Take the Guesswork Out of Creating a Development Plan

In my role at IMA©, I oversee the creation of management accounting educational products that help our members expand their professional knowledge and skills. These products include webinars, online self-development courses, and live events such as IMA’s Annual Conference & Expo and Leadership Academy workshops.

Before selecting educational products, it’s important to first take stock of your professional development needs for your current situation as well as your career aspirations, and then put together a plan. If you’re unsure of where to start, here are some ideas.

Take Stock in Your Professional Knowledge and Skills

Young businesswoman thinking and cloud of mind with quiestionsThe first step in creating a professional development plan is to assess your management accounting skills and knowledge. There are various ways to do this. You can ask your colleagues or manager for their perspective, consider feedback received during your performance reviews, talk with a mentor or coach, or do a self-assessment. After obtaining feedback and results, you can then determine which areas for growth you want to focus on when building your development plan.

Plan Your Development

Once you’ve benchmarked your skills and prioritized areas for improvement, you can start building a development plan that is customized to your particular needs. This involves considering the extent of what you need to learn, how much time you have to devote to expanding your skills, and what types of education you find most attractive. Remember to consider various options for development, including self-study online courses and webinars, relevant books and publications by thought leaders, blended learning solutions involving classes and online courseware, live events such as conferences or specific training sessions, networking with others, and on-the-job activities.

After researching the various learning opportunities, select those which you feel best meet your needs and record them on your development plan. Also, determine the date you want to start each of your selections as well as a completion date.

Commit to Your Plan

A critical next step is to “work” your development plan by starting and completing the activities you’ve identified to close your skill gaps. As you progress with your activities, it will also be important to update your development plan with actual results. This will keep you motivated to continue on your professional development path. Then, at certain intervals (such as quarterly, semi-annually, or yearly), you should take stock regarding the broader progress made against areas for improvement to ensure you are successfully closing your skills gap. If diligent about your efforts, you will be proud to see your progress.

Continue Your Professional Development Progress

careerdriverIMA’s CareerDriver ™ career planning tool is designed to help members assess their management accounting competencies and create personalized development plans. Whether you are looking to transition into a new role, strengthen your skills, or discover new professional possibilities, Career Driver has the right personalized approach for you.

Gaining new knowledge and skills is a lifelong adventure as well as critical to professional success in your current and future positions. The personal assessment and development plan process is a continuous discipline in which you will reap many benefits. Enjoy this important professional journey!

Written by Debbie Warner, CPLP

 

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Innovation: A PR Tool or Part of Business Success?

As IMA’s CEO, I fully support a culture of innovation and entrepreneurship. In fact, it’s one of IMA’s Global Core Values. We live in an environment of competition, consolidation, commoditization, and complexity. An emphasis on innovation as a sustainable business process helps you reach your company’s financial and nonfinancial goals by delivering differentiated value. Here are a few questions you can ask yourself when considering innovation in your company:

  1. Why is it important?

In today’s fast-paced business landscape, companies need to innovate to stay relevant and successful. A company that fosters innovation allows its employees and other stakeholders at all levels to become involved in the innovation cycle, from ideation to implementation.

For example, after two years of having a staff innovation council at IMA, we believe innovation is built into our strategic “DNA” with incentives to take risks and build prototypes to test ideas early. We follow Cynthia Barton Rabe’s credo: “Don’t let what you know limit what you can imagine.”

  1. How will you inspire innovation?

Recent IMA research found that while companies want to innovate, they fall short on the “how-to,” which includes innovation governance and measurement and the role of the CFO. Make it part of your culture and strategy to ensure sustainability. Treat it as a body of knowledge or a business process that requires investment, governance, and reasonable short- and long-term ROI expectations.

Per reengineering expert Gary Hamel, “Radical innovation comes from generating a collective sense of destiny, from unleashing the imagination of people across the organization and teaching people how to see unconventional opportunities… Most companies devote too much energy to optimizing what is there than to imagine what could be. We need to create constituencies for ‘What Could Be.’”

  1. How will you measure innovation?

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IMA recently published Advancing Innovation by Patrick Stroh that includes a new measure called Innovation Value Score (IVS). It uses the BSC framework developed by cofounder Robert S. Kaplan, who wrote the foreword of the book. IVS allows you to assess innovation success, drive innovation in your company, and provide actionable information to corporate decision makers.

While our members, customers, and the profession are the ultimate judge of IMA’s value-added products, services, and bundles, IMA has delivered on several innovative ideas in the past year, including CareerDriver, a new self-assessment competency management tool; the Student Leadership Experience, giving qualified students an opportunity to directly participate in IMA’s Board meetings; and an “inspired technology lab,” focusing squarely on the user experience with IMA portals.

Driving Home Innovation

Don’t treat innovation as a “one-hit wonder” or PR tool to impress your members, customers, board, or other stakeholders. Instead, enable innovation governance, measurement, and role clarity to experience long-term innovation success.

Hamel put it best: “To encourage innovation, to create a real constituency for What Could Be, companies need to unleash ideas, passion, and commitment across the company. We have to move…beyond innovation as a once-in-a-while project, to thinking about innovation as a deep capability.”

Written by Jeff Thomson, CMA, CAE
Follow me on Twitter @ima_JeffThomson

Related Articles:
How to Drive Innovation as a CFO – Jeff Thomson, Forbes
Advancing Innovation: What’s Your Role?Strategic Finance
How Crowdsourcing Delivers Supply Chain Innovation – CFO.com