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Top Seven Growth Areas for CPAs

And four questions to seize the “high-leverage” opportunities.

After spending the last six months with CPAs all across the U.S., Maryland CPA association CEO Tom Hood has a thought or two  on where accountants can find new opportunities.

Hood

In fact, he has seven:

  1. Valuation
  2. Forensics and fraud
  3. Governmental
  4. International (IFRS and tax)
  5. Health care
  6. Green / sustainability
  7. XBRL

After gathering your own list, Hood says the next step is to assess which options are what he calls “high-leverage opportunities.”

What’s a “high-leverage opportunity?” Hood recommends asking these four questions:

  1. Are they a source of passion for us? (Do they fit your strategic plan, values and purpose?)
  2. Do they leverage our resources (customer base, talent, capabilities, etc.)?
  3. Do they create value in excess of the time, effort and resources needed to accomplish?
  4. Can they be accomplished?

The whole system is part of Hood’s I2A: Insights to Action, an increasingly popular strategic planning process and leadership development program for the profession.

“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,” Hood says.

To get started on action plans, ask yourself:

  • 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?

Via CPA Success.

One Response to “Top Seven Growth Areas for CPAs”

  1. Asiah

    Dear Mr. Hood,

    Thank you! I have been having a debate with myself for months about what to do after graduation! This has helped me immensely! Great informatie and helpful post, will definitely continue reading!

    ~Asiah