In These Turbulent Times, Leaders Must Lead!

cpatrendlines.comSix things you needed to start doing yesterday.

By Allan Koltin

In the face of this unprecedented global pandemic, Leaders must Lead! We need to fill our days with talking to our people, clients, and our families and engaging them in the reality of the situation while at the same time stressing the positive things going on.

RELATED: All CPA Trendlines Special Coronavirus Coverage

I was on a call this morning with a client and I was sharing how wonderful it was to have all three kids back home (they would have been studying abroad, at college, or going to high school) and how nice it was to have family dinners together again. I was also sharing the positives with the kids that their grandparents were healthy, safe, and getting calls from so many family members and how important this was to them. As I was walking the dogs this morning it occurred to me that I heard birds chirping and that I had been “so busy being busy” for the past four decades that beautiful sounds like this or the smell of the morning air were never on my mind. At a deeper level, and to equate it to a sporting event, I feel like the proverbial “scoreboard” has malfunctioned and there is now a new way to keep score, and it is becoming the new normal.

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2020 Outlook: Becoming the Most Valuable Advisor

Staying independent? Be bold.

By Allan Koltin
Rosenberg MAP Survey

It amazes me that there are still firms out there unaware of the industry disruption and changes going on in the marketplace.

MORE: Top Three Tips for 2020 Success | 2020 Outlook: Where Do You Want to Be? | 2020 Outlook: Dicey Disruptions | 2020 Outlook: Upstream Mergers | 2020 Outlook: Staffing Gets Creative
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I am envisioning a scenario in which we will see major changes in associations, alliances, and networks from how we know them today.

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2019: Shifts in Hiring & Office Space

Also: Firms rethink retirement age.

By Allan Koltin
The Rosenberg Survey

The issue of capitalization has definitely come to the forefront. With all of the changes taking place in the profession, trends ranging from technology (artificial intelligence) to new products and services, it is apparent that firms will need to make significant investments if they want to remain competitive.

MORE FROM THE MAP SURVEY: Efficiency Can Help Prevent Slowdowns | Staff Policies Improve, But Not Mentoring
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This dynamic brings in new issues of overall firm profitability, as well as the potential compression of current partner earnings. It is a classic case of the investment in innovation vs. the wants and needs of partners in terms of compensation.
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Firms Focus on Profitable Growth, True Leadership

Coworkers discussing charts in officeALSO: Retirees must transition the relationship, not just the work.

By Allan Koltin
Rosenberg MAP Survey

I see movement of “advanced” lateral talent. While lateral talent has always left the Big 4 firms to pursue career opportunities with local, regional and middle-market national firms, it appears the movement of “advanced” talent is happening at a greater pace.

MORE FROM THE MAP SURVEY: Survey: Many Firms in Transition | Technology Playing Center Stage in CPA Profession
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Positions ranging from manager, senior manager, principal and partner are finding they can accomplish their career goals at a potentially accelerated pace at local, regional and national firms, while also enjoying the culture of these firms. In the past, this type of movement didn’t take place as often, as many of these individuals completely left public accounting when they left the Big 4.
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SURVEY RESULTS: Accountability, Equity, Compensation Are Concerns

Risk takers are being recognized.

By Allen Koltin
The Rosenberg MAP Survey

Looking back to 2015, first and foremost remains the human capital challenge.

MORE FROM THE SURVEY: MAP Survey Top 10 Findings | CPA Firm Revenues Rise a Hefty 8%
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Firms are gearing up the financial and people resources around recruiting in ways I’ve never seen before. Interestingly it’s not so much at the entry level but rather at the experienced hires all the way up to lateral-level senior managers and partners.
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