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What do you do if your problem-solving skills as an accountant need a boost from strategic thinking?

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As an accountant, your problem-solving skills are crucial. However, there may come a time when you feel the need to enhance these skills with strategic thinking. Strategic thinking involves a more long-term, holistic approach to problem-solving, where you anticipate potential challenges and opportunities. It's about understanding the broader business environment, not just the numbers. If you find yourself in need of a strategic boost, don't worry. There are practical steps you can take to sharpen your strategic thinking and become a more effective problem-solver.

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1 Assess Gaps

To improve your strategic thinking as an accountant, start by assessing where you stand. Reflect on recent challenges you've faced; consider the solutions you've applied and their outcomes. Were they effective in the long run? Did they align with the broader goals of your organization? This self-evaluation will highlight areas where your strategic thinking could be strengthened. It's about identifying the gap between your current problem-solving approach and where you need to be to make decisions that benefit your organization's future.

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Krista Driscoll, CPA, MBA

CPA & MBA (visionary bean counter)
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Regular self-evaluation is a must, however external feedback is useful in directing your focus of evaluation. Comparing one's own performance to that of others helps identify the basis for a given gap (are you the only one coming up short (perhaps because of a knowledge or resource discrepancy); is everyone missing the same mark (perhaps because of a systemic flaw or dated information). Like editing: reviewing your own work is helpful, but it's just another layer of the same perspective. Having others review your work can identify additional areas warranting review/correction ('gaps' you didn't notice the in your review); and can highlight larger, more-significant areas that may need immediate attention ('gaps' each reviewer noticed).

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Kelly G. Peters, CPA, CMA

Principal, TCI Solutions, LLC
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There are typically three things that drive the strategic outcomes of any business: 1) Market changes with regard to their competition. 2) Economic corrections with regard to inflation/recession, interest rates, taxes and liquidity. 3) The fickleness of your customers. Most accountants use assumptions where these things remain constant over time. As a result, they get surprised as things change. Strategic thinkers will assume these things will change and try to build key indicators or indexes to help them anticipate them within their view of the business. It also helps them be viewed as a valuable business partner. Focus on bettering and assessing your knowledge in these areas.

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2 Expand Knowledge

Broadening your knowledge base is essential for strategic thinking. As an accountant, you're well-versed in financial data, but understanding how other departments operate can provide valuable context for your decision-making. Take the time to learn about marketing strategies, supply chain management, and human resources policies. This cross-functional knowledge will allow you to see how financial decisions impact other areas and contribute to the overall strategy of the business.

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Kelly G. Peters, CPA, CMA

Principal, TCI Solutions, LLC
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Expand your knowledge of the business, of your market, of economics, of technology, of process improvement tools, of HR and management styles/tools, of internal controls, of critical thinking skills, of supply chain management, of pricing, of marketing, etc. The more you know about different things will help you support better decision making.

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3 Learn from Others

One effective way to boost your strategic thinking is to learn from experienced strategists. Seek out mentors within your organization or industry who are known for their strategic approach. Observing how they tackle problems and the questions they ask can provide insights into how to think more strategically. Engage with them in discussions about long-term planning and decision-making processes. Their perspective can help shape your approach to challenges and broaden your understanding of strategic thinking in accounting.

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4 Practice Scenarios

To hone your strategic thinking, practice with hypothetical scenarios. Imagine different situations that could affect your company's finances and consider how you would respond. Think about the potential long-term consequences of each decision and how it aligns with the company's strategic goals. This type of scenario planning can improve your ability to anticipate future challenges and develop more comprehensive solutions, strengthening your strategic problem-solving skills.

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5 Reflect Regularly

Strategic thinking requires ongoing reflection. Set aside time regularly to review the decisions you've made and their outcomes. Ask yourself what worked, what didn't, and why. Consider how different approaches could have led to better strategic outcomes. This process of reflection will not only improve your decision-making but also encourage a mindset of continuous learning and adaptation, which is vital for strategic thinking.

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6 Seek Feedback

Lastly, don't underestimate the value of feedback in developing your strategic thinking. Solicit input from colleagues and supervisors on your problem-solving methods and decisions. Their feedback can provide new perspectives and help you identify blind spots in your strategic approach. Embrace constructive criticism and use it as a tool for growth, allowing you to refine your problem-solving skills and become a more strategic thinker in the realm of accounting.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if your problem-solving skills as an accountant need a boost from strategic thinking?

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1 Assess Gaps

2 Expand Knowledge

3 Learn from Others

4 Practice Scenarios

5 Reflect Regularly

6 Seek Feedback

7 Here’s what else to consider

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