Worcester Business Journal

www.wbjournal.com June 20, 2016 • Worcester Business Journal 17 T here is just no letting up when it comes to change. The pace is frenetic, as the range of local and global opp or t u n it i e s a n d challenges keep piling up. To plan for what is ahead, you need to see where the change is coming from and where your business is pointed. For us at Westborough accounting firm AAFCPAs, that means making sure we are spending time with our clients and peers outside the company to understand the lay of the land and to listen and learn from others. In fact, a recent event held by the CPA industry's national association (AICPA) highlighted some of the challenges that our industry faces. For example, in the next few years, 78 million Baby Boomers will retire – which is not even close to the number of skilled Gen Xers (50 million) ready to take senior roles. Planning for the future requires anticipating and identifying these types of issues and taking steps before the consequences are upon you. Here are a few important trends AAFCPAs is focused on in order to ensure we're ready for what comes next: 1. The sharing economy meets technology. The youngest generation of adult consumers simply doesn't buy items or services the way we're accustomed to. Apps for ride sharing (Uber) and accommodations (Airbnb) have set the stage for transactions that occur on any device and with very little vetting of the provider. AAFCPAs is preparing for how that will impact inter-office and client communications. The sharing economy will change how we book meetings, collaborate and market our services. 2. The on-demand world is already here. The professional service industry may be the last frontier for the on-demand marketplace. The work we do in audit and accounting is rarely a quick turnaround, yet clients expect immediate results. We will leverage technology at the highest level to see how we can answer the on-demand call. For example, running reporting and advanced analytics software continuously so that inconsistencies are flagged as they occur. This introduces a real-time audit – unheard of in the past but a necessity in the future. 3. Managing the multi-generational workforce takes planning. I noted that the Boomers will soon retire and the younger generation is operating like no other we've seen. If you don't already, at some point soon you'll have both as part of your workforce. Negotiating an environment that works for everyone means doing the research and getting an understanding of how to bridge the divide. The elder generation, for example, has shown resistance to working remotely, while younger workers treasure flexibility of hours and location. Being disciplined about a middle ground requires a solid plan and consistent communications. 4. Keep your staff engaged and they will be part of the long-term solution. Any kind of sustained success requires great talent that is invested for the long haul. In some industries retention can be an issue, as the day-to- day job can be set in stone without much room for exploration. We make an effort to help our young talent learn new things and find what they're really passionate about. Our people can transfer to different departments within the firm, which satisfies their desire to try new things without leaving the firm. Finding where your talent flourishes and keeping them happy helps you attack the future with a stronger bench. 5. Find out how big data will change your world. We know companies around the world are capturing reams of data to help them increase top line growth, manage costs, improve efficiency and adapt to changes in supply, demand and the business environment. This trend doesn't apply solely to big companies. We use information to better understand our internal operations, with an emphasis on employee schedules and job hours that help us chart an efficient course. Overall, planning for the future really comes down to anticipating the needs of customers and the workforce. Learn about what's coming by listening and watching others in your industry, be ready to leverage technology to the fullest, and keep your staff engaged and growing. n Carla McCall is co-managing partner at Westborough accounting firm AAFCPAs and chairwoman of the Massachusetts Society of CPAs. You can reach her at cmccall@aafcpa.com. 10 Things I Know About... How to plan for the future KNOW HOW 10) It's a near-borderless economy. Companies conduct business all over the world. You need people who can relate to cultures and businesses in different markets. 9) Diversity allows you to compete upstream. In industries like accounting, regional firms compete with global entities on a regular basis. It may not be feasible to open offices overseas, but you can have multilingual team members who can translate documents or lead projects in foreign markets. 8) Business owners are a diverse group. Entrepreneurs emerge from every culture. To work with them, your team needs to understand where they're coming from (literally). 7) Good decision-making requires different perspectives. High-level decisions should not be made in a bubble. Diverse teams provide much broader input on ideas and tackle issues from different angles. 6) Keep good employees engaged. Employees will not stay on a team if they aren't fully accepted, nurtured and given important roles – regardless of their background. 5) Formalize it. In order to create change, you need a task force or a formal initiative that develops a thoughtful approach around the objective, which will be different for almost every company. 4) Set the tone at the top. If your leadership is not on board, it won't work. 3) Train for diversity. Companies need regular training on what diversity means to them and how they support it. They need to understand why it makes sense to welcome employees of varying race, religion, gender and sexual orientation. 2) Use the resources at hand. Resources are already out there to help guide diversity efforts. In the accounting world, the Massachusetts Society of CPAs has a task force that provides tools and support. Look to your industry organizations for relevant material. Massachusetts also provides resources through its Commonwealth Compact partnership with UMass Boston. 1) Recruit diverse talent early. The talent pipeline begins earlier than you may think. As early as high school, ambitious students are charting their career. By the time they enter the workforce, they will be able to easily self-select companies that make them feel welcome. n W hile you may have a calendar, to-do lists and set priorities, it's possible you look up and discover it's already 5 o'clock — and you aren't quite sure what got accomplished — way too often. Even the best time managers can use additional tips to banish time bandits; and different kinds of time-management advice can work better with different kinds of work. Here are three ways to build more results into your week. Visualize your result. Before you jump on a conference call or Skype meeting, decide what result you want from the interaction. This concept is outlined at Entrepreneur.com by Joe Mathews, Don Debolt and Deb Percival. "Decide what result you want to attain … Know what success looks like before you start," the article states. "Take five minutes after each call and activity to determine whether your desired result was achieved. If not, what was missing?" The next step is figuring out how to achieve that result next time. Keep the revenue in sight. This is another way of saying, "Keep your priorities in line," but with a special consideration on the money to be made. Jessica Kleiman at Forbes.com says to hone in on whatever will benefit your business most; the rest can wait. "We live in an age of urgency, where everything seems important and people are looking for instant gratification," she writes. Recognize this for what it is. Package together related tasks. If you are creating marketing videos, for example, and you have three such assignments to complete, do them all at once, advises CreativityPost.com's Jordan Bates. "Do them consecutively … Different tasks demand different types of thinking, so it makes sense to allow your mind to continue to flow with its current zone rather than switching unnecessarily to something that's going to require you to re-orient," she says. n 101: MANAGING TIME >> BY SUSAN SHALHOUB Special to the Worcester Business Journal Increasing diversity BY CARLA MCCALL Special to the Worcester Business Journal By Carla McCall Carla McCall is co-managing partner at Westborough accounting firm AAFCPAs and chairwoman of the Massachusetts Society of CPAs. You can reach her at cmccall@aafcpa.com.

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