Posts Tagged ‘accounting firm’
Thursday, April 21st, 2016
“Live your life and ignore your age.” – Norman Vincent Peale
I’ve done many presentations about and written extensively about generations in the workplace. I am convinced that ALL generations better understanding each other, and not putting each other in “boxes” because of their age, can solve most if not all of the misunderstandings inside the firm.
That being said, I do probably focus more on the Millennials. This week, I read an article on the Forbes site by Paul Armstrong. It was directed to marketers and listed three things they need to know so they can better understand the Millennial customer.
You can read the short article and take what you need because the Millennials working in your accounting firm ARE your customers.
The second of the three things was the most important to me because it stressed the fact that we need to hear directly from Millennials so we can better understand what they want and how they feel.
I’ve been guilty. I stand before an audience and tell them what Millennials are like, how they behave (in general) and what they want. I do get much of this directly from Millennials and a lot of it from research, articles, etc. What you really need is to hear it directly from them.
Here’s a quote by an IBM executive from the article: “I still don’t get how middle aged men on stage can tell us what Millennials want. Surely we should hear this from real Millennials?”
Rather than listening to us older, non-Millennial male and female consultants tell you what Millennials want, why not ask them yourselves?
Host some roundtable discussions at your firm. Put an older partner at each table with several Millennials and begin gathering information. Ask specific questions and just listen.
You can always survey your Millennials first and then use the results for some lively roundtable discussions.
One of the first things that caused me to focus on Millennials was a statement from a Millennial panel at a conference several years ago. The young man said: “I have an 18-month old daughter at home. Bath time is important to me. At my current firm, I can go home for dinner and bath time and then work for several hours after she goes to bed. That’s why I joined this firm.”
Photo: Lumsden McCormick Facebook
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Young people are in a condition like permanent intoxication, because youth is sweet and they are growing.
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Aristotle
Thursday, October 16th, 2014
“To help you work smarter instead of harder, we’re hitting you with a productivity hack each Friday. Check out our hacks here.” – – this is from Fast Company.
If you are confused by the word hack, used in this context, learn more here.
I thought the Productivity Hack Of The Week for October 10, 2014 just might interest many accountants working in public accounting. You know…. the place where in most firms you track every single minute of your day! (Except for the very progressive firms where they have embraced the value pricing model.) Of course, whether you are tracking time or not – you can end up wasting a lot of time browsing the web.
Taking a Facebook break or reading a few blogs that you follow everyday (and find helpful… hopefully like mine), can still be good for you and also be productive, within limits. It is still very clear that there is only so much time you can spend with these browsing activities.
That is why, when I read about how to track how much time you waste, I thought it would certainly pique your interest.
There is an app that runs in the background while you work on your computer or smartphone that tracks each second you spend on applications and websites and gives you weekly reports and data based on your activity.
Then there is another app that helps you, after you have decided how much time you want to cut back (a productivity extension for Google Chrome) that allows you to restrict the amount of time you can spend on time-wasting websites. If you lack self-control completely and need to put yourself on a productivity lock down, you can block specific sites completely using Chrome.
All this is interesting. I need to dig a little deeper and see if it could benefit me. I know that I get sucked into reading a post and following a link, then another link and end up reading, reading, reading….. which is good for my knowledge and expertise but I often have other more important priorities!
As mentioned above, Fast Company provides a productivity hack every week – read them here.
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Amateurs sit and wait for inspiration, the rest of us just get up and go to work.
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Stephen King
Wednesday, October 1st, 2014
Several years ago, almost every CPA firm went through an exercise to pinpoint their firm values, what the believed in when it came to practicing public accounting.
Seems like this is becoming a thing of the past. After doing some browsing, I found that the larger, more well-known firms don’t even make a statement about values on their website. When I did find them stated they were very similar:
Passion, Respect, Integrity, Teamwork, Excellence, Community – – these words show up over and over as accounting firm value statements.
There is something on Slideshare from Netflix, called Netflix Culture. The following slides contain a message that I think is meaningful when it comes to the values you demonstrate.
Slide: Many companies have nice sounding value statements displayed in the lobby, such as:
- Integrity
- Communication
- Respect
- Excellence
Slide: Enron, whose leaders went to jail, and which went bankrupt from fraud, had these values displayed in their lobby:
- Integrity
- Communication
- Respect
- Excellence
Slide: The actual company values, as opposed to the nice-sounding values, are shown by who gets rewarded, promoted or let go.
Slide: Actual company values are the behaviors and skills that are valued in fellow employees.
Check out the slideshow here.
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Price is what you pay. Value is what you get.
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Warren Buffett
Thursday, September 25th, 2014
Communication suffers greatly inside most busy accounting firms. Your people want AND NEED more communication from the partner(s).
Some hotel customer service programs recommend a brief, 15-minute stand-up meeting when the shift changes so that all employees know what’s going on at the hotel for their upcoming shift.
Why not try it? Smaller firms, have the managing partner do the communicating first thing in the morning and invite every person. Larger firms, do it by department, by office, by niche service line. Firm administrators, try a brief stand-up meeting with your administrative assistants just as the day is beginning. Firm administrators in larger firms, also have a daily or weekly stand-up meeting with your support professionals (marketing director, HR director, tech staff, bookkeeper/controller, etc.).
Some firms focus on new client opportunities during their stand-up meeting. Inform them of networking opportunities going on in the local business community, give them quick tips on how to properly shake hands, how to start a conversation at a networking event, etc.
Here’s an example:
Talk to your people about client service and instruct them to ALWAYS, when departing from a client encounter, whether in their workplace or at a charity event, ASK: “How are we doing? Are we taking good care of you?”
Build team spirit, knowledge and add some fun. Most of all….. enhance communication.
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Your most unhappy customers are your greatest source of learning.
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Bill Gates
Wednesday, August 27th, 2014
I talk about WTTMSW during many of my presentations. It is a Tom Peters’ thing – Whoever Tries The Most Stuff Wins – – I’ve blogged about it before.
When you are facing challenges inside your growing accounting firm, I urge you to try things, experiment, test it! So what if it fails, you simply say, “Oh, well – that didn’t work, let’s try something else!” The most successful CPA firms are always exploring new ways to accomplish their goals.
Right now there is a huge challenge facing firms – We need people! is the battle cry and firms are working diligently to hire top talent.
I received an email from my friends at Wiss & Company, a large New Jersey-based accounting firm. They are hiring, just like most CPA firms I know. Yet, they are trying something different. They are offering a reward to all their contacts. Here’s a copy of the email:
They have it on their website, too.
At your firm, are you coming up with creative ways to find great talent? Are you experimenting with new and different ideas to enhance efficiency, improve communication and RETAIN top talent? If not, get busy!
Also, check out the Periodic Table from their website.
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A person's mind is stretched by a new idea or sensation, and never shrinks back to its former dimensions.
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Oliver Wendell Holmes
Friday, August 8th, 2014
Experienced CPA firm leaders usually hire some awesome new college graduates.
During the courting process (college recruiting) these young, future CPAs are talked to, listened to, entertained – – yes, much like the dating process – firm leaders are on their best behavior.
The young, high-potential graduate enters the firm and usually is greeted with silence. Sure they go through training but often it’s do-this, do-that, follow-this guideline and so on.
When young people enter your accounting firm, keep the conversations going – – not some sort of formal feedback session after 60-days or 90-days – talk to them daily. Create a culture of communication – clear, concise, honest and often.
Seth Godin says, the best way to change long-term behavior is with short-term feedback. The opposite is not true. We rarely change short-term behavior with long-term feedback.
There is a lot of whining surrounding performance evaluation systems inside CPA firms. It creates a culture of dread. If you want to change your culture and attract top talent – start with feedback.
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'How was your day?' is a question that matters a lot more than it seems.
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Seth Godin
Friday, July 18th, 2014
Accounting firms are notorious for seeking out new clients by writing articles, advertising in the business newspaper, using some direct mail and networking at local events so they can meet new people (prospects). Often their social media campaigns are designed to target and engage the non-client, new client, potential client.
Seth Godin uses the example of Broadway. They spend so much money to attract tourists and those who rarely see a play, yet it is clear that the people who go to the theater regularly are often the ones who fill the seats, pay the bills and spread the word.
Spending money, time and effort on people who already like you is much more productive and profitable than “yelling” at people who don’t know you.
This is not a NEW message to CPAs trying to grow their practice. It is one of those BFO topics (Blinding Flash of the Obvious) that all of the CPA management consultants stress with firm leaders – – it is nothing new, it is basic.
Focus on your current clients. Provide them with more services. Provide them with awesome client service. Talk, talk, talk to them about other things you can offer them and how you can help THEM grow their own business.
As Godin states: “This one shift, a shift to building relationships between and among the core audience, to make plays for your audience instead of finding an audience for your plays, is the golden lesson that applies to just about every organization.”
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Don't try to make a product for everybody, because that is a product for nobody.
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Seth Godin
Monday, May 5th, 2014
I’ve been helping CPA firms establish and/or renew mentoring programs for years. Back in 2008, The Journal of Accountancy featured one of my articles on mentoring for CPAs. The interesting thing is that mentoring is the foundation of the CPA profession:
An older, more experienced accountant teaches a younger, newer accountant how to be a CPA.
That’s how I’ve seen it work for years and years inside CPA firms. Yet, so many experienced CPAs ask me: What do I say? Where do we meet? How long do we meet? Do I help them set goals? Do I help them achieve goals? What if I don’t know the answers?
This week’s blog posts will be all about mentoring in the CPA firm world. Let’s start with a history lesson.
The Story of Mentor – Greek Mythology
The story of Mentor comes from Homer’s Odyssey. Odysseus, king of Ithaca, fights in the Trojan War and entrusts the care of his household to Mentor, who serves as teacher and overseer of Odysseus’ son, Telemachus.
After the war, Odysseus is condemned to wander vainly for ten years in his attempt to return home. In time, Telemachus, now grown, ventures in search of his father. Athena, Goddess of War and patroness of the arts and industry, assumes the form of Mentor and accompanies Telemachus on his quest. Father and son reunite and cast down would-be usurpers of Odysseus’ throne and Telemachus’s birthright.
The word Mentor evolved to mean trusted advisor, friend, teacher and wise person. History offers many examples of helpful mentoring relationships: Socrates and Plato, Hayden and Beethoven, Freud and Jung. Mentoring is a fundamental form of human development where one person invests time, energy and personal know-how in assisting the growth and ability of another person.
One thing that Mentor said to Telemachus might apply to some situations inside your accounting firm as you truly begin to mentor your less-experienced accountants:
“You must not keep acting like a chid – you’re too old for that now. You are fine and strong, I see. You should be brave, so people born in future years will say good things of you.” – – Mentor
Stay tuned this week for more on mentoring. I will be sharing some practical steps and examples/samples that are focused on both roles: The Mentor and the Mentee.
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Children must be taught how to think, not what to think.
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Margaret Mead
Friday, April 18th, 2014
When you are working inside a busy accounting firm, sometimes it is very difficult to “herd the cats” and reach important decisions.
Actually, whether you are an owner or a first-year staff accountant, personal decisions can be overwhelming.
For some thoughts on decision-making that impacts the firm, check-out yesterday’s blog post. Today, it is about you and your personal decisions.
Many young accountants face decisions, such as: Should I stay with the firm? Should I be more aggressive on seeking that promotion? Do I really want to continue to live in (name of city) for the rest of my life?
More experienced accountants may be contemplating: Should I buy that house because it’s in the upscale neighborhood? Should I talk to that executive recruiter who has been calling me? Do I eliminate my general clients and dig deeper into that specialized niche or segment? Do I seek to become partner and fight the work/life balance issue?
Susie Moore, in an article in the Huffington Post, gives us advice on making the right decision:
It’s important to make considered, well-thought-out decisions, especially when they’re life changing. But lets not confuse fear of failure and chronic over-thinking with decision-making. With some guidance laid out here, and by listening to your intuition, you can make the right choices in your life and feel confident? Here are five tips:
Stop asking other people.
Trust that your inner voice, your intuition, has all you need to know. You are whole and have the answers, my friend!
Sleep on it.
There’s rarely a real rush to make a big decision, and 24 hours to make one (when there are external factors involved — e.g., your boss is waiting) is always a good idea. A fresh, relaxed mind in the morning is at its most clear.
Take some quiet time.
Whether you meditate, think best while running or simply tune in to your center while sitting on your couch with tea, be still and take an hour or two to connect with your inner wisdom. It surfaces when we allow it to.
Consider both clear outcomes of the decision in mind.
Write them down. Imagine all of a sudden that one of the two outcomes was taken off the table. Scratch it out on the paper. Do you feel disappointed or relieved with what remains? If it feels good, here’s your answer!
Create a personal deadline to making it happen.
No negotiating on this one!
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Once you make a decision, the universe conspires to make it happen.
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Ralph Waldo Emerson
Thursday, April 17th, 2014
As CPA firms grow, things need to change.
When you have 2 – 5 partners (owners) and a firm administrator involved in the decision-making activities, these people become used to being involved in every operational/management decision. You have probably heard the old example that has circulated in CPA management conferences for years about it taking 5 partners and several meetings to decide on what copier (or printer) to purchase.
I can even remember when we would form a committee with partners, staff people and administrative people to research and decide on the best copier to purchase!
Did all those people want to be involved? Yes and no. Some owners want their stamp of approval on everything but most people just don’t want the blame for a poor decision falling on their shoulders alone. It’s almost comical and the old adage, “no decision, is a decision” applies.
Thank goodness those types of routine decisions about the operational side of the firm have been placed in the hands of a professional firm administrator who navigates the partner political waters efficiently.
But, there are an ever-increasing number of more complex decisions that face firms in the current, rapidly-changing business world. Technology is just one example. There are still many firms, although they say they are a digital firm and all work is reviewed “on screen,” allow one or two partners to continue to operate “the old-fashioned” way.
Performing client engagements has moved so far beyond reviewing on screen (or not). Progressive firms are moving to virtual services. Auditors do not have to travel to a client site and sit in a conference room (or in some cases a store room) to perform the audit.
Going forward, it’s going to take experts in HR, technology and practice growth sitting at the decision-making table and a group of owners who will respect decisions made by others.
Check back tomorrow for more about making decisions.
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I must have a prodigious amount of mind; it takes me as much as a week, sometimes, to make it up.
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Mark Twain
