Archive for the ‘On My Mind’ Category

Wednesday, July 17th, 2019

Partners Doing Partner Work

“Too many people spend money they earned..to buy things they don’t want..to impress people that they don’t like.” –Will Rogers

Many CPA firm partners do manager work, client service manager work. Many CPA firm partners do internal management/administrative work, firm administrator/COO work.

Don’t get caught in these traps.

Some partners use management/administrative work to fill idle time when they should be:

  1. Bringing in new business
  2. Training/Mentoring/Sponsoring younger team members
  3. Building stronger client relationships

Your COO/Firm Administrator should be continually taking non-billable work away from the managing partner and the other partners.

Here’s how much money a COO could save partners annually. The BIG issue is, the partners must use the saved hours to create revenue!

Save Ptr money

  • Money often costs too much.
  • Ralph Waldo Emerson

Monday, July 15th, 2019

Be Brave. Ask Questions.

It happens daily in accounting firms. Younger, less experienced staff members hesitate, and even fear, to ask what they consider a dumb question.

Yet, one brave soul will often ask it and then everyone nods their head and admits that they wondered the same thing. I love people who ask the dumb question.

That’s why this quote means so much to you as you build your career in accounting:

“No one is dumb who is curious. The people who don’t ask questions remain clueless throughout their lives.” – Neil deGrasse Tyson

Beginning this week, no matter how many or how few years of experience you have – be brave, ask questions.

  • What makes us human, I think, is an ability to ask questions.
  • Jane Goodall

Tuesday, July 9th, 2019

The Challenge of Leading Professionals

“Before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others.” – Jack Welch

The following passages are from the book Leading Professionals, Power, Politics, and Prima Donnas –  by Laura Empson:

Many professionals have no ambition to become leaders, and they are equally reluctant to view themselves as followers.

“Compared to a corporate, we need a softer style of leadership, you know, arm round the shoulder, gently nudging people in the right direction.” – Senior Partner, Consulting Firm

In such a context, where authority is contingent and power is contested, leadership is a matter of guiding, nudging, and persuading. So, what can the so-called leaders of professional organizations do with the highly driven, highly demanding, and sometimes highly insecure prima donnas for who they are responsible?

Any of this sound like your partner group? It all sounds very familiar to me!

  • The greatest leader is not necessarily the one who does the greatest things. He is the one that gets people to do the greatest things.
  • Ronald Reagan

Monday, July 8th, 2019

Still Using Business Cards?

“Respect for ourselves guides our morals, respect for others guides our manners.” – Laurence Sterne

I have definitely noticed that over the last five years or so, the need for giving someone your business card has decreased.

With all of the exposure, your firm gets via your webpage, Facebook, LinkedIn, Twitter, Instagram, etc. people know how to get in touch with you. People can Google your name and find you. That is why it is so important for ALL your contact information to be on your website. I still find it disappointing when I look for an email address of a CPA and their website discourages visitors from easily contacting people at the firm.

All that being said, I know that the majority of CPAs still carry and distribute business cards. For young people at the firm (and maybe for some older ones), there are some etiquette rules surrounding how you distribute your business card.

Here’s a great article via Fast Company – How to give out your business card without seeming like a jerk. Here are the tips (but got to the article to find out more about each tip).

  1. Don’t use them to impress
  2. Don’t rush to give your card out
  3. Choose the right situation
  4. Make sure it’s presentable
  5. Think about what the card says

When I was working at a firm, I encouraged our newest team members to place their business card in those goldfish bowls at restaurants so that the firm name showed through the glass!

  • Civility costs nothing and buys everything.
  • Mary Wortley Montagu

Thursday, July 4th, 2019

Have a Great 4th of July Weekend!

Relax, enjoy family and friends. Maybe even carve out some quiet time to read.

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  • May we think of freedom, not as the right to do as we please, but as the opportunity to do what is right.
  • Peter Marshall

Thursday, June 27th, 2019

A Reminder About the Rosenberg Survey

“Facts are stubborn, but statistics are more pliable.” – Mark Twain
The Rosenberg Survey is so valuable to me as I talk with CPA firm clients throughout the year. Don’t forget to take part in this year’s survey. The deadline is July 15th.
Why is The Rosenberg Survey Valuable?
  • Customized comparison of like-sized firms in similar markets for participating firms.
  • Accurate and valid results reviewed by three CPAs.
  • Reliable year-over-year comparisons with a return rate of 82% from previous year’s participants.
  • A robust pool of 360 participants makes our data relevant to firms of all sizes.
  • Clear cut data displayed by firm size for comparison.
Click the link below today to take part!
to participate in the Rosenberg Survey!
  • Statistics suggest that when customers complain, business owners and managers ought to get excited about it. The complaining customer represents a huge opportunity for more business.
  • Zig Ziglar

Tuesday, June 25th, 2019

Invest in Educating Yourself

“Never begrudge the money you spend on your own education.” – Jim Rohn

How much of your own money are you spending on educating yourself?

I find that people working in accounting firms assume the firm should pay for any and all resources to educate the staff. Yes, firms should be providing the appropriate dollars for CPE. But, have you ever decided not to read a book because the firm won’t pay for it? Have you been disappointed when the firm would not pay for a training course or for you to go to a conference?

If you want to grow your career you should continually be investing in yourself. If you need to be better at public speaking, join Toastmasters and pay for it yourself if the firm won’t. Subscribe to Success magazine. Carve out time to buy and read novels. Take a peer to lunch and pay for it yourself.

It’s your career. It’s your life.

  • Every moment of one's existence, one is growing into more or retreating into less.
  • Norman Mailer

Monday, June 24th, 2019

Wastes To Look At In Your Firm

“Time is free, but it’s priceless. You can’t own it, but you can use it. You can’t keep it, but you can spend it. Once you’ve lost it you can never get it back.” – Harvey Mackay

Last week I read the tweet below from @AccountingEdit (Dan Hood). He was attending the Rainmaker Superconference in Atlanta. So much is said in just these few words. Read these few words and apply them to your CPA firm.

Wastes to look for (in your firm and at your clients):

Defects: In which areas are things not right the 1st time?

Waiting: Where can time taken be reduced?

Over-engineering: Do too much for money charged

Process: There’s no process or a flawed process

  • I wasted time, and now doth time waste me.
  • William Shakespeare

Thursday, June 20th, 2019

Keep It Simple

“Simplify, simplify.” – Henry David Thoreau

Recently, we joined a group of friends for dinner at a nearby restaurant. It was one of those restaurants that provided a menu that weighed about two pounds and seemed like a coffee table book. The hostess seemed to struggle to carry eight of them as she led us to our table. These types of restaurants always make me wonder who they are trying to impress.

This visit was different.

They have a new, simple menu that you open, lay it flat and that’s it. A front cover, two facing pages inside and more choices on the back. Most of the offerings we were used to were included.

Maybe restaurants are trying to impress people with their expensive looking menus but I was more impressed with the simplicity and ease of ordering.

How many things are you making more complicated in your firm just because you have always done things a certain way? Now is the time to simplify! Technology will make it happen.

  • Customers require the effective integration of technologies to simplify their workflow and boost efficiency.
  • Anne M. Mulcahy

Tuesday, June 11th, 2019

Merging Up? Get Ready For Some New Rules

“The measure of intelligence is the ability to change.” – Albert Einstein

Have your merged up? Are you considering merging up? Here’s something to think about and understand.

It comes from a post by @SkipPrichard about a book written by Kevin Kruse – Great Leaders Have No Rules: Contrarian Leadership Principles to Transform Your Team and Business. Read the reviews on the book. It might be one you should have on your summer reading list if you are a leader or aspire to be one.

Yes, this whole book came from a crazy Post-It Notes story. About 20 years ago I had sold my company and joined the new company as a partner, VP, and I reported to the CEO. He had me very excited and committed to the future of the new combined organization and how we would build it together. But then the CFO docked my first expense check by about four dollars. He told me they won’t reimburse my Post-It Notes because it was a wasteful expense. It was a rule—no Post It’s—that I didn’t know about. In that moment, that one rule, suddenly made it clear that this was “their” company, not mine. They were in control, not me.

Many practitioners have learned the hard way that a so-called merger is not what they thought a merger would be like. For the most part, I believe CPA firm mergers work out well. But, not always. Just be prepared for a new way of life.

  • Highly successful people take immediate action on almost every item they encounter.
  • Kevin Kruse,