Top 5 Takeaways from Summit 2020

Below are my top five takeaways.

1. Strategic transformation. No matter which track you attended, you probably heard one message loud and clear: the future is here, and firms need a clear strategic vision to survive and thrive. When we think of change management and future readiness, we typically turn to tools, training, and technology. But no matter what change we are facing, we need to think carefully about the business strategy behind that change. The goal isn’t simply to dump our legacy systems into new technology or formats—it’s to build and execute a deliberate strategy for the future. Our Summit speakers provided some fantastic takeaways about what this looks like in practice.
2. The role of virtual. Hosting Summit virtually taught us that virtual can work, but it can never replace live, in-person events. Most of us would have preferred to gather in person in Vegas, but it was helpful to have this opportunity to learn how to navigate a new format and clarify the role of virtual in a post-pandemic world. While virtual can’t compete with the value of in-person connections (unless we all become Borgs), it can enhance and broaden reach. I think we are walking away from Summit 2020 with some great insights about how live and virtual can come together next year. Summit 2021 will be even bigger and better because of this year’s experience.
3. Relationships and trust. In a time when people are feeling increasingly disconnected, relationships are more important than ever. They are central to everything we do, whether it’s how we show up for clients during the pandemic or how we manage our teams virtually. And as our speakers reminded us, relationships do look different in a virtual world. While it can be more challenging to communicate clearly and maintain trust from a distance, Summit 2020 was packed with practical tips about how you can develop critical virtual skill sets that enhance connection and engagement during these difficult times.
4. Leading the charge. As I mentioned in my opening session, now is the time for CEOs and firm management teams to take charge and drive transformation. It takes a coordinated effort to get exceptional results—and leading that charge isn’t easy. We hear you. In our Summit evaluations, some managing partners said that there were certain presentations they wished they could have shared with their entire partner group. We have been uploading session recordings into Pathable so that you can share the presentations you found to be most helpful with your teams. This is a great place to start if you’re interested in sparking discussion and getting your team on the same page.
5. Common concerns. With the highest attendance and ratings in sessions dedicated to the CARES Act/PPP, SALT, international tax, M&A, and firm management, it’s safe to say that many of our firms are facing similar concerns. In that respect, Allinial Global members are a tremendous resource for each other. In this year’s Firm Management Roundtable, for example, we had some great discussion about what remote work looks like for each firm and how leadership teams are managing people they can’t see. I’m proud to see our members realizing that they can’t just wait for things to “go back to normal” if they want to attract the best and brightest talent. They are embracing “the New Normal” now by putting processes in place to prepare for a future where flex work and hybrid office and work-from-home schedules will likely become the norm.

I look forward to navigating this future together with our member firms. Together we will ALL come out stronger than before.