Today's Technology for Tomorrow's Firm.
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VOLUME 22, NUMBER 12 By M. Darren Root, CPA.CITP, Executive Editor MY PERSPECTIVE t XXX $1"1SBDUJDF"EWJTPS DPN Publisher: Jim Baker Executive Editor: M. Darren Root, CPA.CITP Technical Editor: Brian Tankersley, CPA.CITP Editor: Isaac M. O'Bannon Managing Editor: Jill Burnett Associate Editor: Taija Jenkins Columnists: David McClure Doug Sleeter Jim Boomer, CPA.CITP Kristy Short Michelle Golden Randy Johnston Rene Lacerte Roman H. Kepczyk, CPA.CITP Art Director: Rhonda Cousin National Sales Manager: Barry Strobel Site Manager: Rhonda Dennis Media Production Representative: Barb Evenson Audience Development Manager: Angela Kelty Editorial Advisory Board: Bob Cedergren, CPA.CITP, CISA, CISM, CISSP, CGEIT Chris Fraser, CPA.CITP, CISA, MCP Jason Lawhorn, CPA.CITP Gary A. Masino, CPA Ryan McCowan, CPA.CITP Linda O'Neal Troy Patton, CPA David Primes, CPA.CITP Donny Shimamoto, CPA.CITP Doug Sleeter Sandra L. Wiley CYGNUS BUSINESS MEDIA CEO: John French CFO: Paul Bonaiuto VP, Human Resources: Ed Wood VP, Audience Development: Julie Nachtigal VP, Technology: Eric Kammerzelt CYGNUS PUBLISHING Executive Vice President: Gloria Cosby Vice President of Production Operations: Curt Pordes For reprints and licensing please contact Nick Iademarco at Wright's Media 877-652-5295 ext. 102 or niademarco@wrightsmedia.com. The opinions given by contributing authors are their own and are not the opinions of our staff. All trademarks used are the property of their respective owner. ———————————————————————————————————————————— Practice Advisor, (ISSN #2160-8725 (print), ISSN #2160-8733 (digital); USPS #017-576) is published eight times a year (April/May, June, July, August, September, October, November and December) by Cygnus Business Media, Inc., incorporating two editions known as CPA Practice Advisor and NSA Practice Advisor, 1233 Janesville Avenue, Fort Atkinson, Wisconsin 53538. Periodicals postage paid at Fort Atkinson, WI 53538 and at additional mailing offices. Printed in the U.S.A. Send all subscription inquiries or change of address to: Practice Advisor, PO Box 3258, Northbrook, IL 60065-3258. Phone: (877) 382-9187 (toll free); 847-559-7598 (local) Fax: (847) 564-9453 Email: Circ.CPA@omeda.com Subscription Rates: The basic annual rate is $3, based on qualifying associations of 10,000 or more public accountants that may also subscribe for all their public accountant members (certain restrictive covenants apply) for a basic subscription rate of $9 per member for a three-year subscription. One year subscription for all others: USA - $48; CAN $70 GST; INT'L $99 GST #131910168. POSTMASTER, please send address changes to: Practice Advisor, P.O. Box 3258, Northbrook, IL 60065-3258. Canadian address changes to: Canada Post PM40612608. Return Undeliverable Canadian Addresses to: Practice Advisor, PO Box 25542, London, ON N6C 6B2. Looking Deeper into "Why?" A s practitioners and business owners, it's important to consistently eval- uate our firm's internal systems. Only through honest analysis, can we identify areas of weakness and work to enhance overall operations. With this in mind, I oſten wonder if practitioners also ask themselves the deeper "Why?" questions—the questions that go beyond standard process and procedure and force them to look at why they do what they do every day. "Why do I practice accounting?" "Why do I come into the office each day?" "Why do I work really long hours from time to time?" "Why do I invest in my firm, my staff, and my clients?" Have you ever taken the time to really think about the answer s to these questions? Asking why is a great exercise to get you thinking about your firm, but it's sometimes a tough question to answer. On a day-to-day basis, we may think that we know why we do what we do, but without concentrated thought, do we really? This concept of "why" has been swirling around in my head for quite some time now. In 2010, Simon Sinek gave a very inspirational TED Talk on the topic (htp://www.ted.com/ talks/simon_sinek_how_great_ leaders_inspire_action.html). He asked the question: "Why are some organizations able to inspire while other organizations do not?" He explains that, today, people don't buy a product or service as much as they buy into why you do it. He offers Apple as the perfect example, asking "Why is Apple so popular?" The answer: because today's consumer requires more than a product that simply functions, they require a product that they connect with…that they believe in. And as we all know, few companies have been as suc- cessful as Apple in offering products that consumers truly believe in. In reference to employees, Sinek WHEN YOU ASK YOURSELF "WHY," THIS REFERS TO THE BIGGER PICTURE— YOUR PURPOSE also explained that the goal should not be to hire people who need a job, but to hire people who believe what you believe. He went on to say that this leads to bringing in clients that also believe what you believe. So, if we take the time to really think through why we do what we do and express this belief with certainty, we in turn inspire our employees and cli- ents. Just imagine what kind of prac- tice you could be running! One important thing to remember is that when you ask yourself "why," this refers to the bigger picture— your purpose. Answers like making money or growing your client base aren't "why you do what you do," they are simply outcomes. You have to look more deeply to appropriately answer the "why" questions. It's a tough exercise, I understand, but can be very enlightening and rewarding. Allow me to clarify a bit more. As very recent empty nesters, my wife and I took advantage of our new- found freedom and took a trip to Paris, France and southern Italy. Being in Italy reminded me of the clothing designer Brunello Cucinelli. In short, his story is that for the past seven or eight years his clothing line has grown exponentially. Cucinelli represents one of the most expensive brands on the market, yet it is growing by 35-40 percent each year. A main reason for the brand's success is that Cucinelli has a very clear "why." It's about a passion for what he does, which he passes on to his employees, his cli- ents, and his communit y. He embraces his heritage and his art, which is reflected in the quality and beauty of the clothes, the company's facilities, and the creative culture. For all these reasons, his employees and customers are totally engaged with the brand and Cucinelli's why. If you've overlooked your "why," it 's time to consider it. Take a moment to sit down and really think through why you do what you do. Pinpoint your passion and review if that is ref lected throughout your firm. You may be surprised at what you find—realizing it's time to make some serious changes. Darren is the Executive Editor of CPA Practice Advisor. He remains in public practice as the principal of Root & Associates, LLC, in Bloom- ington, Indiana, and is president of his consulting practice, RootWorks. He formerly served on the Board of the AICPA's CITP Credentials Com- mitee and is a former member of the Board of Directors for the Indiana CPA Society. He speaks at dozens of professional organizations each year and fequently serves as a guest lecturer at Indiana University's Kelley School of Business. December 2012 t www.CPAPracticeAdvisor.com 3