Archive for the ‘Crafting Your Career’ Category

Wednesday, September 26th, 2018

Compensation & Succession

“Do your job and demand your compensation – but in that order.” – Cary Grant

Here’s a heads-up regarding two upcoming webinars sponsored by CPA Leadership Institute and presented by Gary Adamson of Adamson Advisory. These two topics are usually at the top of the list of partner issues.

Here’s the information regarding date, time and topic:

October 4, 2018 – 1:00 – 1:50 pm EST – Partner Compensation Methods and Trends Update
I will discuss the most common compensation systems in use today and provide my perspective as a former managing partner of a top 200 firm. I will help you determine what is right for your firm and how a firm evolves from one system to the next as it grows. I will also give you some tips on setting up a performance-based system in your firm and how to align your compensation system to your firm’s strategic plan.
October 10, 2018 – 1:00 – 1:50 pm EST – Surviving Succession – Partner Buyout and Retirement.
If you’re like most firms, your partner agreements have not been reviewed or updated in a long time. That is dangerous given the succession issues in our profession today and the number of baby boomers retiring. I will discuss best practices and latest trends in how to value your practice, how to pay out the retiring partner, building your bench, and successful client transition to the next generation.
  • Planning is bringing the future into the present so that you can do something about it now.
  • Alan Lakein, author

Tuesday, September 25th, 2018

John Wooden Methods

“If you don’t have time to do it right, when will you have time to do it over?” – John Wooden

I have used many of John Wooden’s quotations in my blog posts over the years and have mentioned his extraordinary coaching methods several times. The best thing is that Wooden’s coaching basketball methods extend to life AND to life inside a busy accounting firm.

A secret to his success, something that you might not be aware of, is one thing: old-fashioned practice, efficiently run, well-planned, and intentionally executed. Doesn’t that sound like how an audit/review should be done?

Things Wooden did:

  • Noted where racks should be placed so no time was wasted looking for a ball
  • Had players practice shooting without a ball
  • How to put on socks
  • Timed his practices to the minute so time was precisely allocated
  • Kept a record of every practice on notecards – so he could determine what worked and what didn’t
  • Had his players repeat drills until they achieved mastery and then automaticity
  • I’d rather have a lot of talent and a little experience than a lot of experience and a little talent.
  • John Wooden

Monday, September 24th, 2018

Hard Worker

“I have no time to waste.” – Jamie Lee Curtis

Are you really a hard worker or do you just spend too much time in the office? When you are there (in the office), are you hustling or are you pacing yourself?

I recently read an interview with Jamie Lee Curtis in Good Housekeeping magazine. I could relate to one response she made – she likes elbow grease – here are some of her comments that might inspire you.

Wash your own car.

A little sweat now will earn you a rewarding rest later. “I’m a hard worker. I’m a hustler,” says Jamie Lee. “I like to invent things, and I like elbow grease. I wash my own car — why have other people do it while I sit on a bench watching them? I want sweat equity. I want it in my mothering, I want it in my marital-ing, I want it in my family-ing, I want it in my friend-ing. You tell me you’re moving, I will show up on moving day. There will be a point where I want to relax and not worry so much about my sweat equity — when I’ve earned my rest.”

Once you have made manager, once you have made partner, are you somewhat resting? Is it below you to fill the printer with paper? Do you clean up your mess at the coffee station? Do you return a client’s phone call within two hours?

By the way, I do not wash my own car!

  • If you have creative ideas and you don’t bring them out into the world in some way before you go, that is a tragedy.
  • Jamie Lee Curtis

Wednesday, September 19th, 2018

Painful Procrastination

“Even if you’re on the right track – you’ll get run over if you just sit there.” – Arthur Godfrey

You continually face due dates. The major ones are painful.

You end up in a fire-drill mode to serve those last-minute clients. Sometimes the fire drills are even caused by you because of improper processes, procedures, and staffing.

Don’t let procrastination become a part of your firm culture and your daily life.

According to a post via Cornerstone University, procrastination can also affect us emotionally. For humans to maintain a fulfilling existence, we must have a sense of purpose and generate ongoing accomplishments. Failure here may lead to low self-esteem and a lack of ambition.

Read the entire post – Delay, Delay, Delay: How to Manage and Overcome Procrastination so it Doesn’t Manage You.

When it comes to those procrastinating clients, share this article with them. Explain how their tardiness has a negative effect on your entire team. Ask for their understanding and help. (It’s called training the client!). If they don’t co-operate, find them another accountant. Life is too short for all the stress these clients cause.

  • Motivation is what gets you started. Habit is what keeps you going.
  • Jim Rohn

Tuesday, September 18th, 2018

Your Mentor

“Do your little bit of good where you are. It’s those little bits of good put together that overwhelm the world.” – Archbishop Desmond Tutu

If you are working in the CPA profession, should have a mentor. I don’t care if you are a 50-something partner (or 60-something), find someone who will tell you the trust and work on improving yourself.

Don’t rely on your mentor. You should seek out their help if you need it. I love this story from Stephen R. Covey:

“When I was just 20 years old, I served as an assistant to the president of an organization. One time I asked him, “Why don’t you ever give me any feedback? You never tell me if you like my speeches.” And he said, “Do you want to be dependent upon me? You know within yourself what’s happening. If you want some help, you just ask me. I’m here. “From then on, I was free of the president. I didn’t have to worry about his reaction. He never praised me or blamed me, but if I wanted help, he’d give it. So I would ask him, “What do you think of this.” He served me as a source of help.”

 

  • The best way to find yourself is to lose yourself in the service of others.
  • Gandhi

Friday, September 14th, 2018

Are You a Hurdle or a Linchpin? – Flashback Friday

“When you are living the best version of yourself, you inspire others to live the best versions of themselves.” – Steve Maraboli

If you asked everyone working inside your busy CPA firm to tell you the absolute truth, would they categorize you as a Linchpin or a Hurdle?

Read more about how to become indispensable in this flashback post from November 2017.

 

 

  • If your actions inspire others to dream more, learn more, do more and become more, you are a leader.
  • John Quincy Adams

Wednesday, September 12th, 2018

Improve Your Writing

“I didn’t have time to write a short letter, so I wrote a long one instead.” – Mark Twain

Accountants must be good at numbers and they also need to be good writers.

According to a recent post by Grammarly, many writers use filler words and phrases and they also use hedging words because they don’t want to appear demanding and bossy.

I am guilty of using hedging words and I never realized it. I also observe that many accountants do the same.

Here are some good examples via Grammarly:

Slightly

I’m slightly annoyed by Kate’s repeated tardiness.

Sort of, Kind of

Their plan was kind of short-sighted.

Rather, somewhat

The play was rather interesting.

Quite

His car is quite fast.

Probably

We should probably wait to send that email until we have final approval.

If you need to learn more ways to improve your writing, read the entire post.

  • Substitute 'damn' every time you're inclined to write 'very;' your editor will delete it and the writing will be just as it should be.
  • Mark Twain

Friday, September 7th, 2018

A CPA Partner’s Primary Mission – Flashback Friday

“Make each day your masterpiece.” – John Wooden

If you are a partner in a CPA firm or if you want to be a partner in a CPA firm, one simple act can set the tone for the entire culture of the firm. Set a good example.

As I talk with firm administrators, practice managers, marketing directors, HR directors and staff inside CPA firms around the country, almost all tell me that the people who do not follow the processes and guidelines are the partners.

Here is a post from 2016 about setting a good example. Are you a Dynamo or a Cruiser?

  • Talent is God given. Be humble. Fame is man-given. Be grateful. Conceit is self-given. Be careful.
  • John Wooden

Friday, August 24th, 2018

Flashback Friday – Keep Focused

“Success is nothing more than a few simple disciplines, practiced every day.” – Jim Rohn

As you become more experienced you might get distracted by various activities outside the firm. Don’t take your eye off the ball. 

Have a great week-end.

  • If you really want to do something, you’ll find a way. If you don’t, you’ll find an excuse.
  • Jim Rohn

Monday, August 20th, 2018

Adulting

“When I came into my adulthood, I recognized how fortunate I was to be doing what I loved to do.” – Laurence Fishburne

Have you heard the term, adulting? If you are a millennial, I am sure you have but older bosses might not be so savvy.

The term #Adulting is a hashtag – a social media thing and it is used often by millennials to indicate they did something an adult does, like their own laundry.

There are a lot of experts out there who have had enough of the word. They believe it is actually self-demeaning for millennials (some almost 40 years old) to use it.

Read this interesting article via Cosmopolitan titled “Shut the Hell Up About ‘Adulting’.”

Here’s an excerpt to give you a flavor for the situation:

My boss is an older Millennial who gives me a lot of responsibility at work. She trusts me to manage our interns, make sure reports are sent out to higher-ups, and that her schedule is always up to date. I’m not going to look capable of any of those things if I act like going to the grocery store alone is “adulting,” my biggest accomplishment yet. I want even more responsibility than I have now, and I’m not going to get there by acting like I need a pat on the back for brushing my teeth and showing up to work on time. 

At your firm, I hope you are always treating your millennials like adults. Talk to them about this topic. I am optimistic that most accounting degreed, younger professionals are already acting like adults.

  • Part of adulthood is searching for the people who understand you.
  • Hanya Yanagihara