Key business quotes for accountants

Not everyone likes seeing trite quotes that purport to inspire us to motivate us. Actually I do like them – in moderation. I’m not a fan of a quote a day, though I do have two calendars that offer me this option. If only I remembered to move them on every day….

For now here are a few that seem especially relevant to accountants. Hope you like them.

You don’t get paid for the hour. You get paid for the value you bring to the hour
– Jim Rohn

The reason we struggle with insecurity is because we compare our behind-the-scenes with everyone else’s highlights reel
– Steven Furtick

It is a mistake to try to look too far ahead. The chain of destiny can only be grasped one link at a time.
– Sir Winston Churchill

You’ll never regret what you couldn’t afford
– Unknown

I’m where I am because I’m willing to do things others are not willing to do to get what they say they want
– Jim Ziegler

Do not go where the path may lead; go instead where there is no path and leave a trail.
– Ralph Waldo Emerson

If you don’t know where you are going, you will probably end up somewhere else.
– Lawrence J. Peter

Never argue with an idiot. They drag you down to their level and beat you with experience.
– Unknown

Prescription BEFORE diagnosis is Malpractice
– Tony Allessandra

It is not always the strongest who survive, nor the most intelligent, but those who adapt and change the most.
– Charles Darwin

Your attitude, not your aptitude, will determine your altitude
– Zig Ziglar

Whether you think that you can or that you can’t, you are usually right.
– Henry Ford

Feel free to add any others, by way of comments, that inspire or motivate you in practice.

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6 key factors that can determine your success

I recently watched an old video clip of the professional services firm guru, David Maister, in which he highlights the six most scarce resources in most professional service firms:

  • Energy
  • Excitement
  • Enthusiasm
  • Determination
  • Passion
  • Ambition

David also points out that his research has proved that the top achieving firms are those that energise, excite and enthuse their people to perform at a higher level than their competitors.  I can echo this based on my own experience and observations over the years.

Those who’ve worked with me will also know that the listed resources are all qualities that I possess in abundance. I have no doubt that they helped me reach the top of my career more so than any technical skills or technical knowledge that I developed over the years.

Would your colleagues and clients use all or indeed any of these words to describe you or your firm? If there’s a mismatch as between how others see you and how you want to be seen you will need to do something to close the perception gap. If you do nothing then nothing will change.

What other factors do you think can determine your success?

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Carry on bumping?

Do you recognise the following quote?

“Here is Edward Bear, coming downstairs now, bump, bump, bump, on the back of his head, behind Christopher Robin. It is, as far as he knows, the only way of coming downstairs, but sometimes he feels that there really is another way, if only he could stop bumping for a moment and think of it.”

It’s from the opening lines of “Winnie-The-Pooh” (by A.A. Milne).

Can you think of anything that you continue to do the same way you have always done it even though a casual observer might have good cause to question that approach and to suggest there might be a better way?

If you run your own practice you may be quite happy with the rate of growth or the lack of it. You may get a raw thrill from going into your office each day and love both what you do and the way your business operates.

Alternatively,  if you are honest with yourself, you may recognise that you are effectively just bumping down the stairs, bump, bump, bump because that is the only way you know to do things.

One mistake I realised I was making recently, thanks to some very valuable feedback, was that I have made it seem that my mentoring programme is only available to people in larger firms. In fact I am happy to mentor sole-practitioners, those running their own smaller practices and also ambitious professionals who work in business or for institutions of one sort or another.  I need to revise my marketing literature to make this clearer. I can’t blame anyone else for my oversight. It was just me, bumping down the stairs. Mind you, my mentoring services are not cheap and I know that some smaller practitioners will not want to invest sufficiently in themselves to engage me.

What about you? Can you think of anything you do that you’re doing the way you’ve always done it even though it may not be the most effective or comfortable ways of doing things? Do you ever take time out, do you ever MAKE time to work ON your business rather than just keep bumping along working IN your business?

If any of this resonates it’s upto you to do something about it.

I’m always happy to have a conversation with ambitious professionals who sense there may be some value in developing a relationship and engaging me as their mentor. Such conversations are always without prejudice and will not always lead onto anything further. We have to like the idea of working with each other, for starters!

Like this post? You can now obtain my 10,000 word ebook containing loads more marketing insights, short-cuts, tips and advice aimed specifically at accountants. You can buy the book or download a summary for free here>>>

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Do you hope, pray or train?

It has been said that personal development in a professional environment is largely a matter of common sense.

Employers will spend a fortune in an effort to ensure that ambitious professionals keep upto date with technical developments. But when it comes to maximising the professionals’ potential to do their job, to progress and to get more done, little time or money is invested.  The largest firms will often have formal partner development programmes but smaller firms do not have the need to invest in such formality, neither do the legal, finance and tax departments of large corporates who also employ ambitious professionals.

The consequence of this is that managers and senior managers often have great technical skills but their wider business skills are not honed. This is likely to hold them back from feeling fulfilled, achieving partnership status or otherwise progressing in their job .

There was a time when professionals were routinely categorised as finders, minders or grinders. The finders went out and developed new clients and brought in the business; the minders looked after the relationship with those clients; and the grinders were the ones who did the detailed technical work. There is also a fourth category: Binders – those who keep (bind) the team together working effectively and who set a good example themselves.

If we accept that CPD training is generally focused on technical development then this covers only the ‘grinders’ quadrant of a potential partner’s development. That leaves Finding, Minding and Binding.  If no one invests in this the only hope of achieving personal development and fulfilment at work is to hope or pray.  So many business skills are thought to be common sense but I tend to think it’s unfair to assume therefore that they should also be common knowledge.  What do you think?

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Why is management a struggle?

I saw a delightful definition the other day:

All too often the reason managers struggle is because they are responsible for a whole gang of people that they probably didn’t pick, may not like, might have nothing in common with and who perhaps don’t like them much.

Given how often this is what ambitious professionals have to cope with it is no surprise that they sometimes struggle to build trust and confidence in the team. Motivation will also be a struggle and delegation may not be as effective as would be ideal.

When I created a mentoring programme for ambitious professionals in 2007 I encapsulated these issues under the broad heading of ‘Binding’ – as distinct from Finding, Minding and Grinding.

Why do you think managers struggle and what differences do you perceive as between managers in practice and those working in commerce or the public sector?

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Do you earn less than you want to from your smaller clients?

What’s your answer to that question?

What about this one? Do you want more GOOD clients?

And this one? Do you want less frustration from your smaller clients?

Most ambitious professionals would answer ‘yes’ to all 3 questions.

That then leads onto the key question, which is: “So what are you going to do about it?”

The simple fact is that nothing changes just because we wish it to. If we want different outcomes for our business activities we need to do things differently.

I’ve long referred to the following quote in my practice management training courses.

“If you carry on doing what you’ve always done, you’ll carry on making what you’ve always made”

The managing partner of a 14 partner law firm recently told me that he’d tried everything possible to get a couple of key staff to change their behaviours.

They worked hard and were conscientious and loyal. So he didn’t want to let them go. We ran though a number of things he could consider but he claimed he’d tried them all and that none had made an difference. Based on when he was telling me I concluded that there were only two other alternatives:

To accept things were not going to change or to engage an external catalyst to help bring about the changes he sought.

How often do you wish things would change? What are you doing differently to help that change become a reality?

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What happens when the ‘rainmakers’ retire?

Most accountancy firms have at least one ‘rainmaker’ who combines all of the ‘finding’ skills I have addressed in other blogs.

Wouldn’t it be great if the rainmaker could act as a mentor of younger ambitious accountants in the firm?

In practice this doesn’t happen very often. On the contrary it seems that very few rainmakers are also good mentors and this is borne out by research referenced in Ford Harding’s book “Creating Rainmakers” where he offers a number of quotes including:

  • “He didn’t mentor much. I never went to a sales meeting with him”
  • “He wasn’t much of a mentor. In his mind, he probably had better things to do than to mentor people”
  • “Mentoring isn’t a terribly strong interest of his.He is available to answer questions, but he doesn’t take the initiative to shepherd people along.”
  • “He wasn’t interested in sharing his style and technique with others. He moved fast and was more of a loner. It was hard to follow what he did.”

What happens when such rainmakers retire?

How many younger and prospective partners are able to take their place? Is it fair to assume that ambitious accountants will somehow have picked-up enough to ensure a continual flow of new work?

All too often we assume that only technical skills can be learned. Soft skills, such as those required to find and win new work depend only on instinct.This can’t be taught or learned.

I’m sorry but I don’t buy that. For example, I wasn’t born a good networker or a good speaker (although I did get around quickly at Nursery school and was in school plays in primary school). I learned these skills just as I learned about auditing, tax and professional ethics.

Okay. Of course there’s a difference but I cannot accept that anyone is incapable of improving their non-technical skills.

If there are no suitably qualified mentors with sufficient time, knowledge and commitment inside the firm, perhaps the answer is to look outside.

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