Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/667870
34 April 2016 • www.CPAPracticeAdvisor.com BRIDGING THE GAP By Jim Boomer, CPA.CITP Collaboration + Leadership = Success Build Your Synergistic Team Te greatest leaders surround them- selves with tremendous talent on their leadership team. Tey under- stand their ow n unique abilities and the areas where they fall short. Tey look for individuals who can complement their strengths and minimize their shortcomings. Tis is where assessment tools like the Kolbe Index, DISC, StrengthsFinder and others can be incredibly useful to building a balanced and highly functioning team. One myth that ofen limits CPA frms is that the leadership team must be comprised solely of CPAs. Tis is simply not true and is costing frms a lot of time and money while reducing their ability to compete today and into the future. Requiring a CPA certifcate to have a seat at the management table is holding back some of their best talent and signifcantly restricting the pool of potential leaders. Te most successful frms include f unctional depar tment leads in their management teams. IT, HR, and Training & Learning all have a seat at the management table. Tis ensures that they know what is going on but, more importantly, it taps into their diverse knowledge and perspectives real-time during the decision-making process. Cross- functional collaboration takes place during the decision-making process rather than afer the fact. Align from the Start Te strategic plan- n i ng proc e s s i s critical to seting a road map towa rd s achieving your frm's most vital growth ini- tiatives. A collabora- tive efort bet ween all functional areas of the frm to develop the plan seems like the obvious process, right? Unfortunately, too many frms don't choose that path. Instead, they work in silos and fail to communi- cate the plan once it is developed. Similar to the management meet- ings, the path to up-front alignment in regards to the strategic plan lies in a cross-functional team. Functional leaders can't be expected to develop a strategy for their respective depart- ment that supports the overall frm plan if they haven't been involved in the process or even seen the frm strategic plan. Look Outside Your Organization Te best frms in our profession realize the wealth of information and experience that exists beyond the barriers of their own organiza- tion. Tey typically join one or more peer communities to gain outside ideas and fresh perspectives. Tey also recognize the importance of peer accountabilit y to accelerate progress. It's a lot easier to tell yourself and your team you didn't accomplish something than it is to tell your peers. Maintain Alignment As your frm participates in peer communities and atends training or conferences, it's important to maintain a collaborative mindset. You' ll ofen get a bigger return on your investment by having cross- f unctiona l attendance at these events. Tis allows for real-time reconciliation of diverse perspec- tives based on the same information. You don't get this when each party atends their own event and then tries to resolve their diferences back at the ofce. W hat you usually end up with is litle to no buy-in and no execution. Beyond cross-functional involve- ment, leadership involvement is also critical. Bringing back a bunch of great ideas from outside the organization is great but if leader- ship doesn't buy-in, the ideas don't go any where. Seeing is believing. W hen frm leaders atend alongside the f unctional leaders, they w ill see, believe and make sure things get done. Te pace of change is increasing in our profession and no one can be expected to keep up with the changing environment of practice, technolog y, HR , ta x, etc. issues. True leaders recognize this fact and recruit a network of talented indi- viduals both inside and outside their frm so they have the information and expertise necessary to make the best business decisions to improve their frm's performance, proft- ability and growth. Tey are truly collaborative leaders. A re you? 3 4 A p r i l 2 0 1 6 • w w w . C P A P r a c t i c e A 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 C ollaboration and leadership are two critical pieces to the success of your frm and when you have both working cohesively, you accelerate your frm's results, proftability and growth. Yes, we need strong leaders at the top of the organization, but strong leaders recognize they can't drive success on their own. Tey build a strong leadership team around them and leverage members' unique abilities by collaborating with them every step of the way. Teoretically, what I'm about to discuss isn't very complicated. However, when many frms try to execute the below strategies, the day-to-day tasks and longstanding misconceptions seem to always get in the way.