Prepping for Post-Crisis Opportunities

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Free Video Learning: Get ready today for the rebound to come with these top ten practice management video courses.
In partnership with CPA Trendlines, The Succession Institute is offering free access to their top ten video training programs to help firms prepare for the New Normal. Offer expires June 30. Use the password “free”for each video and get all the details here.

Don’t Let Opportunities Become Detours

Perception vs. reality: How opportunities can cause chaos.

How to stay on track toward your goals amid chaos and confusion.

By Bill Reeb

Without clear direction, every alternative seems like an opportunity.

But with direction comes a course of action, whether that is to preserve what you have or achieve something different.

MORE: Covid Crisis Requires New Mindsets | Do You Have a Goal or Just a Speed? | What Are You Giving Priority? | 3 Early Warning Signals for Overachievers | Learn More By Letting Go | Don’t Let Others Block Your Path | How Overachievers Can Get ‘Unstuck’
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Knowing what direction you want to head will drive the creation of a plan. And the greatest benefit of planning is that it provides you with a sanity check to know when you are drifting off course.

Regardless of whether we are talking about your personal life, career, or business, I believe it is nearly impossible to get to your desired destination or to accomplish your goals in a straight line.

We end up straying from our original course because of the mistakes we make along the way. Opportunities become detours. And chaos ensues
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Beat the Covid Crisis with These 20 Steps for Your Firm and Your Clients

The ultimate checklist for focusing on cash, communication, continuity – and accepting uncertainty.

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By CPA Trendlines Research

The toll of Covid-19 on business will be an ongoing trauma. It ain’t gonna be over ’til it’s over, and that ain’t gonna be for a long, long time.

MORE on COVID CRISIS MANAGEMENT: How to Inoculate Your Firm against Covid Competition | Pro Tax Prep Stalls to a Crawl amid Covid-Extended Season | Covid Kills 67,600 Jobs in Tax and Accounting | Client Accounting Services Poised to Surge in Post-Corona World | Clients, Revenues, Profits – Trending Down, Down, Down | Andrew Argue Is on a Mission | 3 Questions for Determining Your Value | Covid Crushes Rosey Forecasts | The Seven Factors Keeping Accounting Firms Afloat Amid Covid-19 | Feeling the Pain? The Biggest Job Losses by Client Sector |

See: All CPA Trendlines Special Coronavirus Crisis Coverage

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To survive, tax and accounting practices are going to need to take precautionary and proactive measures to ensure their financial continuity. Those measures must necessarily include guidance for clients to help them survive. Because failing clients mean failing firms.

Crisis management is a lot easier if it starts before the crisis hits. Here are some steps that accountants can take for themselves and their clients, gleaned from the thousands of accountants and advisors we’ve been hearing from over the past several weeks. READ MORE →

Covid Launches a New Reality: Now What?


^Click to play: Aquila addresses Covid crisis response strategies.

Eight new trends you can’t ignore in the new normal.

By August Aquila

Every day we get a clearer picture of what the future holds for the accounting profession, business in general and the overall population. While the future may look daunting, we will do our best to make the most of it and come out stronger. It’s what we have always done.

MORE: 6 Action Steps for a Smooth Retirement Transition | 7 Succession Planning Best Practices | Grissom and Aquila on Partner Performance Evaluations | Gross Profit in a Professional Services Firm: Opening a Dialogue | CHECKLIST: 18 Essential Steps to Effective Billing | How to Get Partners to Accept a New Pricing Philosophy
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Nevertheless, don’t plan on the old ways coming back. I just read that more than 60,000 accountants have already lost their jobs. Perhaps, the war for talent will be over. There will be further reductions in the professional service workforce and firms will be able to pick and choose from the talent pool.
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Confronting Leadership: Not Such a Bad Thing

Two businessmen arguingHow do people respond when a goal isn’t met?

By Steven E. Sacks

If you created a leadership team around you that exhibits the healthfulness of organizational conflict, constructive advice, scenario planning and the flexibility of employing Plans B, C and D, you have created a strong foundation – a far different and more effective approach than the “My way or the highway” thinking. You need to think about what the challenges are to your leadership and the long-term viability of the firm.

MORE: Are Executive Performance Reviews Dangerous? | Trust Is a Key Organizational Ingredient | Real Influence Vs. Immediate Gratification | Fake It ‘Til You Make It: An Ultimate Goal? | 4 Ways to Boost Job Satisfaction
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The avoidance of conflict has morphed into a misguided sense of consensus building. Standing up to philosophical differences with the purest of intentions is a positive; it is not destructive in nature.
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The REAL Problems Created in a Remote Workforce

Three hidden dangers and the two essentials for success.

By Ty Hendrickson, CPA

Working from home creates problems, but these problems are not the ones that firm leaders are concerned about right now.

MORE on REMOTE WORK: Home Alone. But Not Really.How Many Monitors Do You Need Working at Home?Stuck at Home Right Now? Here’s 100 Good Ideas to Relieve the StressCoronavirus Resources for Remote-Working (#WFH)Go Remote with This App You Already Own [#WFH]The Top Portable Monitors for Working from Home

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I have never seen so many people terrified of a working environment, as I’ve seen over the past month with employees sent home to work. Firm leaders are panicked about productivity and work ethic, which I find hilarious because you are essentially saying that you don’t trust your employees. You don’t trust them to do the same job at home because you aren’t there to monitor their every move. If you don’t trust your employees, why did you hire them in the first place?!

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Trust Is a Key Organizational Ingredient

Two businesswomen talking by office windowRelationships have become more important.

By Steven E. Sacks

It is important for the next generation to believe in the concept of trust. To trust and be trusted, leaders must

  • self-assess and be sure they can trust themselves,
  • announce to the firm what the goals and their intentions are,
  • practice what is being preached and
  • create a culture where trust leads to inspiration and enthusiasm.

MORE: New Opportunities for a ‘New Normal’ | There Is No Leadership Without Integrity | Real Influence Vs. Immediate Gratification | Is Trust Elusive? | Influence, Don’t Manipulate | Working Remotely Shouldn’t Mean Feeling Isolated | Managing Difficult Personalities in the Workplace
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CPA firms that look to the next generation of leaders have created their own templates: a composite profile of the traits that are necessary to thrive as a partner. What is/was considered leadership potential differs in firms. And because priorities differ, some emphasize authenticity, some a high EQ, some rainmaking abilities and some strategic thinking.
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There Is No Leadership Without Integrity

Young businesswoman sitting at workplace and looking at camera in office

Competence alone is not enough.

By Steven E. Sacks

Those thrust into leadership positions need only one arrow in their quiver: integrity. Whether in business or politics, if you can speak truth to power while understanding and accepting the risks, then you have integrity. How many bad situations remain unresolved or allowed to fester because no one steps up to recognize a wrong or untruth?

Often, would be a fair guess.

MORE: Real Influence Vs. Immediate Gratification | Is Trust Elusive? | Working Remotely Shouldn’t Mean Feeling Isolated | How Engaged Are Your Employees? | Managing Difficult Personalities in the Workplace | Set Your Staff on the Right Course | Be a Talent Magnet
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Think about it: If someone speaks out on those issues important to him or her, it uncovers the nature or character of that person. A basic element to have is authenticity. It comes with a risk of having our words manipulated or “spun” for someone’s or some group’s own benefit. We can feel belittled because of criticism, and also feel that our inner core is being destroyed.
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