Rita McGrath, associate professor of management at the Columbia Business School, and winner of the “strategy” award, said that ideas in strategy have focused for years on sustainable competitive advantage but they no longer work for many sectors of the economy. She said that organizations have a problem confronting this, and cited KodakKODK +5.92%, which had relied on “nostalgia as strategy.”
Nilofer Merchant, an author and winner of the “future thinker” award, put it another way: “ So, the size of your enterprise, the scale, your access to capital–all those things that gave you an edge to new entrants, no longer exists. That’s all extremely scary because that means that your job is no longer about managing the present but inventing the future…all the time.”
But it’s not all bad news, leaders can respond to these challenges. Ms. McGrath suggested: “The first challenge for leaders is to be willing to be open to the idea that your advantage might not last.”
She also suggested that bosses must embrace the new: “You need to have a very firm grip on your firm’s portfolio and on your resource allocation process because if you let powerful business leaders control your resources you’ll never fund new things.
We are hosting Rita McGrath on January 30th from 9:00 am - 12:30pm (EST) at the BWI Ariport Hilton in Maryland and via special webcast - registration and details at http://www.blionline.org/rita Use this special discount code RITA25 to get a 25% discount.
- Maryland Association of CPAsCEO & CPA, present
- Bryn Awel Corporation
- RTKL Associates Inc
- Finance Company of America
- Waverly Press
“The faster you go, the farther ahead you have to see.”That is the foundation of BLI’s newest SMART tool, I2A – Insights to Action – a strategic thinking system that is used for leadership development, as well as a strategic thinking process, for CPA firms and other organizations that need to build and communicate new strategies to deal with the rapidly changing environment.
Tom is the founder and CEO of the Business Learning Institute (BLI), a center for the development of leadership skills for CPAs. He is also the CEO & executive Director of the Maryland Association of CPAs. Tom is a nationally recognized author, speaker, and consultant recognized repeatedly as one of the
Top 100 Most Influential CPAs by Accounting Today magazine. He is also a recipient of the AICPA Special Recognition Award for his contributions to the profession in leading the CPA Vision Project. It was leading the CPA Vision Project where Tom became hooked on strategic planning and facilitation.
Managing the first ever “vision” for a profession, he led the effort that involved over 3,500 CPAs in all 50 states. Since then he has facilitated almost every major national committee and CPA firms from all over the US, along with corporations and non-profits.
“A pioneer in using social media and Web 2.0 technologies in accounting, Hood has tapped his expertise to roll out one of the most extensive sets of resources in the country for helping CPAs handle the recession.”That is what Accounting Today magazine said in their 2009 profile of Tom as one of the Top 100 Most Influential People in the CPA profession (for the fifth time).
Tom has taken the CPA profession by storm with his innovative uses of technology at the Maryland Association of CPAs. From the virtual world of Second Life to social media tools like Blogs, Twitter, Linked-In, and Facebook, Tom and his team at the MACPA are using these tools to communicate with students, members, and the public. Tom and his team are teaching CPAs about the power of these tools to keep them ahead of the curve in today’s rapidly changing environment. Tom and the MACPA have been featured in the Journal of Accountancy, Accounting Today magazine, Rain Today Magazine, and Accounting Web.
He was nominated by his peers to serve as the President of the CPA/SEA (CPA State executivesAssociation) for 2008 - 2009. He serves on the Board of Directors of the Shared Services, LLC and is Co-Chair of the Board of the State Societies Network, Inc. Tom is an active volunteer in the CPA Profession serving on the AICPA CPE Advisory Committee and has served on several key national committees - the AICPA Enhanced Business Reporting Committee and AICPA Special Committee on Mobility.
Hood has experience as a high level executive in industry, specifically as treasurer and CFO of Bryn Awel Corporation, a privately owned $75 million highway construction company. He is a graduate of Loyola College (B.A. in Accounting) and has a Master’s in Finance (Real Estate) from Johns Hopkins University and a Master’s equivalent in Information Systems from the University of Baltimore.
Second Life avatar name: Rocky Maddaloni
CPA Island (Second Life blog) http://www.cpaisland.com
CPA Spotlight, our daily blog www.CPASuccess.com
CPA Spotlight, our weekly podcast www.macpa.org/podcast
Other MACPA blogs:
CPA Learning 2, a Web 2.0 playground by CPAs for CPAs
- Johns Hopkins UniversityM.A. Finance - Real Estate
- University of BaltimoreManagement Information Systems
- Loyola College (Maryland)B.A. Accounting, 1979 - 1982
How agile is your business - Lessons from Rita at Davos
Maryland Association of Certified Public Accountants
Say goodbye to your competitive advantage - Baltimore Business Journal
It was a scenario all too familiar with many in the room, judging by some of the grimaces and nods going on.
"Built to Last": A Blueprint for Finding a Company's Vision
This post is part of a series in which Influencers describe the books that changed them. Follow the channel to see the full list.It was Janu
Employee Retention Now a Big Issue: Why the Tide has Turned
I can tell the economy is recovering: we're suddenly seeing companies tell us that "employee retention" has become a critical issue. Let me
7 Issues Facing Young Professionals [LIVE BLOG] - AICPA Insights
This week I am live blogging from the AICPA's E.D.G.E. Conference being held in Austin, Texas today through Friday. The first session I am c
Tech shifts might be killing our jobs. How will you respond?
Maryland Association of Certified Public Accountants
BLI Guide to the Bounce - Maximize your ROP "Return on People"
The Bounce is the guide to maximizing career trajectories. The Business Learning Institute has researched the competencies needed for career
No tweets from c-suites in Baltimore - Baltimore Business Journal
J.P. Grant knows his business, and for him personally, tweets and hashtags don’t...
Baltimore poised to be hub for education, technology - Baltimore Busines...
To say that Baltimore has changed in the past 30 years would be an understatement—...