CPA firms today face a common challenge: How do they remain relevant, innovative and forward-thinking? Amid advancing technologies, artificial intelligence, and shifting client expectations, leaders must provide a clear vision to inspire and guide their teams. Too often firms are trapped in a shared services environment rather than a shared vision.
A "massively transformative purpose," or MTP, offers that shared vision. It's a north star to align every firm member toward a shared goal that transcends traditional success metrics.
So, what is an MTP?
An MTP is a bold and audacious statement defining a desired future state for the world, industry, profession or community. Unlike a mission or vision statement, an MTP isn't about your organization or its immediate goals. Instead, it's about the larger impact you hope to create. It acts as a gravitational force that attracts clients, talent and partners.
Examples of well-crafted MTPs include:
- "To accelerate the world's transition to sustainable energy." — Tesla
- "Organize the world's information." — Google
- "Humans must become a multiplanetary species." — SpaceX
Why an MTP matters for CPA firms
CPA firms often define success by traditional metrics such as billable hours, revenue growth, or client retention. These metrics are essential, but they don't necessarily inspire teams or differentiate your firm in the marketplace. An MTP helps your firm:
1. Attract and retain talent. A compelling MTP gives employees a sense of purpose beyond their day-to-day tasks. This sense of purpose fosters engagement and loyalty.
2. Strengthen client relationships. Clients increasingly value working with professionals who share their values and are committed to broader societal goals.
3. Drive innovation. An MTP encourages firms to think beyond incremental improvements and consider transformative changes that redefine the profession.
Steps to develop your MTP
Before you can use an MTP to reach your goals, you must think about who you wish to serve and what your services will look like. Here are some steps to get started.
1. Ask transformative questions. Consider what you offer (or will offer in the future) to deliver value in radical and innovative ways. Some potential questions include:
- What does the world hunger for, and how can our firm contribute?
- What would we do if we could never fail?
- What impact would we strive for if we received unlimited resources today?
2. Ensure key attributes. An MTP isn't a vision or mission. Think bigger. Your MTP should be:
- Aspirational. It describes a desired state that inspires action.
- Audacious. It must be bold enough to make a significant impact.
- Transformative. It should address the "why" behind your firm's existence.
3, Test and refine. To gauge their reactions, share your draft MTP with team members, clients and stakeholders. Does it excite them? Does it make them lean in and ask, "How?"
Embedding MTP in your firm's DNA
An MTP isn't a one-time exercise. To create meaningful change, you must integrate it into the firm's vision, planning and accountability structures. Here's how to do it:
1. Vision. Use your MTP to set long-term goals and align strategic initiatives.
2. Planning. Break down your MTP into actionable milestones. Make sure every individual, department and service line understands their role in achieving the broader purpose.
3. Accountability. Create feedback loops to measure progress and adapt as necessary. Leadership must consistently champion the MTP and demonstrate its importance through words and deeds.
A well-defined MTP positions your firm to thrive in the 21st century and beyond. By aligning your team around a transformative purpose, you'll foster innovation, attract like-minded clients and partners, and impact the profession. To paraphrase Margaret Mead, small groups of thoughtful, committed citizens and entrepreneurial leaders can change the world. Indeed, it's the only thing that ever has.
Think — plan — grow!
