GGI FYI BDM News No. 13 Autumn 2022
Latest updates in the areas of Business Development & Marketing as shared between members of the GGI BDM Practice Group. #ggi #ggibdmpg #ggifyinewsletters
GGI FYI Business Development & Marketing News
No. 13 | Autumn 2022
Happy Autumn! I hope you all had a great summer and enjoyed some time off to recharge.
A lot has changed since our last newsletter, including the return of in-person GGI conferences. I really enjoyed seeing everyone in person again at the GGI European Regional Conference in Limassol, Cyprus, and the GGI North American Regional Conference in Washington, DC, earlier this year. And of course, I'm looking forward to our next conferences.
For this newsletter, I share my tips on how to use the FORD method to secure more clients. The FORD method is a communication tool that can be used across organisations and industries to improve your relationships and land more clients.
Our contributors wrote about a variety of topics from timely marketing tips to commentary on the current economic climate. For example, Eghosa Oyemwense (Regent Assay, UK) discusses the importance of corporate social responsibility (CSR) in marketing, especially in this digital age. Diane Walsh (Prager Metis International LLC, USA) explains how to engage your whole firm to grow your social media presence. George Taveras (Guzmán Ariza, Attorneys at Law, Dominican Republic) explains the value of sending newsletters to our clients, a practice I have upheld for years now as a great benefit.
I would like to thank all our contributors for taking the time to share their expertise with us. If you have any questions, please reach out to the contributor directly.
Jim Ries
Responsible Editor & Global Chair of the GGI Business Development & Marketing (BDM) Practice Group (PG)
As Director of Business Development, Jim Ries drives revenue growth for Offit Kurman by helping business leaders and families of wealth address some their most difficult challenges. He also identifies and develops strategic partnerships and market opportunities. Jim has access to a deep network of attorneys in every practice area, and he is able to connect his clients to the right attorney who can resolve their legal disputes and protect their assets. Jim is a master networker, and his high-level connections call him for solutions when they don't know who to call. Let Jim be your Google. Contact Jim.
Disclaimer
The information provided in this newsletter came from reliable sources and was prepared from data assumed to be correct; however, prior to making it the basis of a decision, it must be verified. Ratings and assessments reflect the personal opinion of the respective author only. We neither accept liability for, nor are we able to guarantee, the content. This publication is for GGI internal use only and intended solely and exclusively for GGI members.
GGI member firm
Offit Kurman, Attorneys At Law
More than 10 offices throughout the US
T: +1 410 209 6400
Advisory, Corporate Finance, Fiduciary & Estate Planning, Law Firm Services
How to use the FORD method to get more clients
Jim Ries
How to use the FORD method to get more clients
by Jim Ries
As Director of Business Development, Jim Ries drives revenue growth for Offit Kurman by helping business leaders and families of wealth address some their most difficult challenges. He also identifies and develops strategic partnerships and market opportunities. Jim has access to a deep network of attorneys in every practice area, and he is able to connect his clients to the right attorney who can resolve their legal disputes and protect their assets. Jim is a master networker, and his high-level connections call him for solutions when they don't know who to call. Let Jim be your Google. Contact Jim.
As a business developer, I constantly look for new, streamlined ways to improve my methodologies. I recently came across a method that is simplistic in the best way possible.
The FORD method is a communication tool that can be used across organisations and industries to improve your relationships and land more clients. FORD is an acronym that stands for Family, Occupation, Recreation, and Dreams.
This technique is meant to be incorporated into your conversations so you can ask the right questions to build trust and make more meaningful connections – the focus of my methodologies and what I teach to other business developers.
Let’s dive into each piece of this term and how you can apply these ideas in future conversations.
Family
Most people have a family and consider it to be an important part of their lives. Even for people who do not have a traditional family structure, they typically have a community of support. Family can also mean close friends and pets.
As a proud family man, I enjoy incorporating family into conversations with strangers and clients alike. It is easy to weave family into the conversation without being too personal.
I recommend starting with an anecdote to prompt a question. For example, “I’m looking forward to my daughter coming to visit this weekend. Do you have any children?” Or, if you are meeting a couple for the first time, you can ask, “How did you two meet?”
The best situation is when the person brings up their family in conversation without being prompted. Now you have the perfect opportunity to ask more questions. If they mention a child, ask how old they are. If they happen to be the same age as your child, you now have a perfect way to connect with them and discuss shared experiences.
If you already know a person and are familiar with some of their family background, keep track of what they say and be thoughtful in future conversations. I like to ask how their partner/sibling/child is doing the next time I speak with them.
Just remember to stay away from invasive questions. For example, never ask whether someone is going to have children, when someone is going to get married or move in together, or why they are not close with family or a specific family member. Unless they bring it up themselves, it is none of your business.
Occupation
Occupation is the easiest topic to bring up in a professional setting. If you are new to networking, talking about what someone does for a living is a given. Even for seasoned business developers, we often start a conversation with: “What do you do?”
I will not dwell on this topic since it has been covered ad nauseam. However, I will add that although it is important to know what someone does, do not force the entire conversation to surround work. When building trusting and long-term relationships, a person’s occupation should not be the only topic covered.
For me, I like to know what someone does, who they work for, and how I can help. When talking about occupation, my goal is to see if I can help either by way of introduction or through my firm’s legal services.
Recreation
Recreation includes everything you like to do outside of work. If you are looking to spice up a conversation, start by asking a simple, “So, what do you like to do outside of work?” or, “What do you like to do on the weekends?”
If the question seems abrupt, weave a personal story into the conversation to lead into the question like, “I like to start my mornings with a swim. Do you play any sports?” or, “I just got back from a trip to Florida to escape the cold weather for a bit. Do you like to travel?”
Even if the person has completely different interests than you, this will make for a better conversation. Be curious about their recreational hobbies and ask questions. In the end, they will appreciate your interest in them and will leave the conversation feeling more energised and valued.
Dreams
Everyone has dreams, whether it is about their career or different aspects of their life. For those of you who are not fans of small talk, this topic can quickly lead into deeper, more meaningful conversations. However, I like to reserve this topic for a later conversation with someone, not for our first introductory meeting.
When I incorporate dreams into conversation, I ask a question like, “Where do you see yourself/your business in five years?” This usually leads into the perfect opportunity for me to offer my firm’s legal services or a helpful introduction.
Offit Kurman is a full-service law firm that serves dynamic businesses, individuals and families. With 16 offices and nearly 250 lawyers, Offit Kurman provides innovative and entrepreneurial counsel that focuses on clients’ business objectives across more than 30 areas of practice.
GGI member firm
Offit Kurman, Attorneys At Law
More than 10 offices throughout
the US
T: +1 410 209 6400
Advisory, Corporate Finance, Fiduciary & Estate Planning, Law Firm Services
The importance of corporate social responsibility in marketing
Eghosa Oyemwense
The importance of corporate social responsibility in marketing
by Eghosa Oyemwense
Climate change, poor mental health, poverty, world hunger, the list goes on. These are some global issues which may be linked to a perceived lack of corporate social responsibility within the business world. The world is watching as evidenced by the increased interest in promoting ethical practices and heightened public awareness of neglected corporate social responsibilities.
Corporate social responsibility (CSR) refers to the ethical, sustainable, and equitable operation of a corporate entity. This is not limited to preventative practices but rather encompasses responsible remedial practices which acknowledge a company’s error and the resulting negative impact on society, and proffer actionable solutions for the future.
With the evolution from traditional to modern marketing, which emphasises sustainability, companies must now examine their company goal, innovation and value, the customer’s perspective, and societal impacts, in addition to cultivating an audience through both traditional methods and television, billboards, and modern media, social media, and other online platforms.
Companies can leverage heightened interest in CSR by integrating any of the United Nations Sustainable Development Goals (SDG) into their mission by crafting progressive policy documents, sustainable materials, active societal development, and ongoing philanthropic giving. This not only benefits stakeholders but also opens up real-world opportunities for ethical marketing. Businesses must be honest and upfront, avoid greenwashing, fulfil legal bases, and uphold moral commitments which they can promote through their websites, annual reports, social responsibility programmes, and other means.
When firms think about the long-term social consequences rather than the short-term gains, they build trust and customer confidence over time, which leads to loyalty, customer and staff retention, improved public relations, lower costs, and improved sales.
Genuine integration of CSR requires listening to and adapting to societal challenges, and as a result, CSR in marketing shows accountability and attentiveness. Companies need to become more conscious of their detrimental impact on society, and develop meaningful marketing strategies to effect good change.
Do you adapt corporate social responsibility practices in your firm?
- Yes.
- We just have started to implement processes.
- No, it's not a topic for us.
Eghosa Oyemwense is a Business Development and Research Analyst. She obtained her Bachelors and Masters degrees Business and Management BSc (Hons) and Marketing and Entrepreneurship (MSc) from Aston University in Birmingham, in the UK. Eghosa is a human rights and branding enthusiast with noteworthy skills in research and marketing practises. Contact Eghosa.
Regent Assay is a leading mid-market corporate finance and consulting practice with a unique blend of strategic advice and transaction services. We work with owners and management teams who are looking to prepare for a full or partial exit, and accelerate their growth organically or by acquisition.
GCG Capital member firm
Regent Assay
Birmingham, England, UK
T: +44 121 200 3800
Corporate Finance, M&A
Join a group – making the most out of your association membership
Allen I. Kutchins
Join a group – making the most out of your association membership
by Allen I. Kutchins
Allen I. Kutchins (CPA, MST, CFP, and founding partner) has over four decades of public accounting experience. He specialises in tax and financial planning for businesses and families. He helps clients accelerate business revenue growth and plan for retirement. Contact Al.
“You need to plant before you can harvest.”
Stephen R. Covey
Everyone says, “Join a group – it’s good for networking. It will generate business.”
Not so simple. Rarely do you walk into an event and have attendees rush up to you with referral opportunities. It takes time. You need to build trust.
When attending an event, try to obtain the guest list ahead of time. Identify 2-3 individuals who you would like to meet. Consider reaching out to them beforehand. Check their LinkedIn connections to see if you are close to someone in their network who could make a warm introduction for you.
One of the easiest ways to build trust is to join a committee and get involved. When you are working in a small group, other members will notice your hard work. It will allow you to get to know fellow members more intimately. This also takes time. Normally plan on 2-3 years to build these relationships and develop trust.
One issue that creates challenges for CPA professionals is our workflow. Networking, business development, and trust building are a year-round activity. You cannot disappear for months and expect to maintain relationships. You need to block out time every week/month of the year to build relationships. Speedy responses and accessibility are great trust builders.
As you identify individuals that you believe share your values, do some power one on ones – or one on twos. This will allow you to get to know people more intimately. If in-person meet ups are not possible, Zoom also works well. I find that entering birthdates and anniversaries, (as you learn of them) as recurring events in your calendar gives you a good opportunity to send a short note and show others that you care.
As Stephen R. Covey says, “You need to plant before you can harvest.” Your involvement in any group is planting. Building trust will create the harvest.
KRD Ltd is a CPA firm that offers a full range of client services – accounting and software consulting, audit and assurance, tax strategy and preparation, business valuations and financial planning advisory services. Their team of 80 members have been serving clients in Chicago and the surrounding areas for 30 years.
GGI member firm
Kutchins, Robbins & Diamond, Ltd. (KRD)
Chicago (IL), USA
T: +1 847 278 4335
Advisory, Auditing & Accounting, Corporate Finance, Fiduciary & Estate Planning, Tax
Two takeaways to use – marketing on LinkedIn
Raf Uzar
Two takeaways to use – marketing on LinkedIn
by Raf Uzar
Raf Uzar focuses on the continuing development and the improvement of firm-wide performance, strategy, and culture. He is a member of the UK's CIPD and supports the legal team at Penteris in his role as Head of Communication and Development. Contact Raf.
Thanks to its 810 million members, an advert on LinkedIn can reach approximately 15 percent of the world’s population.1
The effectiveness of this primarily business-oriented tool will only increase owing to the ever-deepening saturation of social media across the planet. The number of social media users increased by over 10 percent this year; and with members in over 200 countries, 58 million member companies, and 77 percent of content marketers saying LinkedIn produces the best organic results, it’s a tool worth investing time in.1
The social media statistics certainly stack up. 75 percent of B2B buyers and 84 percent of C-level executives use social media to make purchasing decisions, and 78 percent of salespeople using social media are outselling their peers. Furthermore, using social media selling tools can increase the average deal size by 35 percent.2
Takeaway #1: Start posting great content on LinkedIn
It’s clear that great content can generate great leads, so why doesn’t everyone have great leads? First, not everyone has great content. Second, not all great content is pushed in a great direction.
To illustrate, although the vast majority of marketeers (97%) maintain that content marketing is part of their marketing strategy, only 57 percent have a documented content-marketing strategy.3
Takeaway #2: Marketing should be strategised, planned, and documented
If you haven’t started already, follow these steps:
- Plan how regularly you can post content about your business;
- Make your content interesting for potential clients;
- Engage with readers/clients.
And if you haven’t started already, begin today.
Do you consider LinkedIn important for your business?
- Yes, definitely.
- I am not sure.
- No, it's overvalued.
References:
1. “The Global State of Digital 2022”, Hootsuite, 2022.
2. “149 Eye-Opening Sales Statistics To Consider In 2022”, Spotio, 2022.
3. “State of Content Marketing 2022 Global Report”, Semrush, 2022.
Penteris is a European law firm committed to helping clients keep ahead of the market with a mantra of “getting things done” and “building long-term relations”.
GGI member firm
Penteris
Warsaw, Poland
T: +48 22 257 83 00
Law Firm Services
Board of director involvement - should you take the plunge?
Kimberly Camillo
Joining a board of directors can be an exciting and valuable experience both professionally and personally, but how do you know if it is right for you?
Start by considering the time and financial commitments. Inquire about the length of meetings, attendance and participation requirements, as well any expectation surrounding financial support. Talking to existing board members and asking them to discuss their experiences can provide a realistic overview for anticipated engagement.
Next, expectations and responsibilities should be addressed. Find out if the organisation has a board of directors manual describing roles and responsibilities. If one does not exist, reach out to staff or management for a description. Then consider whether or not you can fulfil these expectations and how willing you are to do so.
Personal interest and commitment play a very important role. Inquire about the trajectory of the organisation as a whole and its long-term goals. Due to the pandemic many ideas concerning the role of organisations has changed. Make sure you understand the current path and decide if it is something you can support and be passionate about.
Lastly, do your due diligence. Ask for a copy of the by-laws. Read them thoroughly and ask questions. Learn about the day-to-day operations including staff, management, and any related contracts. Inquire about insurance coverages both for the entity itself and the board, and if there are any existing legal or financial concerns.
Serving on a board is an honour but it does come with a great deal of responsibility. Make sure you are there to help the organisation grow, and be willing to roll up your sleeves and work. Be responsible and understand what you are committing to before saying yes.
Cavitch maintains long standing relationships with its clients, both businesses and individuals, providing generations of business owners and their families’ full service legal representation. The attorneys and paralegals at Cavitch, along with its experienced administrative staff, treat each and every client with the utmost care and attention designed to facilitate sophisticated representation on a cost-effective basis.
GGI member firm
Cavitch Familo & Durkin, Co., L.P.A.
Cleveland (OH), USA
T: +1 216 621 7860
Law Firm Services
The value of regularly sending newsletters to clients
George L. Taveras G.
The value of regularly sending newsletters to clients
by George L. Taveras G.
George Taveras is Marketing Manager at Guzmán Ariza. He is a strong marketing professional with a Master of International Business (MIB) from the University of Wollongong. George is skilled in marketing management, intercultural communication, budgeting, and market planning, with a demonstrated history of working in the marketing and advertising industry. Contact George.
Newsletters are an effective way to stay in touch with clients, build trust, and share news about your firm, while also building and solidifying your firm’s brand.
The benefits of regularly publishing an engaging and informative newsletter include establishing the firm’s knowledge and expertise, helping with the firm’s reputation, establishing trust, and helping to develop stronger relationships.
They also help to secure new and repeat clients, amplifying your potential network for referrals.
Content: Write about subjects you know best, and don’t be afraid to ask for help from people that can add new and interesting viewpoints to the topics being discussed. The point is to keep things interesting and fresh, and to have content that is relevant to your readers.
Some ideas we have seen in legal newsletters include case studies, listicles, newsjacking, attorney profiles, video content, curated content, FAQ, updates on changes in the law, educational guides and resources, statistics and numbers, contests and giveaways, infographics, business developments, and stories about community spirit. Keep in mind that the information must add value to the reader and help with the branding of the firm.
Always include well-written and properly researched content and try not to come across as pushy or sales-oriented. Use plain language and keep articles concise. Once you have all this sorted out you should identify who the writers will be.
Design: A legal newsletter must be well-organised so it doesn’t overwhelm the reader. It should be easy to skim, allowing your clients and prospects to find what interests them the most. It’s a good idea to tie in your newsletter design with your firm’s branding. Your website should also match this design very closely.
Periodicity: Keep a consistent release schedule. You should release issues regularly, but be realistic about how often you can regularly put together a proper newsletter with high-quality content.
Audience: Who are your readers going to be – clients, prospects, legal industry professionals? The answer will influence most of your content and design decisions. Also consider where the database for sending your newsletter is going to come from.
Distribution: Sending a newsletter is not the same as sending email – that’s why you need to choose an email marketing software, such as Mailchimp, Constant Contact, etc., which can help you send professional-looking emails, manage your contacts, and track your email’s effectiveness.
Subject Lines: These should speak directly about the content of the newsletter, but be provocative enough to make your readers want to open it. You want to write subject lines that will speak to your readers and appeal to them.
Do you send out newsletters regularly?
- Yes.
- No.
- No, but we plan to do so.
Guzmán Ariza is the largest law firm in the Dominican Republic with eight offices strategically located throughout the country, allowing it to provide immediate and accurate service. The firm is client-oriented and offers a full range of services through a multilingual team of experts. Its practices have earned it a reputation in the local and international business community as a trusted and respected firm that produces results.
How to engage your whole firm to grow your social media presence
Diane Walsh
How to engage your whole firm to grow your social media presence
by Diane Walsh
Growing your social media presence and reach is now more critical than ever to a professional services firm. Your most crucial conduits of this are your own team members. I understand this is a lot easier said than done. However, you can implement several processes and communications to encourage team members to participate.
Ask your team members to like and share your social media posts. A welcome email to new hires via all social channels, encourages them to follow your company and results in high compliance from a simple ask. Our firm has an active social media presence. To help communicate this internally, we send a weekly social media roundup to our whole team, including every post and easily shareable links.
Several software programmes, including Clearview Social, Act-On, Hootsuite Amplify, Spotler, and Influitive help extend your social reach. While each of these programmes has different features, they all allow your individual team members to share social media posts with one click or even automatically share all your posts to the individual’s network on chosen social channels. Our social media-earned media value (EMV) after implementation increased 10-fold.
We also host weekly and monthly contests for social media sharing. The easiest method of measuring the results is through one of the above-mentioned programmes, which will calculate your EMV. In one instance, a small incentive garnered tremendous competition amongst the team and increased EMV on the weeks we ran a contest.
Our marketing strategy has been creating videos for designated service or industry areas. We include all levels of team members in that area, not just partners. In doing so, they’re engaged in our posts and share with their networks on all channels.
As more of our lives are centred online, it becomes critical to engage your team in sharing your message. Internal communications are the key to helping guide and encourage them to participate.
Prager Metis International LLC is a top accounting firm providing a full range of accounting, audit, tax, and advisory services to domestic and international clientele in a wide range of industries. With 24 offices worldwide, we have a level of expertise and a unique global presence that makes your world, worth more.
Diane Walsh is the Chief Marketing Officer at Prager Metis. She is responsible for all facets of marketing for the firm, including communications strategies, regional and global marketing strategies, events, business development, and media relations. Contact Diane.
GGI member firm
Prager Metis International LLC
More than 20 offices throughout the USA
T: +1 212 643 0099
Advisory, Auditing & Accounting, Corporate Finance, Fiduciary & Estate Planning, Tax
Team building is about building trust
Darya Oshurina
Darya Oshurina is a Senior Business Development & Marketing Manager. She specialises in brand strategy, positioning, team development, external and internal communications. Contact Darya.
Have you ever faced the situation where, one day out of the blue, a key specialist abruptly leaves and you can’t even imagine what went wrong?
It’s important to reflect and ask yourself what factors make loyal and motivated team members. Money, of course, but what else? According to recent research in the Russian legal business development community, for example, marketing and business development specialists in Russian law firms are motivated by 3 top points:
- Being respected and recognised by partners and lawyers.
- Seeing visible growth and development of the brand and the firm.
- Having diverse tasks and opportunities to make decisions.
As you can see, money is far from the top consideration.
There is another immeasurable component to is vital – quality interpersonal relationships, which you as a partner build with everyone in your team. Consider how building relationships works in your personal life: the more attention and value you place on a person, the more loyal they becomes.
But what does this actually mean? Let’s call it a principle of “customised motivation” which may include a number of activities. The basics are:
1. Research
From time to time have friendly talks with your team members, or identify a person in your team who can act as a “confidant”, who can “measure the temperature” inside. Who investigates the worries and problems your team members may have. This way you will have a general picture and understanding of potential threats which may lead to losing your key team members.
2. Pay attention
By becoming aware of hidden worries and frustrations, you can prevent them from becoming crucial. Even small contributions and attention by you personally can make the difference and save a key staff person from burning out and leaving. What can you do? Actually, everything. But first of all, provide compassion and support. Very often this works like nothing else.
3. Communicate
Ask for opinions, have discussions, reckon with what team members have to tell you. For example, you can use polls in messengers when you need to make decisions connected with the team’s activities. Moreover, there should always be an element of entertainment and inclusion.
4. Trust
Respect the trust and confidence your team members place in you. Remember that everything you may learn from a team member in a confidential conversation should never be disclosed to others.
Nektorov, Saveliev & Partners is a law firm established in 2006 in Moscow, Russia, focused on providing comprehensive legal solutions to corporate and private clients under Russian and English law. Their main practice areas are sanctions compliance, corporate and M&A, international arbitration and litigation, tax, public-private partnership, investments and real estate. They provide legal support to clients in Russia, CIS countries and worldwide.
How to remove borders for your business
Alan Rajah
How to remove borders for your business
by Alan Rajah
If the pandemic has shown us one thing, it’s that business can be conducted very well using remote means. Using video-calling software to connect with the social and business sides of our lives showed that businesses had been needlessly restricting themselves. Wider use of online interactions has opened the door for businesses to start looking at new ways of working, and created an opportunity to focus more on international markets.
Tips for how to remove borders for your business
1. Research market needs and identify trends:
High-quality market and competitor research will allow you to identify unmet market needs. Critically examining the market where you operate will always yield ideas and opportunities for those prepared to try something new.
Identifying trends within your sector allows for greater understanding of how to lead the way in the face of any changes.
2. Develop your message:
It’s time to flesh out your ideas and refine your offering for new markets. Developing a brand profile will help you to understand your target audience. You can then focus on them more directly with marketing.
One way to implement this is by undertaking A/B split testing to see which version converts best. With iterative advert testing you can really home in on what works vs what should be dropped.
3. Streamline virtual systems:
This is a key point and one that really comes into play when dealing with international customers. Identifying and automating all of your online points of contact means that potential customers receive a timely response. This holds true even when they are located outside your time zone.
Through a strategic approach, many businesses have the opportunity to access international markets that may have been harder to reach before the pandemic. With a carefully mapped out plan and dedication to new innovative systems, many businesses can now tap into these markets with ease.
Established in 1969, Lawrence Grant, Chartered Accountants has built a reputation for its distinct approach to individuals, sole traders, corporate businesses and multi nationals, offering personalised accountancy services and taxation advice. They offer professional expertise and specialist services, helping clients to grow their business and personal wealth.
Alan Rajah has over 20 years’ experience of working on international tax, consulting on a wide range of clients from large multinational corporations to SMEs and individuals. Alan is a member of the GGI International Tax Practice Group (ITPG). Contact Alan.
The future of work in the digital age
Belén Renau
The future of work in the digital age
by María Belén Renau
María Belén Renau is a Public Accountant graduated from the Universidad de la República, Uruguay, and is currently in the last year of her Master in Business Administration (MBA) degree at Universidad ORT. She works as an accountant in the area of accounting and tax advice at Carle & Andrioli. Contact Belén.
Digital transformation is an imminent reality in today's business world and implies significant opportunities in optimising time and resources, but it can also generate uncertainty regarding the replacement of human work.
Considering this scenario, organisations such as OECD and WEF have conducted studies on the future of jobs with a high risk of automation, concluding that although it can affect jobs, it has not yet been proven that it is a risk for the workforce, and in fact, quite the opposite. It is estimated that by 2025 the automation rate will be 47 percent (currently it is 33 percent), which will cause the displacement of about 85 million jobs, but at the same time, generating about 97 million new jobs.
Nevertheless, it is important to be prepared to face these changes. It is essential to take a proactive stance, adapt and prepare to work with this reality, not against it. Thomas H. Davenport and Julia Kirby propose five alternatives in their article “Beyond Automation”:
Step up: To achieve a higher intellectual ground, you must contribute with a perspective and a higher level of abstraction than any digital device can reach.
Step aside: It is important to highlight the abilities of the human being that cannot be codified or artificially rationalised (empathy, affection, understanding, persuasion, leadership).
Step in: Even with constant advances, technology has limitations, making human intervention and supervision essential. People must work as a team with the robot – they make sure that the computer is doing a good job, and the computer does the job better.
Step narrowly: This involves finding a specialty that is not yet economically profitable to automate.
Step forward: Technology is in constant growth and progress occurs daily, but it is key to remember that behind these innovations there are people creating them. This involves thinking outside current boundaries, spotting gaps, and imagining tools that don't yet exist: build the next generation of artificial intelligence.
Carle & Andrioli Contadores Públicos was established in 1991 and became an independent member of GGI in 2001. It offers consulting, audit, tax and accounting advisory services. The firm currently has 50 employees and provides services to companies in the industrial, agricultural, commerce and services sectors. Since 2010, all services provided are certified according to the ISO 9001:2015 norms by UNIT and the Spanish Association for Standardisation and Certification (AENOR).
CFOs remain positive despite range of global challenges
Jennifer McGuire
CFOs remain positive despite range of global challenges
by Jennifer McGuire
Jennifer McGuire is Partnerships Director at Globalizations Partners. With a Psychology Degree from Newcastle University, Jennifer loves to create meaningful relationships that create mutual commercial benefit. Jennifer has a real passion for helping people and connecting problems to solutions. Contact Jennifer.
The fourth annual Globalization Partners’ CFO survey reveals that the large majority of financial executives across the world are keen to grow globally. In fact, 83 percent report long-term plans that involve expansion into new countries. This optimism comes despite challenges due to wage inflation, supply chain disruption, talent shortages, and other recent global events.
The success of flexible work arrangements introduced during the Covid-19 pandemic has influenced this bullishness. The ability to source talent across borders has also complemented corporate growth.
Global hiring benefits outweigh hesitation
With the uncertainty caused by inflation pressures and a potential recession, a hesitancy among financial chiefs would be understandable, yet just 10 percent have stalled completely on their expansion plans.
The clear benefits of global hiring have influenced this bullishness. For example, it lends itself to engaging workers from diverse backgrounds, which CFOs believe benefits their bottom line. This explains why 80 percent of financial leaders are interested in tapping into a cost-effective, international talent pool equipped with appropriate skills.
Flexible work arrangements facilitate global growth
While sourcing and retaining local talent remains highly competitive, prospects brighten when building global remote teams. Some 92 percent of CFOs say offering a remote work policy helps attract and retain employees and allows companies to tap into international talent pools. And 53 percent of CFOs see benefits like flexible working arrangements and training as vital to employee retention for the next 18 months.
In addition to the challenges impacting today's business world, time-consuming legal and HR tasks often deter companies from expanding internationally. Now, by partnering with a market-leading Global Employment PlatformTM, you can leave the logistics to the experts and enter new international markets in mere days.
Contact us to learn more.
Here is the report itself – Report: CFOs Feel Long-term Growth Plans Hinge on New Markets.
How does ESG apply to your firm? Consider CSR
Anthony J. Soukenik
Anthony J. Soukenik is a Shareholder of Sandberg Phoenix & von Gontard and has previously served on the firm’s Executive Committee. Tony is a member of the Business Law Practice Group and a former Practice Group Leader. He focuses his practice on the areas of banking, construction, real estate, corporate law, durable medical equipment, estate planning, real estate, and federal and state taxation. Contact Tony.
The GGI Corporate Governance & Compliance Special Interest Group (SIG) has presented the topic of Environmental Social Governance (ESG) and trends of compliance with ESG regulations. As ESG is discussed in the US, most professional firms wonder how it applies to their firms. At the GGI European Regional Conference in Cyprus, Richard Collins, Founder of Ecobrand, was a keynote speaker and promoted and discussed corporate social responsibility (CSR). Richard’s presentation discussed the evolution of the CSR pillars to ESG, and the application of CSR and its integration in our professional firms.
Richard explained how in the workplace the social aspect of ESG satisfies CSR accreditation with respect to customer responsibility, health and safety, human rights, privacy and data security, and product responsibility. From the governance standpoint, Richard explained how, in our firms, workplace board independence, corporate governance, diversity and inclusion and ethics are an essential part of the CSR pillars.
Richard explained how CSR can assist our professional firms execute our social responsibility by using it to retain employees and engage employees to feel productive and foster a sense of purpose. This will result in a significant return of improved reputation, an engaged and productive workforce and your firm becoming the employer of choice. We recommend that you review the link from the Limassol programme of Richard’s presentation, and attend our SIG at the GGI World Conference in Montréal in October.
With more than 175 attorneys across seven offices, Sandberg Phoenix & von Gontard’s work is concentrated in the areas of business, business litigation, intangible property, health law and products liability. They stand behind their promise to provide superior client service with a rare client service guarantee, reflecting their commitment to quality and broad depth of legal expertise.
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Sandberg Phoenix & von Gontard P.C.
St Louis (MO), Alton (IL), Carbondale (IL), Edwardsville (IL), O’Fallon (IL), Kansas City (MO), Clayton (MO), USA
T: +1 314 231 3332
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Would you like to contribute to the next issue?
Practice Group members are invited to email a topic suggestion to Barbara Reiss no later than 10 January 2023.
(If approved, the final article will be due by 07 February 2023.)
