 years from today except for the people you meet and the books you read. Charlie "Tremendous" Jones