Do you feel the need - the need for speed?

Remember the scene in "Top Gun" when Maverick and Goose are walking out on the tarmac and Maverick says, "I feel the need - the need for speed" ? That seems to be the one thing every CEO or Managing Partner wants today. They want their organizations to pick up the pace and move faster, a lot faster.

Why do we all feel this need for speed? I think it is about the accelerating pace of everything driven by the hard trends of technology, demographics and regulations. These three hard trends are combining to form a 'perfect storm' sending bigger and bigger waves of change at us faster and faster.

Consider what happened to Nokia, the #1 market leader until the introduction of the iPhone. Unable to keep up, they were forced to sell to Microsoft in late 2013. Their CEO, Stephen Elop ended his press conference with a tearful farewell to their employees saying, "we didn't do anything wrong, but somehow, we lost."

Linked-In blogger, Rahul Gupta put it this way, "They missed out on learning, they missed out on changing, and thus they lost the opportunity at hand to make it big. Not only did they miss the opportunity to earn big money, they lost their chance of survival." They didn't learn and change and adapt as fast as their competition and paid the ultimate price.

Yet in the midst of all of this turmoil and disruption is a time of incredible opportunities for those who who can make their L>C. Their rate of learning as individuals and as an organization must be faster than the rate of change AND faster than your competition. And your competition might be out of immediate sight and in a completely different industry. Think about Airbnb and Uber to the hotel and taxi industries.

What examples can you point to that show great companies that just did not keep up? Kodak, Sony, Blockbuster... Are you keeping up? falling behind? or jumping ahead?

Learning as THE only competitive advantage

Contrast Nokia with AT&T CEO Randal Stephenson, who was quoted in the New York Times article, Gearing Up for the Cloud, AT&T Tells Its Workers: Adapt, or Else, “There is a need to retool yourself, and you should not expect to stop. People who do not spend five to 10 hours a week in online learning, will obsolete themselves with the technology.” He is putting his money where his mouth is as they invest in training and development and push their digital transformation strategy.

Another more recent example comes from a friend and Executive partner in a major CPA firm, Joey Havens at Horne LLP. Joey writes in his post titled, Learn Fast Learn Forward Learn Together, "Learn Fast Learn Forward Learn Together has become HORNE’s motto for adjusting to the transformation that is occurring in our profession and in business overall. We are dealing with and facing fast-moving disruption not creeping change."

Those six words capture it well - speed, forward-looking and future-focused, and collaborative learning for individuals and the entire organization. Learning just may be THE only competitive advantage anymore.

Five ways to elevate and accelerate your competitive position

Here are my five ways to elevate and accelerate your organization's competitive position:

1. Set a bold strategy that will transform your organization before you are forced to. This will require an innovation and change leadership agenda and an ongoing strategic planning process to stay ahead of your competition.
2. Align your organization by involving people at all levels to create the energy and momentum you will need to escape the gravitational pull of the past.
3. Create a learning and development strategy that directly supports your transformation strategy. This should include building the right mindset, focusing on the critical skillets, and providing the right toolsets.
4. Develop the No. 1 missing competency of 'anticipation' to make sure your organization is 'future ready' by being aware, predictive and adaptive to those big waves of change and external trends.
5. Introduce an accountability program that focuses on execution and learning and a rhythm of meetings to build and develop your team.

Do you feel the 'need for speed'?

Creating the future-ready firm at the DigitalCPA Conference

The CPA Conversation - Anticipation with Daniel Burrus and Tom Hood

Is it time to double-down on your digital transformation?

Why you need to be a messy leader?

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Our purpose is to help CPAs, finance and accounting professionals be 'future ready' and to thrive in these rapidly changing times!

TOM HOOD, CPA.CITP.CGMA is considered one of the most influential thinkers in the CPA Profession and the CEO of the Maryland Association of CPAs (MACPA). Tom is also the founder and CEO of the Business Learning Institute, the innovation and learning affiliate of the MACPA, a leading talent development, training and strategy consulting organization for CPAs, finance and accounting professionals in the US. They provide customized, competency-based curriculums and a portfolio of “success skills” and technical programs designed for the Finance and Accounting Profession.