Practical ideas, lessons learned and shared experiences for those in the world of CPA firm management, human resources, administration, marketing and technology.
Think about all of the people you know. Don’t you agree that most people definitely have more strengths than weaknesses?
If you are a dedicated follower of this blog, you might have noticed that I have not been as dependable with my blogs this week and last. That is because I have been on a two week adventure in Costa Rica – Pura Vida! There was no phone contact and very limited wifi for email.
I can’t begin to relate to you what a true adventure it was. We began as 13 strangers and 2 guides and over 12 days became a team. As one traveler in our group said, “we began as 14 strangers and now we are 14 friends and still strange.”
Everyone in the group had strengths and weaknesses. What did we naturally do? We sought out the strengths in each other and overlooked the weaknesses.
For example, we went to Alex for photography advice because he was the dedicated photographer, carrying two cameras (certainly not the point-and-shoot type) and a variety of lenses. Darrell and Janet knew a lot about birds and Susan loved the mammals. We used our strengths to help each other “spot” birds, 4 types of monkeys and other jungle mammals, frogs (the size of a fly), snakes, lizards, and on and on.
Some people were afraid of heights, yet we all rallied to help them complete the Arenal Hanging Bridgeswalk. Our guide, Herman Venegas, was amazing over-all but especially with identifying birds and mammals. Other guides from various locations filled-in with specific information about their specific area along the way but Herman was the leader, the person we followed.
Consider all of the people on your team. Hopefully, you follow your leaders because they are very strong at leading. Other people at your firm are strong at audit, strong at tax, strong a international tax or state & local tax, strong at marketing, technology, administration and human resources. Seek them out for their strengths – as a
As Tom Hood, Executive Director of MACPA, notes on a recent blog post, “Leadership is about being self-aware, knowing your strengths and those of your team, maximizing the use of those strengths.” Where do you start? Read Tom’s post to find out.
In closing today, I’ve spent the last two weeks in hot and very humid Costa Rica, wearing light clothing, hiking boots and water shoes, whitewater rafting to a jungle lodge with no electricity and then a 3-hour raft trip with Class IV rapids to get out (I’m the one with the white helmet), walking on the beautiful beach on the Osa Peninsula exploring Corcovado National Park, visiting Monteverde Cloud Forest, getting drenched in a downpour at the Arenal Observatory Lodge area, experiencing the many pot-hole filled dirt roads, traveling by boat, raft, bus and small plane. And now I am in Ohio and when I got up this morning it was 7 degrees and snowing.
Let us keep the dance of rain our fathers kept and tread our dreams beneath the jungle sky.
Nothing is more wonderful to me than being in a remote area of the country, like Arches National Park or Big Bend National Park, and seeing the sky absolutely covered with stars and getting a full-blown look at the Milky Way.
The night sky does not look like that in Dayton, Ohio – too much light!
Well, here’s something special from the other direction – a great time lapse of Earth from the Space Station at Night. Wow, check out all the lights – no wonder I can’t see the night sky anymore.
The title, above, might not apply to some firms but I certainly hope it applies to the vast majority.
My advice when it comes to interns is, if you can possibly use one – hire two. If you think you might need 3, hire six. Most of you know by now that hiring for the public accounting profession has evolved to hiring from your intern pool. The best and brightest almost always accept offers from the firm they interned with. The stiffest competition in hiring on campus is for the best intern candidates.
When the interns arrive, make them feel special. I often ask groups of managing partners how they felt on their first day working in public accounting. I get some very consistent answers such as: I felt dumb. I felt lost. I was clueless. I was scared.
Now that you are more experienced, keep in mind how all new hires in the CPA world feel. And remember, use positive talk. Sometimes, people in CPA firms tend to dwell on the negative. When you describe your firm and public accounting, in general, to new hires (and to anyone) don’t forget to brag it up!
In January, when new hires and interns arrive, it is a perfect time to talk about the wonderful opportunities in public accounting. As a firm leader, take the time to talk with each one privately about the wonderful world of public accounting. I suggest comparing public accounting to being a doctor – CPAs are highly trained physicians (specialists) treating patients – sometimes you are focused on preventive medicine and sometimes you are an emergency room doctor. Sometimes you even need to provide psychiatric help (like me in the picture, above).
Here’s an example of an intern speech for you to use, just insert the name of one of your all-stars.
“You know, Nate, the reality of the CPA profession and what makes it so important to you, is the fact that it is absolutely the BEST place to TRAIN for the business world. Public accounting teaches you how to think in ways that have never entered your brain before now. Being an auditor forces you to look past what is obvious. Taxes teaches you how to be cunning, creative and forces you to think proactively. You could say that working in the tax area is like planning the strategy for an important battle.
What’s more, public accounting is like the emergency room for all business owners. YOU are the DOCTOR and PATIENTS come to you when they have a painful problem. You strip them of their clothes (so to speak), see them for what they humanly are, do x-rays, CAT scans and all kinds of tests to be sure it is a thorough examination. You see into their personal life like no other person. Then you diagnose and treat them.
Also, Nate, if you keep your eyes, ears and mind open during your time with them, you will see how successful businesses are run and how true entrepreneurs think. You might also see how mistakes and poor judgment can take a business down. What a training ground!”
The nice thing about being a celebrity is that if you bore people they think it's their fault.
In talking with many firm leaders this fall, the main theme seems to remain the same – - they want more business. While almost every firm is hiring and looking for great performers, that is not yet the most urgent topic.
At a recent conference session involving small to mid-size firms, I was amazed at the lack of understanding among the participants of how marketing for CPA firms has changed. While there is still a strong need for many of the traditional marketing activities, a firm’s web presence is so important and so misunderstood.
A term I use to help practitioners move forward on both fronts is – Create A Buzz About Your Firm.
My monthly newsletter, Solutions For CPA Firm Leaders, features two articles this month that will help you create a buzz about your firm. If you didn’t receive your copy yesterday,sign-up here.
Another major due date for CPAs is passing by – the extension date for all individual tax returns. How has it felt inside your firm? Has it been a grind? Or, was it well orchestrated and performed?
Now, it’s time to focus on a few projects (they are probably initiatives on your strategic plan) before the real busy season is upon you again.
CPAs love their work, no doubt. However, does it sometimes feel just like a grind and your thoughts turn to how much time you spend working and how much you might be short-changing your wife, kids, grandkids, friends and for some of you even your parents?
Please balance, blend and enjoy life and make your firm a firm with that same philosophy. One of Steve Jobs’ lesser known quotations generated these thoughts for me. Here it is:
“We don’t get a chance to do that many things, so every one should be really excellent. Because this is our life. Life is brief, and then you die, you know?”
If this is your first time to visit my blog this week, please scroll down and read Monday’s post and then continue to scan this week’s posts on the importance of creating a buzz about your CPA firm.
The professional service business is a word of mouth business. You want people in your business community talking about your firm and making referrals.
While physically being visible in your community is extremely important, being wildly visible in social media is must. What happens when someone hits your homepage? I hope it is all about THEM and not all about YOU.
Just a few short years ago most of the visitors to your homepage were college students checking you out to determine if you were cool enough for them to invest their career-building time. Sure, they still do that but now every potential client will thoroughly explore your website before even talking to you. You won’t have to give them the firm history….. they will already know it.
What does a potential client AND a potential new hire see when they first hit your website? Please make sure they immediately see the social media badges. Set-up your business facebook page and then keep it current. Check out Fluencein Portland, Oregon for an example.
Make sure all of your people are on Linkedin. It is the social media site specifically for professionals. The median age of LinkedIn users is 44. 61% of LinkedIn’s users are aged 35 or older. 80% are college educated. It’s where CPAs need to be listed and accessible. Many firms are bringing in local social media experts to train the entire team on how to set-up their profile properly and use LinkedIn for business.
How about Quick Response codes? Do you have one to send people to your website? Last week, at the Louisiana Society of CPAs, I received my first business card from a person at a firm that had the QR code on the back. Check out the picture. The firm is Planche Politz Ledet in Baton Rouge and I received the card from Terri F. Robinson, Office Manager. The picture is the back side of the business card.
It’s time for your firm to create a buzz with social media.
Steve Jobs has always had a bit of Buzz Lightyear in him: comically self-confident, ingenuously overbearing and over endowed with charisma
I recently directed an inquiry to about 30 CPA firm administrators asking about requirements for their job. I am trying to determine what makes some firm administrators rise above the noise and chaos and become skilled problem-solvers, leaders and even visionaries within their firms.
I apply the same thing as I work with managing partners. What separates the average person, the average firm, from the exceptional?
One key trait that came from the firm administrator inquiry and from my experience with advising and coaching managing partners is the discipline to read. Simple, right? So, why aren’t you reading more?
One of my favorite benefits of belonging to the New Horizon Group of CPA Firm Consultants is talking with some of the members about what they are reading. You might think that people focused on the CPA profession would be reading lots of leadership and management books. They are. However, they are also reading a wide variety of books including best selling novels.
CPAs should be great conversationalists. Building relationships happens through conversations and building relationships is how you obtain new clients, retain your most valued clients and keep your most talented people. Reading makes you a better conversationalist. I often find that many Millennials inside CPA firms read more than most of the owners.
I came across a blog post on a site called LifeDev. The post by Glen Stansberry is about the 8 benefits of reading (or ways reading makes you better at life). Follow the link to read the entire post, I think you will enjoy it. Here is a summary of the 8 benefits:
1. Enhanced Smarts – Reading actually helps in almost every area of smarts. Those that read have higher GPAs, higher intelligence and general knowledge than those who don’t.
2. Reading Reduces Stress
3. Greater Tranquility – Reading can soothe like no other.
4. Improved Analytical Thinking – Studies have found that analytical thinking is boosted by reading.
5. Increased vocabulary – It’s no secret that reading increases your vocabulary and improves your spelling, but did you know that reading increases your vocabulary more than talking or direct teaching?
6. Improved Memory – I have an awful memory, this one is important to me!
7. Improved Writing Skills – If you surround yourself with better writers (by reading) you will naturally improve.
8. Helps Prioritize Goals – Reading activities can actually make you more aware of things you may not have recognized in yourself.
If you would like a copy of my 2011 suggested reading list, click here.
No matter how busy you may think you are, you must find time for reading, or surrender yourself to self-chosen ignorance
By this time of year, many CPA firms have been through a partner retreat, management retreat or a planning session with the full team involved. Hopefully, when thinking about the future, you are also reflecting upon your purpose, values and vision. Are they still on target? Are they meaningful? Can your team recite them? Can YOU recite them?
Yesterday, I talked about the culture at Zappos. Here are the Zappos Family Core Values:
Deliver WOW Through Service
Embrace and Drive Change
Create Fun and A Little Weirdness
Be Adventurous, Creative and Open-Minded
Pursue Growth and Learning
Build Open and Honest Relationships With Communication
Build a Positive Team and Family Spirit
Do More With Less
Be Passionate and Determined
Be Humble
Just reading through these I bet you can tell right away which one I like the best….. Create Fun and A Little Weirdness!
Yes, I do like that one a lot but what I really think is more important in the CPA firm culture is “Be Passionate and Determined.” No, wait a minute… it’s: “Embrace and Drive Change.” No, wait, bottom line? All of these are SO important and DO fit the CPA firm culture
Watch this video to learn about the Zappos Values and take note of the lady who talks about “Create Fun and a Little Weirdness.” Her example at Zappos: On Friday the finance department (accountants!) does a weekly parade called Random Acts of Kindness. They select 3 people who work at Zappos, randomly, parade to their desks and present them with a gift.
Without conscious and deliberate effort, inertia always wins.
In public accounting firms, CPAs really seem to be most comfortable with people who are very similar to them.
That’s why I often say that the Baby Boomer owners, over the years, turned the young Gen Xers into people that looked and acted just like them. They didn’t plan it…. they just managed with a “do it like we have always done it” mindset and eventually Gen Xers looked and acted like Boomers.
Now we have the Millennials (Gen-Y). They are entering CPA firms (and have been for the last 10 years or so) with a different attitude and look. They don’t walk like, talk like or look like baby boomers. I don’t think it’s going to be as easy to mold them into looking just like all of the CPAs who have come before them.
Hopefully, Baby Boomers will learn from the millennials and begin to look like them.
We have a powerful potential in our youth, and we must have the courage to change old ideas and practices so that we may direct their power toward good ends.
My son, Ben, was just a lad back in 1981 when the first space shuttle, Columbia, was launched. He (and a generation of kids) were completely enthralled. He made space shuttle models and drew space shuttle pictures until his room was overflowing. He soon thereafter attained the ultimate thrill (for him at the time), his grandparents took him to Florida to actually see a launch (something on my life list that won’t get checked-off). Yes, like all Moms do, I saved some of his childhood artwork, dug them out of my cedar chest and took this picture yesterday.
Later in his boyhood he became an Apple fan – see this old post about our first Mac.
I bet he likes this recent cool news. Two iPhones have been approved for the last space shuttle mission. The iPhones will have the SpaceLab for iOS app installed on them. they will be used in four experiments to test the performance of the phone’s gyroscope and sensors in this weightless condition.
This isn’t a publicity stunt or a way to entertain the crew. Odyssey Space Research, the company behind the SpaceLab app, wants to use the data to design iPhone-assisted navigation systems for future spacecraft. Now, that’s cool.
I don't think the human race will survive the next thousand years, unless we spread into space. There are too many accidents that can befall life on a single planet. But I'm an optimist. We will reach out to the stars.
If you are a dedicated follower of this blog, you might have noticed that I have not been as dependable with my blogs this week and last. That is because I have been on a two week adventure in Costa Rica – Pura Vida! There was no phone contact and very limited wifi for email.
Some people were afraid of heights, yet we all rallied to help them complete the Arenal Hanging Bridges walk. Our guide, Herman Venegas, was amazing over-all but especially with identifying birds and mammals. Other guides from various locations filled-in with specific information about their specific area along the way but Herman was the leader, the person we followed.
In closing today, I’ve spent the last two weeks in hot and very humid Costa Rica, wearing light clothing, hiking boots and water shoes, whitewater rafting to a jungle lodge with no electricity and then a 3-hour raft trip with Class IV rapids to get out (I’m the one with the white helmet), walking on the beautiful beach on the Osa Peninsula exploring Corcovado National Park, visiting Monteverde Cloud Forest, getting drenched in a downpour at the Arenal Observatory Lodge area, experiencing the many pot-hole filled dirt roads, traveling by boat, raft, bus and small plane. And now I am in Ohio and when I got up this morning it was 7 degrees and snowing.
