Archive for the ‘On My Mind’ Category
Monday, September 8th, 2014
I’ve said it, have you? – - It’s my passion!
CPA firm management is something that I get excited about, want to learn more about, never tire of reading about…. always trying to improve.
Does your CPA firm and the profession of public accounting make you feel the same way? Sometimes, at first, we are truly excited and then as time goes on we seem to lose the magic.
If you ever feel like you are losing your passion for your work. If you feel like you are trying SO hard to make others in your firm feel the passion, read this post by Leadership Freak: 3 Ways To Bring The Dead To Life.
Do your team members seem to be going through the motions like the walking dead? Do they have empty eyes and hanging hands?
The post gives you 5 reasons why passion dies, how you kill passion and how to ignite passion.
I think you will enjoy the blog post and hopefully it will inspire some action steps for you to take.
Far and away the best prize that life offers is the chance to work hard at work worth doing.
Wednesday, September 3rd, 2014
I read one of Harvard Business Reviews (HBR) management tips that reminded me of an issue that I haven’t seen many CPA firms address.
Here’s the title (follow the link to read the entire Tip):
Engage Employees by Sharing Your Financials
“Why are owners more engaged in the business? It’s not just because they’re in charge; it’s because they’re players in the game – they know the rules, they make decisions, and they watch the numbers (score).”
The topic of sharing financial information has often been discussed in CPA management circles. I have talked to firms that share all financial information with some team members (usually not ALL team members), but they steer away from how profitable the firm is and how much the owners actually make.
Would your firm’s top talent want to work hard and become a partner in a firm where the owners make $145,000, or would they prefer to work very hard and become a partner in a firm where the owners make $545,000?
Share more information with your team. At least give them some key financial numbers to track firm success over a period of time. They ARE interested.
The entrepreneur builds an enterprise; the technician builds a job.
Tuesday, August 12th, 2014
You are the managing partners of a CPA firm. You are the PIC (partner-in-charge) of audit, tax, consulting or an office of the firm. You are a firm administrator. What do they call you? Don’t you ever wonder what they call you behind your back? Do they say you are a good boss?
You might think Steve Jobs was a fearless leader yet he’s described as egotistical and abrasive. Not exactly in line with the title: Good Boss
Jim Henson, on the other hand, by all reports was a Good Boss (and yes, his employees called him “fearless leader”).
- His former employees say working for him was the best job they ever had.
- His son, Brian Henson, says: He taught me to identify a person’s talent, nurture that talent, and encourage them to look to themselves for a solution.
- His agent says Henson rarely spoke above a whisper.
- His wife says he was so patient that she sometimes wanted to kick him!
- He was a good listener, accepted ideas from others and used them.
- If he thought something hadn’t been done well, he would never say that… he would say, “Hey, I wonder if we just should try…..”
A good boss, like a good teacher, empowers their employees. This is easy to say and very hard to actually do. Most of us have egos that get in the way.
As for Henson, no one ever saw him angry. Far from lazy, he worked harder than anyone in his company. He rarely slept. He was not fearful. Never afraid to try something new.
Instead of miserly. Henson was generous, going well over budget in order to give others the time and space to create.
I routinely encounter accounting firm leaders who are miserly (only spend CPE dollars on technical education, won’t send their firm administrator to a conference that could bring huge pay-back to the firm, won’t spend any education/training dollars on their administrative team and support team, etc.).
Read the full article about Henson on Fast Company. It contains so much information to absorb and contemplate. How do you stack up?
Please watch out for each other and love and forgive everybody. It's a good life, enjoy it.
Friday, August 1st, 2014
This is one of those “my observation and on my mind” type posts.
I find that most CPAs are not what you would call great communicators. Those of you old enough might remember that Ronald Reagan was known as “The Great Communicator.” Why?
He used folksy anecdotes that ordinary people could understand – - - (Do you keep it simple for your clients and you inexperienced team members?)
He had a gift for optimism – - - (Is there too much, “the sky is falling” vibes inside your firm?)
He always spoke of the future – - - (Are you asking too many questions like why didn’t we hit our chargeable hour goals last month?)
Although he was an older man, he spoke to a younger generation – - - (Have you learned the art of sucking down, managing by wandering around and so on?)
He exuded a sense of country – - - (Are you proud of and very passionate about the brand and image of your firm?)
It was not that Reagan was in America, America was inside of Reagan – - - (Is your firm more than just you? Have you built a lasting organization?)
Reagan was known for talking about substance but he kept his message basic and simple. Keep in mind that your clients and your team members are not all as experienced as you.
I love some of the famous Reagan quotations. Here’s an example:
I have left orders to be awakened at any time in case of national emergency, even if I'm in a cabinet meeting.
Thursday, July 31st, 2014
“We need an experienced tax senior/manager.” I hear it over and over as I move about the country consulting with firms and speaking at various association/society events.
When I ask a them if they are hiring, most practitioners, firm administrators and HR managers working at accounting firms tell me “Yes, but we can’t find the people we need.” It seems everyone is looking for a tax or audit senior or manager, someone with 3 to 5 years of experience and deep knowledge of their specialty area.
I hear the same story when it comes to succession. Many current, aging partners say they aren’t able to transition their clients to “up & comers” because the firm doesn’t have anyone who 1) who shows the skills and expertise to be a partner and/or 2) has the desire to become a partner.
Times have changed, Claudio Fernández-Aráoz, author of the HBR article, “The Big Idea: 21st-Century Talent Spotting,” believes we are now in the fourth era of talent spotting. With 30 years of experience in evaluating and tracking executives and studying the factors of their performance, he considers potential the most important predictor of success at all levels.
The first era, lasted for thousands of years – - humans made choices about one another on the basis of physical attributes. If you want to build a pyramid, you picked someone big and strong.
The second era, which occurred during the baby boomers lives, emphasized intelligence, experience and past performance. Verbal, analytical type skills were the basis for assessing talent.
In the 1980s, the third era evolved and still rules. The way to spot talent is driven by the competency model. We even began considering emotional intelligence as an important competency.
The fourth era is dawning. Here’s a paragraph from the article that, to me, speaks to many of our challenges inside CPA firms:
Now we’re at the dawn of a fourth era, in which the focus must shift to potential. In a volatile, uncertain, complex, and ambiguous environment (VUCA is the military-acronym-turned-corporate-buzzword), competency-based appraisals and appointments are increasingly insufficient. What makes someone successful in a particular role today might not tomorrow if the competitive environment shifts, the company’s strategy changes, or he or she must collaborate with or manage a different group of colleagues. So the question is not whether your company’s employees and leaders have the right skills; it’s whether they have the potential to learn new ones.
The work environment for CPAs is changing. The way we communicate has changed. Social media, focus on specialty services, flexible work cultures and more have proved to be challenging for many accountants. It’s all about the last sentence in the paragraph, above: So the question is not whether your company’s employees and leaders have the right skills; it’s whether they have the potential to learn new ones.”
One powerful aspect is the fact that companies are not properly developing their pipelines of future leaders. It’s not just in accounting. In PWC’s 2014 survey of cEOs in 68 countries, 63% of respondents said they were concerned about the future availability of key skills at all levels.
What I find interesting is that many successful, high-earning, CPA partners are looking for talent that attained a high GPA in college, have outstanding technical skills and are personable, outgoing and able to bring in business…. when they admit that they, themselves, could not be described the same way.
Take the time to read this important article. Use it as a discussion tool for your partner group. This topic is retreat-level in importance.
Setting the bar high in our approach to hiring has been, and will continue to be, the single most important element of our success.
Jeff Bezos, Amazon CEO
Monday, July 21st, 2014
Sometimes in our work-a-day world we get stressed. Sometimes we get very tired. Sometimes we get annoyed by people. Sometimes we get disappointed, in ourselves and in others. Sometimes we get angry. Sometimes we get rushed. Sometimes we get our feelings hurt. Sometimes we feel unappreciated.
But, many times we feel happy. It can come from some of the littlest things…. someone shows appreciation, you receive recognition, someone says “thank-you,” you spend time with business colleagues who help you learn, someone smiles at you, your boss says, “good morning,” you get an email from an old friend…
Working with CPA firms I always recommend, IF you want to create a winning firm, one where young people will want to stay and build their careers and one where people feel joy in serving the clients, just remember that the little things can make the biggest difference.
A little thing happened to me last week. It came via social media. I tweeted about my participation in Advance 2014: The Accounting Career Summit and how pleased I was that on the agenda for the week I am listed right above Bruce Tulgan, author of It’s Okay To Be The Boss and Not Everyone Gets A Trophy and many more. You know how often I recommend these books to you! If you want a copy of my 2014 Read List (for CPAs and their teams) you can download it here.
Well, Bruce Tulgan replied to my tweet! Sometimes little things can make you very happy.
What are you doing for the people in your work life (and home life)?
Scheduling flexibility is the single greatest non-financial tool - and the number-one dream-job factor - at your disposal for winning battles in the talent wars. Use it.
Thursday, July 17th, 2014
Yesterday, there was a post on the Ohio Society Women’s Initiative Committee LinkedIn site titled, The False Choice Between Kindness and Success.
The topic of women in business being “nice” and “kind” and how it might hold them back, is certainly a valid discussion topic.
I believe that kindness and toughness go hand in hand. If you are kind, build relationships and win people’s loyalty, they will come to understand that some toughness, and honesty, must go along with the kindness. It is the way I have always operated.
The honesty aspect also plays into this topic. This quote from the article says so much relating to the CPA profession: “I think people just want straight talk. It saves time and in the end, it is honest. That is the bottom line. Everything else is meaningless if you don’t have honesty. Be honest and true to yourself. And from there, we can do anything.”
Absolute honesty is often avoided inside CPA firms because it can be a tough discussion. Yet, CPA firm employees crave honesty. I observe so many male (and female) CPAs avoiding being honest because it might lead to confrontation or to uncomfortable conversations. People see right through it – not being completely honest and coming across as self-serving is a losing combination.
To me it is a false choice, as the title of the article reflects. You do not have to choose between kindness and success. In my situation as a CPA management consultant, I know I do not win “jobs” because I am a woman. I have even heard feedback that other, male consultants have actually told potential clients that “Rita is too nice.” Give me honesty and kindness any day and results will follow.
Kindness is in our power, even when fondness is not.
Wednesday, July 16th, 2014
This week, Tom Peters shared a 9-page paper: The Moral Bedrock of Management.
Today, I am using his words from Page 9, hopefully, to inspire you:
Where the (Moral) Rubber Meets the Road
If the regimental commander lost most of his 2nd lieutenants and 1st lieutenants and captains and majors, it would be a tragedy.
If he lost his sergeants it would be a catastrophe. The Army and the Navy are fully aware that success on the battlefield is dependent on an overwhelming degree on its Sergeants and Chief Petty Officers. Does industry (and CPA firms) have the same awareness?
The argument here: While men and women “at the top” are responsible for setting the moral tone, the vast majority of employees work for a first-line supervisor. Hence the transmission of – - and the “walking of the talk” that matters – - is set by the full cadre of 1st-line chiefs.
Companies tend to take these jobs “seriously.” But such seriousness almost invariably falls miles and miles – and more miles – short of using this set of individuals as the singularly important transmitters of the corporate culture. Hence the “moral duty” discussed in this piece is executed first and foremost by the 1st-line chiefs.
Yes, I worry about the performance of the managers inside your CPA firm. Are they great technicians? Yes, probably and you have helped them get there. Are they walking the talk, coaching, inspiring and holding people accountable?
Help them get there!
"Too much focus on things, not enough focus on commitment." - - John Bogle
Tuesday, July 15th, 2014
Yes, but….. How many times have you used those two words?
When reading some stuff from Tom Peters, I immediately latched-on to his “Yes, but…” observations.
When suggesting new ways to do things, new trends to embrace, improved methods of managing people and serving clients, in the life of a CPA firm management consultant, we often hear “Yes, but…” over and over again.
- Yes, we have heard other firms are doing that, but at our firm…..
- Yes, we tried closing on Fridays, but….
- Yes, we thought about allowing more people to work remotely, but…
- Yes, as partners, we know we could delegate more to our staff, but….
- Yes, the partners want to do paperless billing, but….
- Yes, all of our partners agree that the managing partner needs to delegate more clients to other partners, but….
- Yes, we realize our managing partner and other partners should be more visible in our other office, but…..
- Yes, we would love to have a woman partner, but….
- Yes, we need some up-and-comers, but……
- Yes, we have some below-average performers, but….
Need I go on?
No one ever excused his way to success.
Dave Del Dotto
Monday, July 14th, 2014
Since it is Monday, I thought I would talk about Fridays. This coming Friday are you going to be in the office for 8 hours? Are you going to be in the office for 4 hours or not at all?
I am finding many firms doing many things with Fridays. Some are closed but, of course, clients can reach their key person via mobile device. Some firms work half-days on Fridays and tell me that clients don’t seem to mind at all because they often take that day off, too or work very little on Fridays.
I know, first hand, that when I was working in a large CPA firm, the activity was minimal on Fridays, although we were never closed. Most partners left at noon, managers and others used PTO to take a half day off. The “flexers” usually did not include Fridays, in the summer, in their work schedules.
Have you been pondering this possibility for several years? Below are some resources that might help you make-up your mind:
Check-out the website of my good friends at Payne Nickles. Look at the lower left where it indicates hours are Monday to Friday 8:00 to 5:00 AND Friday Closed at Noon Memorial Day thru Labor Day.
More good friends, the Friedman firm headquartered in Manhattan, ranked highly on a recent Vault.com employee survey – read about the survey here that ranks the happiest accounting firms. The headliner for Friedman was the workplace initiative of its summer schedule. From June through August, there is no work on Friday. Friedman piloted the program back in 2007, and found that output actually exceeded that of a five-day workweek.
Notice how prominently closing on Fridays is displayed on the website of Borgida & Company, a Manchester, CT firm.
Check out “I Know It Can Be Done – Closing On Fridays” a blog post I did back in 2010. I truly believe that if CPA firm team members know they can have Friday off or leave early on Friday, they will work much harder Monday – Thursday. If that is not the case with your team members, perhaps you have deeper problems with your team members.
Here’s a good article on FastCompany, The Good, The Bad, and The Alternatives: What Bosses Really Think About Summer Fridays.
The problem is not the problem. The problem is your attitude about the problem. Do you understand?
Captain Jack Sparrow