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The tool works. But you need the prerequisites.

By Steven E. Sacks
The NEW Fundamentals

CPA firms that seek to position themselves for the future must be brutally honest and self-aware. They might normally start with a top-down or bottom-up analysis of their operations. One tool that has been around forever is the SWOT analysis.

MORE: Who Needs Another Meeting? | 4 Questions for CPA Firm Boards | Are You Productive or Just Busy? | The Five Big Rules for PowerPoint Presentations | How Aging Boomers Impact the Accounting Profession | Accounting Is a Profession, Not an Industry
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SWOT stands for Strengths, Weaknesses, Opportunities and Threats. There are benefits to this tool because it serves as a motivator to examine a situation (e.g., operational, cultural, financial), assess core competencies and capabilities, identify the need to (and key drivers of) change and enable – if conducted correctly – an organizational cross-section of input and insight.
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Better question: Why?

By Steven E. Sacks
The NEW Fundamentals

When in doubt, call a meeting. Jeez! How many hours in the U.S. are cumulatively wasted on a daily basis with meetings?

MORE: 4 Questions for CPA Firm Boards | Are You Productive or Just Busy? | The Five Big Rules for PowerPoint Presentations | How Aging Boomers Impact the Accounting Profession | Accounting Is a Profession, Not an Industry
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Are they really necessary?

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Do members know their role?

By Steven E. Sacks
The NEW Fundamentals

The purpose behind an organization creating a board is not to micromanage, design a company logo or address human resource issues. Neither is its role to sit around and smoke Cohiba Esplendido cigars and sip Louis XIII de Remy Martin Grande cognac.

MORE: Are You Productive or Just Busy? | The Five Big Rules for PowerPoint Presentations | How Aging Boomers Impact the Accounting Profession | Accounting Is a Profession, Not an Industry
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This glad-handing, back-slapping culture led to the financial breakdowns in the early 2000s and probably still is happening at this writing.
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3 questions it should answer.

By Steven E. Sacks
The NEW Fundamentals

Do you think your staff knows what your company’s or firm’s mission statement is?

Wait. Let me back up. Does your staff even know that such a mission statement exists?

MORE: Are You Productive or Just Busy? | The Five Big Rules for PowerPoint Presentations | How Aging Boomers Impact the Accounting Profession | Accounting Is a Profession, Not an Industry
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My guess is no and no. Does your organization explain to everyone what actually defines success and the framework for achieving it?
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Your firm may need to change its culture.

By Steven E. Sacks
The NEW Fundamentals

Did you ever notice when you call an associate or a friend or a business of any type, more often than not he or she will always respond with “I’m really busy” or “I’ve been jammed up”? It does not matter the time of the year, much less the time of week or day.

MORE: The Five Big Rules for PowerPoint Presentations | How Aging Boomers Impact the Accounting Profession | Accounting Is a Profession, Not an Industry
Exclusively for PRO Members. Log in here or upgrade to PRO today.

Has busy become too colloquial or just a throwaway line? What is actually meant by “busy”? Or, more specifically, what is the condition of “busyness”?

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