Archive for the ‘Change’ Category

Thursday, February 22nd, 2018

Being Positive Can Be a Boost To Your Health

“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” – Thomas Edison

It’s that time of year inside busy accounting firms. Everyone is focused and working very hard. Some are also working long hours and even the best clients sometimes cause frustration, not to mention the frustrations emitting from your co-workers and bosses.

Let it go! Be a positive person, in thought and deed.

I have always been an optimist and a positive thinker. I never think that things can go wrong or that something terrible will happen. Of course, there are times when things do go wrong and terrible things happen! But, you simply deal with it and move on with life. I know, it sounds easy but it’s not!

Helen Sanders, chief editor at Health Ambition has written a very helpful article to put you in a positive mood and understand the benefits – 9 Positive Thinking Tips: the Power of Positivity On Your Health. 

Every time you find yourself in a new situation, what are your first thoughts?

  • Are you the kind of person that thinks, “Oh God, this is horrible!”
  • Are you the kind of person that thinks, “Awesome, something new!”

Honestly, in my consulting work with accountants over many years, I see more of the first type of person!

Let’s say you’ve just found yourself stuck at the office on a Saturday, doing extra paperwork:

  • A negative person will grumble about their boss having it out for them, and how they always get stuck with the bad job.
  • A positive person will just get the work done because it’s “something that has to be done, and I’m the one doing it”.

I would like to see you fall into the second category in this scenario. Set a good example. Positive people can make a real difference in your firm!

Read her article and you will learn about the physical symptoms of negativity and also the benefits of positive thinking.

  • If you can dream it, then you can achieve it. You will get all you want in life if you help enough other people get what they want.
  • Zig Ziglar

Wednesday, February 21st, 2018

Innovate

“Art, freedom and creativity will change society faster than politics.” – Victor Pinchuk

I have often written about the need for CPA firm leaders to be more innovative and creative. So many firm leaders are very happy with just following the pack. Their continuing question is, “What are other firms doing?”.

Forget what other firms are doing and work on developing a culture of innovation inside your firm. If you want your firm to grow you must be able to educate your market on your unique approach to public accounting. To the outside world, all CPA firms look alike!

I recently read an article by Jeffrey Gitomer titled, “Still trying to think outside the box? What are you thinking?”

The article is about an artist who wants to create a communication program using art and imagery. It is an interesting concept and I especially like steps he outlines for a creative session. I think they could definitely be used in an accounting firm.

  • It's impossible to explain creativity. It's like asking a bird, 'How do you fly?' You just do.
  • Eric Jerome Dickey

Tuesday, February 20th, 2018

Enable Your Firm To Grow

Katie“Absorb what is useful, discard what is not, add what is uniquely your own.” – Bruce Lee

I enjoyed attending the CPAFMA Ohio Chapter meeting last week in Columbus. Katie Tolin of CPA Growth Guides enlightened the attendees about the importance of product development, something missing from most CPA firms.

Here are some bullet points from Tolin’s remarks. I hope you find them very thought-provoking!

  • For a CPA firm to grow, they need 3 things: marketing, business development, and product management.
  • In most firms, product management is missing – you need all three.
  • Accounting is a mature profession and compliance work has hit its peak.
  • We are in a sea of sameness. Starbucks elevated the cup of coffee. How have we changed the tax return? About the only thing is e-filing, now everyone does it.
  • Technology is speeding things up and that kills billing by the hour.
  • We have mature products and a mature industry, how do we innovate? It can’t only be about new products (services), we need to innovate things we already do.
  • You must always challenge the status quo. Make it part of your culture.
  • Employees need to be empowered to please clients. You need two things, happy clients and happy employees.
  • Katie Tolin

Monday, February 19th, 2018

Transformation!

“The good old days are now.” – Tom Clancy

There is a great article by Bill Sheridan via the Business Learning Institute titled, CPAs aren’t doomed … they’re transforming.

I continue to try to get the message across to CPAs in firms big and small … the good old days are gone! You must learn new skills and commit to personal change. Yes, you must transform yourself and your firm.

Here’s a paragraph (but be sure to read the entire article).

To paraphrase Daniel Burrus, your clients still need you; they just don’t need the old you. They don’t need you to manage data and fill out forms. They need your insight. They need you to anticipate the future and help them take advantage of it. They need you to be business advisors, not number crunchers.

 

  • Life is a moving, breathing thing. We have to be willing to constantly evolve. Perfection is constant transformation.
  • Nia Peeples

Thursday, February 15th, 2018

Be Bold

“Be original; don’t be scared of being bold!” – Ed Sheeran

Sometimes, I have observed that accountants are actually afraid to be bold. Don’t be!

Do things differently, treat your team differently, treat your clients differently and maybe it would be beneficial if YOU acted differently.

Many people believe that all accounting firms are pretty much alike. I have observed that fact over the years. I have also observed that there are some, a small number, that really are different.

I have also observed that there are some firms where there is one VERY bold partner. Well, almost too bold. That person lords over the partner group and the team and everyone seems to fall in line because they are afraid to be bold in return.

One of the questions I have heard over and over again is, “What are other firms doing?” This year, don’t follow the pack. Begin by giving your firm a “facelift.”

  • Is your office modern?
  • Is your logo trendy and modern?
  • Are you offering services that other firms are not?
  • Do you focus on something besides chargeable hours?
  • Are you making the client experience awesome?
  • Are you making the employee experience awesome?
  • Are you operating in the digital world – no more paper, no more fancy, expensive covers, client-friendly portals, lots of social media activity to benefit clients and prospects?
  • Is your website cool?

Read the Ed Sheeran quote, above, again. BE BOLD.

  • Originality implies being bold enough to go beyond accepted norms.
  • Anthony Storr

Thursday, February 8th, 2018

Different – Bold – Fast!

Lisa Simpson

 

 

 

 

 

 

 

 

 

 

“If everything seems under control, you’re just not going fast enough.” – Mario Andretti

Thank-you to Lisa Simpson, Associate Director – Firm Services AICPA for posting this picture from the AICPA Digital CPA Conference back in December.

If there is any other advice for CPA practitioners right now, it pales in comparison to these three statements.

Many of my clients are smaller firms. I think “Move fast” especially applies to them.

That doesn’t let the larger firms off the hook. My larger, multi-partner firms need to also take these three statements to heart.

I see “Think different” happening in many firms right now. But, being bold and moving quickly are lagging behind.

Adopt these three statements as your firm’s internal motto, a motto that will take your firm into the future. Make posters and put them up around the office. Make a screensaver using these three. Discuss the three statements at each partner meeting.

Most importantly, ask your team members:

  • Are we thinking differently enough?
  • Are we making bold decisions and taking bold steps?
  • How can you help us move faster?
  • Move fast and break things. Unless you are breaking stuff, you are not moving fast enough.
  • Mark Zukerberg

Monday, February 5th, 2018

There is No One to Replace You

“Leadership Tip: Develop leaders or your vision will die when you die.” – Dan Rockwell

On my mind today. CPA partners have been saying it for several years now, “There’s no one to replace me.”

When I hear it I cringe. When I hear it, I usually ask, “Whose fault is that?”

Have you really been that deficient in training and mentoring your employees? Or, are you telling yourself that there is no one qualified to replace you because you are going to merge up, get your pay-out and don’t want to feel guilty about disappointing some key employees?

  • We are what we repeatedly do. Excellence, then, is not an act but a habit.
  • Will Durant

Wednesday, January 31st, 2018

Blockchain – The Future of Accounting

“Education is the passport to the future, for tomorrow belongs to those who prepare for it today.” – Malcolm X

I am always searching for ways to better explain blockchain to accountants and accounting students. This infographic from Maryville University and the accompanying article are very informative.

 

Blockchain: The Future of Accounting? Infographic

Maryville University

 

  • The future belongs to those who believe in the beauty of their dreams.
  • Eleanor Roosevelt

Tuesday, January 30th, 2018

What If The Top Challenge Doesn’t Apply To You?

“Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.” – Franklin D. Roosevelt

According to a recent survey by Hinge, professional branding and marketing for professional services firms, the top challenge, cited by over 75% of respondents, is attracting and developing new business.

I agree that it is a challenge for many firms. But, what if it isn’t you? I work with several firms that fit this profile. They are able, thanks to a skilled rainmaker, to bring in new business. Their biggest challenge is how to provide awesome client service to a rapidly growing client base.

The reason they have this challenge is because they have not built a solid operational foundation and they have permitted partners to just do “it” their way. When two or more partners have survived, without committing to becoming a one-firm firm, it soon evolves into chaos.

This is also true of sole practitioners. They get along just fine until they begin to grow, add more clients and add more staff. That usually results in poor communication and client service that is less than stellar.

New employees want to know, “How do we do it here?” If you tell them sometimes we do it this way and sometimes that way or if you are working for Joe you do it this way and for Helen, you do it that way, they will soon be going their own way right out the door to another firm.

  • Quality is much better than quantity. One home run is much better than two doubles.
  • Steve Jobs

Monday, January 29th, 2018

Top Five Business Challenges

“What you are tomorrow begins with what you do today.” – Tim Fargo

Hinge Research Institute recently surveyed 801 professional services firms of varying sizes and was able to determine the top five business challenges facing these firms.

  1. Attracting & Developing New Business – 75% of respondents cited this as their top challenge.
  2. Finding & Keeping Good People – As boomers retire, it’s increasingly urgent for firms to secure strong talent.
  3. Leadership & Internal Change Issues – You need high visibility experts.
  4. Technology Issues – Technology can be a challenge and an opportunity.
  5. Commoditization of Services – What sets your firm apart from competitors offering similar solutions and great service?

Read the entire article. Do these apply to you? How are you addressing your own top business challenges? Rapid change in the profession makes procrastination very dangerous.

Check out some of the Guides offered by Hinge.

Tomorrow, I will give you my insights about No. 1 – Attracting & Developing New Business.

  • Hard work spotlights the character of people: some turn up their sleeves, some turn up their noses, and some don't turn up at all.
  • Sam Ewing